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Lithium iron phosphate battery will maintain a annual growth rate of 20.5% before 2020

  Foreign research firm released a forecast that the average annual compound growth rate (CAGR) of global market for lithium iron phosphate battery (LFP) will be 20.5% in the period from 2016 to 2020

  According to reports, more than half of LFP consumption from China, one of the reason why there is such a big demand is that China's electric vehicle grows significantly.In China, in order to reduce greenhouse gas emissions and to introduce replacement fuel, it is expected that the market for pure electric vehicles (EV) and plug-in hybrid electric vehicle (PHEV) will keep a long-term development trend, the used rechargeable battery is LFP.

  It is reported that globally, about 40% LFP market is in China, in addition, about 95% of total output of the rare metals lithium used for LFP is from China.

  The research company said that the photovoltaic and wind power generation as intermittent renewable energy is also the key facts for LFP market growth. The issues of increasing population and fossil fuel depletion has been paid more and more attention, the introduce of renewable energy generating equipment has gradually become the focus.In

  addition,combination of both renewable energy resources and grid is increasing all over the world. The increasing of renewable energy power generation has promoted the rapid introduction of LFP around the world. Among them, the Asia Pacific region accounted for about 58% of the global LFP market in 2015, and played a leading role in the global LFP market.

  Due to the characteristics of high energy density and long cycle life and so on, LFP is the most popular choice to be used as replacement battery.

  According to the latest statistics, the first half of 2016 is still a continuation of last year's market distribution of power battery, mainly for lithium iron phosphate battery, Supplemented by li(NiCoMn)O2, lithium manganese oxide, lithium titanate, nickel metal hydride batteries, multiple composite battery also have a small shares. Among them, the sales volume of lithium iron phosphate battery reached 4.9GWh, accounting for about 73.5%, its year-on-year growth is still considerable