Wilmington, Delaware, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Cylindrical LiFePO4 Battery Market by Voltage (Below 3.2V, 3.2V and Above 3.2V), Capacity (Less than 1500mAh, 1500mAh to 3000mAh and More than 3000mAh), and Application (Electric Vehicles, Energy Storage, Portable Electronics, Industrial Applications and Others): Global Opportunity Analysis and Industry Forecast, 2024-2030". According to the report, the cylindrical LiFePO4 battery market was valued at $3.0 billion in 2023, and is estimated to reach $4.6 billion by 2030, growing at a CAGR of 6.1% from 2024 to 2030.
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Prime determinants of growth
The global cylindrical LiFePO4 battery market is experiencing growth due to several factors such as increase in adoption in renewable energy storage and growing demand for electric vehicles. However, recycling and disposal challenges hinder market growth. Moreover, advancements in battery technology presents additional opportunities for the cylindrical LiFePO4 battery market. Advancements in manufacturing processes have led to improvements in battery performance, reliability, and cost-effectiveness. Enhanced manufacturing techniques, such as precision electrode coating and improved cell assembly methods, have enabled the production of LiFePO4 batteries with tighter tolerances and higher quality control, resulting in more consistent performance and longer cycle life. In addition, economies of scale and increased automation in battery manufacturing have contributed to cost reductions that makes LiFePO4 batteries more competitive compared to other lithium-ion chemistries.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2030 |
| Base Year | 2023 |
| Market Size in 2023 | $3.0 billion |
| Market Size in 2030 | $4.6 billion |
| CAGR | 6.1% |
| No. of Pages in Report | 310 |
| Segments Covered | Voltage, Capacity, Application, and Region |
| Drivers |
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| Opportunity |
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| Restraint |
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Above 3.2V segment to maintain its dominance by 2030
By voltage, the above 3.2V segment held the highest market share in 2023 and is estimated to maintain its leadership status during the forecast period. The expanding renewable energy sector is driving demand for high-voltage energy storage solutions. As renewable energy sources such as solar and wind become increasingly prevalent, there is a growing need for efficient energy storage systems to store excess energy generated during peak production periods. Above 3.2V cylindrical LiFePO4 batteries are well-suited for stationary energy storage applications, offering the voltage levels required to store and deliver large amounts of energy reliably and efficiently. These batteries play a crucial role in enhancing grid stability, mitigating intermittency issues, and facilitating the integration of renewable energy into the power grid.
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More than 3000mAh segment is expected to lead the market by 2030
By capacity, the more than 3000mAh segment held the highest market share in 2023 and is estimated to dominate during the forecast period. The growing emphasis on energy autonomy and off-grid solutions fuels demand for cylindrical LiFePO4 batteries with larger capacities. These batteries enable homeowners, businesses, and communities to store surplus energy generated from renewable sources such as solar and wind, providing a reliable and sustainable power supply even in the absence of grid connectivity. As the focus on energy resilience and self-sufficiency continues to grow, the demand for high-capacity LiFePO4 batteries as part of off-grid and microgrid solutions is expected to increase during the forecast period.
Electric vehicles segment to maintain its dominance by 2030
By application, the electric vehicles generation segment held the highest market share in 2023 and is estimated to maintain its leadership status during the forecast period. The energy density of cylindrical LiFePO4 batteries is steadily improving, making them increasingly viable for EV applications. Higher energy density translates to greater range per charge, a crucial factor in consumer acceptance of electric vehicles. Moreover, the long cycle life of cylindrical LiFePO4 batteries is a significant factor driving their adoption in EVs. These batteries endure thousands of charge-discharge cycles with minimal degradation, ensuring the longevity and reliability of EV powertrains.
Asia-Pacific is expected to experience fastest growth during the forecast period
Based on region, Asia-Pacific was the fastest growing region in terms of revenue in 2023. The proliferation of portable electronics and consumer devices in the Asia-Pacific region is driving demand for high-performance batteries with longer runtime and improved safety. Cylindrical LiFePO4 batteries are increasingly used in smartphones, laptops, power banks, and other portable electronics due to their superior energy density, stability, and longevity compared to conventional lithium-ion batteries. As consumers prioritize product safety and environmental sustainability, the adoption of LiFePO4 batteries in portable electronics is expected to grow in the region during the forecast period.
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Leading Market Players:
- Shandong Langkawi Electronic Technology Co., Ltd.
- Su-vastika
- Shenzhen Melasta Battery Co., Ltd.
- Shenzhen Beide New Energy Technology Co., LTD
- ACE Battery
- AA Portable Power Corp.
- Eve Energy Co., Ltd.
- Valence Technology, Inc.
- Lithium Werks BV
- Blue Energy Co., Ltd.
The report provides a detailed analysis of these key players in the global cylindrical LiFePO4 battery market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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