A lithium iron phosphate (LFP) battery is a type of lithium-ion battery that is capable of charging and discharging at high speeds compared to other types of batteries. It is a rechargeable battery consisting of LiFePO4 as its cathode material; hence the name.
Lithium iron phosphate (LFP) batteries are also known as lithium ferrophosphate batteries. The major distinction that lithium iron phosphate batteries have from other li-ion batteries is that LFP is capable of delivering a constant voltage and also has a comparatively higher charge cycle, in the range of 2000-3000. LFP batteries are environmentally safe and structurally stable. They have a lower energy density and low discharge rate. They do not heat up easily and are relatively cooler than other batteries. The chemistry of the battery saves it from thermal runaway, and hence it is considered to be safe for home use.
Lithium phosphate cells are incombustible in the event of mishandling during charge or discharge, they are more stable under overcharge or short circuit conditions and they can withstand high temperatures without decomposing. When abuse does occur, the phosphate based cathode material will not burn and is not prone to thermal runaway. Phosphate chemistry also offers a longer cycle life.
1) Big electric vehicles: buses, electric cars, tour buses, hybrid vehicles and other attractions.
2) Light electric vehicles: Electric bikes, golf carts, small cars, forklifts, electric vehicle cleaning wheelchairs, etc.
3) Power tools: Lawn movers, electric saws, electric drills.
4) Remote control toys: cars, boats, planes, etc
5) Wind energy storage and solar equipment.
6) Warning lights, UPS, miner’s lamp, emergency lights, etc
7) Small medical equipment and portable instruments.
Lithium ion battery market is expected to gain market growth in the period of 2020 to 2027 at a CAGR of 12.6% and is expected to reach USD 3,203.01 million by 2027. Increasing requirement of lithium ion batteries in medical devices is increasing the growth of the market. Lithium ion battery comprises of lithium ions which moves from negative electrode to the positive electrode through the electrolyte during charging and moves backwards at the time of charging. These batteries are rechargeable and commonly used in consumer electronics and automobiles. It consists of four components cathode, anode, separator and electrolyte. Anode helps in storing and releasing of lithium ions from cathode, enabling the pass of current through an external circuit.
The lithium iron phosphate batteries market is projected to reach USD 10.6 billion by 2024 from an estimated USD 8.3 billion in 2019, at a CAGR of 5.0% during the period. This growth is attributed to the increasing focus on electric and hybrid electric vehicles and high demand for energy storage applications.