Sandler Research ,a India research firm predicted that iron phosphate lithium ion battery global market will growth at the 20.5% average annual compound growth rate from 2016 to 2020.
According to the introduction, more than half of the LFP consumption from china. And the reason why so great market demands is that the remarkable growth of electric vehicle in China.
In order to cut greenhouse gas emissions and import substitute for fuel, the market of electric vehicle will keep growth for a long time in China. And the rechargeable battery of EV is LFP.
Sandler Research reported that China accounts 40% in global LFP market, In addition, the rare metal lithium of LFP about 95%production comes from China.
The company said the intermittent renewable energy sources such as photovoltaic and wind power generation is the key point causing the growth of LFP market. Since the population increase and fossil fuel depletion, the import renewable energy power generation equipment gradually become the focus.
Furthermore, the interconnection of renewable energy resources and power grid increases in global world. In the micro grid and hybrid power system, the customized LFP battery is used in backup equipment. For example, The island of saint Nicholas micro grid adopted 1000 KWH of LFP as a backup device.
The increase of renewable energy power generation greatly promotes the LFP import. And The Asia-pacific region accounts for about 58% of the world as a whole of LFP market transactions in 2015, played a leading role in the LFP markets around the world.
LFP has been an increasingly popular subject with its high energy density and long cycle life.
Sandler Research listed some LFP key enterprises in global markets, such as A123 Systems、BYD、Electrical Vehicle Power System Technology、Hi Power and OptimumNano Energy etc.