Prismatic LiFePO4 batteries are used in power banks, laptop battery-packs, electrical vehicles, and flashlights. The battery safety circuits along with LiFepo4 batteries are sealed in a container and designed to prevent any damage to the battery pack by external factors such as ambient temperature, battery chemistry and cycling. The prismatic LiFePO4 market has witnessed growth due to the battery’s high stability and performance along with an ecofriendly and safety profile. Also, Lithium iron Phosphate material exhibits properties such as thermo-resistance capability, high stability under extreme conditions, and eco-friendly profile, which in turn, has propelled the adoption of this material in battery applications.
Product reliability and cost-effectiveness are major factors driving growth of the prismatic LiFePO4 battery market. Furthermore, increasing cost-efficiency in various production processes such as electrode coatings, cell assembly, formation, and process control is expected to boost growth of the prismatic LiFePO4 battery market over the forecast period. Electrode coating is gaining significant traction due to its benefits such as flexible and fast control on coating systems, as well as simple and safe integration of quality measuring systems, and fewer rejects due to automatic roll change during operation. Additionally, electrode coating technology and process development have a strong impact on quality, performance, and safety of the assembled battery cells.
Prismatic batteries are used as power banks for electrical vehicles in various electrical and automotive sectors. Government bodies in various countries are focusing on supporting the R&D activities for advanced batteries through the Department of Energy (DOE). According to United States Department of Energy, the U.S. government is providing around US$ 2 billion worth grants to accelerate the manufacturing and development of the next generation prismatic batteries in the automotive sector (power banks and laptops) and electrical vehicles. Prismatic batteries are suitable for a wide range of applications such as stationary to mobile, consumer to industrial, and can be optimized to provide high energy and high power.
The major factor restraining growth of the market is substitution of products such as pouch cell battery, button battery and cylindrical battery. The energy density (energy/volume) of a new LiFePO4 battery is somewhat lower than that of a new lithium cobalt oxide battery (14% reduction in energy density). Furthermore, Lithium ion batteries have low discharge rate compared with lead-acid batteries or cobalt oxide batteries.
The market for environment friendly vehicles (hybrids, plug in hybrids, electrical vehicles) are increasing in Asia Pacific region. The government of India has plan to make major shifts to electrical vehicle due to vehicle population and domestic manufacturing capabilities by 2030. Under Union Budget 2017-18, the Government of India has announced plans to support & increase the manufacturing of hybrid & electric cars & Faster Adoption of Manufacturing of Electric & Hybrid vehicles by giving US$27.25 million as compared US$19.15 in 2016. Indian car manufacturer like Reva electrical car company (RECC) and app based companies like Ola are working on making electrical car.
North America is estimated to hold the largest market for prismatic LiFePO4 battery in 2018 and is expected to retain its position throughout the forecast period. The rising demand for prismatic batteries is increasing in the automotive and electrical industries in North America. For example, Tesla electric car marker delivered around 26,000 vehicles which includes the Tesla Roadster, Tesla Model S, Tesla Model x and recently introduced Tesla Model 3—in 2017.
The prismatic LiFePO4 battery use in energy storage has the highest growth rate in overall market due to increasing adoption for energy storage technologies. The batteries are used as an energy source in large electric and hybrid vehicles like buses, delivery vans, heavy industrial machines and ships.
Major players are incorporating various strategies such as joint ventures and capacity expansions to achieve market growth. Being the leader in Lithium Ion Battery Business in India, Semyung India fulfill the needs of Li-Ion Battery R&D organizations, Research Institutes & Manufacturers. Semyung India is committed to introduce new technology solutions of Li-ion Battery Pack Systems with the strategic partnership of Samsung SDI for various existing applications that are using Lead Acid Batteries. In 2018, Panasonic Corporation commenced operations of new 5-GWh plant in Dalian for the development of prismatic batteries exhibiting high safety and capacity for applications in the automotive sector, distributing them to markets in North America and China.
The global prismatic LiFePO4 battery market is characterized by high presence of players. Some of the major players operating in the prismatic LiFePO4 battery market are Panasonic Corporation, Toyota Motor Corporation, HYB Battery Co., Ltd., Contemporary Amperex technology (CATL), and LG Chemical Ltd.
On the basis of product type, the global prismatic LiFePO4 battery market is segmented into:
On the basis of application, the global prismatic LiFePO4 battery market is segmented into:
On the basis of regions, the global prismatic LiFePO4 battery market is segmented into:
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.[email protected]
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.