Lithium Iron Phosphate Battery Market

The global  Lithium Ion Battery market  size is expected to reach USD 15.09 Billion in 2030 and register a revenue CAGR of 5.3% over the forecast period, according to latest report by Reports and Data. High demand for Lithium Ion Battery in energy storage devices is expected to drive market revenue growth during the forecast period. Manufacturers are now focusing majorly on enhanced strategies for specific requirements and technological progress to decrease operating expenses and increase productivity of lithium-iron-phosphate batteries. High demand for these batteries in the automotive, power, and industrial sectors encourages manufacturers to upgrade and increase productivity of LFP batteries. Governments of various countries across the globe also have taken supportive initiatives towards expansion of Lithium Ion Battery. For example, the Government of India developed indigenous technology for production of lithium iron phosphate cathode material at its Center for Nanomaterials. In