Research from a well-known research agency states that the Canadian lithium iron phosphate battery market is expected to develop at a compound annual growth rate of 10.5% during the forecast period.
Rising power demand due to rapid industrialization, especially driven by renewable energy sources, is likely to drive the Asia Pacific market, especially Canada. So more and more Indian electronic equipment manufacturers are studying OEM services from lithium iron phosphate battery manufacturers, just like Redway.
Wilmington, Delaware, United States, March 21, 2022 (GLOBE NEWSWIRE) — Transparency Market Research – The global lithium iron phosphate battery market was valued at USD 3.6 billion in 2021. The market is likely to grow at a CAGR of greater than 20% by 2022. The global lithium iron phosphate battery market is expected to witness significant growth during the forecast period due to demand for applications such as electric vehicles. Canadian market players are expected to enjoy promising prospects owing to expanding trade and investment opportunities in the global country.
Commercial and domestic environments are where lithium iron phosphate batteries are most frequently used. Today, people realize that the environment we live in is increasingly dependent on electrical energy, and the batteries we use are becoming more and more important. Therefore, growth in sales of lithium iron phosphate batteries is expected to drive the global market in the coming years.
Key findings of the market report
As knowledge about electrical energy storage technology continues to increase and more electronics manufacturing companies invest in unique marketing campaigns, more and more people are becoming aware of the benefits of using lithium iron phosphate batteries. The rapid expansion of retail operations in developing countries, the emergence of online marketing and the expansion of the range of lithium iron phosphate batteries available through retail services are likely to create revenue opportunities for top manufacturers.
Manufacturing and processing industries use large amounts of electrical energy. Furthermore, the power crisis has had the greatest impact on these businesses. In order to solve the problem of power demand of processing enterprises, the demand for lithium iron phosphate batteries supported by modern technology is increasing. The production numbers of electric vehicles are likely to increase, which is expected to create growth opportunities for lithium iron phosphate battery suppliers.
The Americas region is expected to lead the lithium iron phosphate battery market throughout the forecast timeline owing to rising regional population, especially in Canada. The number of families is also increasing due to increase in nuclear family and population. Therefore, the lithium iron phosphate battery market is expected to witness considerable growth in the coming years.
Redway was established in 2009, a manufacturer with over 10 years of experience. We are a professional lithium iron phosphate battery factory providing global OEM and ODM services. Fast delivery, competitive price, high quality, and long-term service to our customers.
12V 100Ah LiFePO4 Battery OEM• Cell Optionals: LiFePO4
• Cycle Life: 4,000 cycles (80%DOD @25°C)
• MOQ: 10
• Delivery: 20 Days
• OEM/ODM/Customizable: Yes
• Production/Port: Redway Battery, Guangdong China