Prismatic LiFePO4 Battery Market to See Incredible Growth by Global Industry Players During 2022-2030Posted by Roger on February 7th, 2023 The Prismatic LiFePO4 battery has a number of advantages over other types of lithium-ion batteries. For starters, it's environmentally friendly. Compared to lead acid batteries, prismatic cells don't burn, explode, or contain any toxic chemicals. They also have four times the power density and a third the volume of lead-acid cells. Furthermore, these batteries are safe for household use and have undergone laboratory testing to ensure they are safe for human consumption. Lastly, the prismatic cells are easy to purchase and use. Market Dynamics: The demand for poly lithium-ion batteries is increasing in electric vehicles as well as in grid storages, which in turn is expected to propel growth of the global Prismatic LiFePO4 Battery Market over the forecast period. As these LiFePO4 batteries offer high-energy density and lightweight solutions, they are highly in demand in EVs across the world. For instance, in February 2022, an EV manufacturer, Mullen Automotive, Inc. announced update on its next-gen solid-state polymer battery technology that is considered to be a promising advancement over currently used lithium-ion batteries. However, factors such availability of alternatives such as pouch cell battery, cylindrical battery and button battery is likely to hinder growth of the global prismatic LiFePO4 battery market over the forecast period. Impact of COVID-19: The coronavirus outbreak impacted several industries around the globe. The virus outbreak led to implementation of lockdown regulations across many countries. Due to stringent lockdown regulations, various market activities were disrupted including manufacturing, supply chains and distribution during this period. The product demand declined in several industries in lockdown period, which adversely impacted growth of the various markets including the one in discussion. During the pandemic, vehicles sales also declined, due to which demand for batteries was affected. However, as the pandemic situation is going back to normal, the market is likely to grow. 𝐓𝐨 𝐆𝐞𝐭 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐟𝐮𝐥 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡, 𝐂𝐥𝐢𝐜𝐤 𝐇𝐞𝐫𝐞 - https://www.coherentmarketinsights.com/insight/request-sample/1656 Key Takeaways:
About Coherent Market Insights Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients. Contact Us Mr. Shah Like it? Share it!More by this author
|