The Lithium Iron Phosphate Battery (LiFePO4 battery) or LFP Battery (lithium ferrophosphate) is a lithium-ion battery that uses LiFePO4 as the cathode (positive side of the battery) and a graphitic carbon electrode with a metallic backing as the anode. For high specific energy density and mechanical stability, cylindrical lithium cells are used.
As compared to other rechargeable batteries, Li-ion batteries have a higher energy capacity. Cathode, anode, electrolyte, and separator are the four primary components of Li-ion batteries. The continuous reactions of lithium in a lithium-ion battery produce electricity. Li-ion batteries have a lot of power without being too heavy. Lithium ion batteries are thus used in electronic devices such as cell phones and laptop computers, which require batteries with a much higher energy density to run longer between charges while consuming more electricity.
The memory effect is the process of rechargeable batteries losing their full energy capacity due to frequent recharges after only being partially discharged. Telecommunications devices, instruments, portable radios and televisions, and pagers all use them. They're used in desktop computers, cell phones, and aerospace applications. Electric cars, mobile phones, camcorders, laptop and palmtop computers, portable electronic devices, and so on all use it.
Cameras and calculators use lithium-ion batteries, as do cardiac pacemakers and other implantable devices. Telecommunications devices, instruments, portable radios and televisions, and pagers all use them. The lithium iron phosphate batteries market is segmented by application and the end-users it serves. Because of increased demand from the automotive sector, which is the largest demand generator for lithium iron phosphate batteries, the portable segment was the largest market in 2018.
During the forecast period of 2019–2024, India's lithium-ion battery market is projected to rise at a CAGR of 34.8%. Furthermore, the lithium-ion battery is convenient to recharge, lightweight, and long-lasting, and thus perfectly contributes to the growth of the electric vehicle industry over the forecast period. Thus, due to demand it is best to invest in this project.
Few Indian Major Players
· BYD Company Ltd.
· A123 Systems LLC,
· K2 Energy
· Electric Vehicle Power System Technology Co., Ltd.
· Bharat Power Solutions