Lithium Iron Phosphate Batteries Market worth $35.5 billion by 2028 - Exclusi... - 0 views
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Almira Coyne on 03 Jul 23Lithium Iron Phosphate Batteries Market is projected to reach USD 35.5 billion in 2028 from USD 17.7 billion in 2023 at a CAGR of 14.9% according to a new report by MarketsandMarkets™. Lithium Iron Phosphate (LiFePO4) batteries, also known as LFP batteries, are a type of rechargeable lithium-ion battery chemistry. They are composed of a cathode made of lithium iron phosphate and an anode made of carbon. LiFePO4 batteries are known for their high energy density, long cycle life, and excellent thermal stability. The market growth of LFP is driven by substantial need for battery-operated material-handling equipment. Transition from conventional power generation to renewable generation present promising opportunities for the lithium iron phosphate batteries market. However, the risks associated with disposal of spent lithium-based batteries has hindered the growth of the market in recent years and is expected to restrain the market's growth during the forecast period.