Albany, NY -- (SBWIRE) -- 09/14/2016 -- MarketResearchReports.biz has recently announced the addition of a new report on the global lithium iron phosphate battery market to its vast repository. The study is titled "Global Lithium Iron Phosphate Battery Market 2016-2020" and presents an analysis of this market, taking key trends and growth prospects into consideration.

According to the study, the growing significance of renewable energy in improving energy conservation is likely to fuel the demand for lithium iron phosphate batteries across the world. The increase in government funding to support green technologies is also expected to encourage consumers to uptake these batteries as power backups in the near future. Analysts project the worldwide market for lithium iron phosphate batteries to rise at an exceptional CAGR of 20.50% during the period from 2016 to 2020.

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In this research report, the global lithium iron phosphate battery market has been studied on the basis of application and geography. By application, the market has been classified into electric vehicles (EVs) and hybrid electric vehicles (HEVs), consumer electronics, and renewable power. The EVs and HEVs segment emerged as the prime application area of lithium iron phosphate batteries in 2015 with a share of nearly 62%.

EV manufacturers are constantly looking for unconventional energy storage systems that can increase the efficiency of vehicles. With long cycle time and high energy density, these batteries have surfaced as the most preferred option among alternative energy storage systems for electric vehicles in the recent times. The growing demand for EVs in emerging economies, such as India and China, is likely to boost the market substantially over the forecast period, notes the study.

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Geographically, the report has segmented this market into Asia Pacific, the Americas, and Europe, the Middle East, and Africa. Of all the geographical segments studied in the report, Asia Pacific is expected to lead the overall market throughout the forecast period and account for a share of 53% by the end of 2020.

The increasing frequency of power outages, the rising concerns over greenhouse gas (GHG) emissions, and the presence of leading producers of lithium iron phosphate batteries are likely to drive the growth of Asia Pacific lithium iron phosphate battery market in the coming years, states the report.

The competitive landscape of the worldwide market for lithium iron phosphate batteries has also been analyzed in this research study in order to determine the market hierarchy. As per the report, the market demonstrates a high degree of competition between the key participants. OptimumNano Energy, Hi Power, Electrical Vehicle Power System Technology, BYD, and A123 are the leading vendors of lithium iron phosphate batteries across the world. Other prominent players in this market are GAIA, LiFeBATT, K2Energy, Phostech, Pulead Technology Industry, Pihsiang Energy Technology, and Victory Battery Technology, reports the research study.

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