Middle East & Africa Lithium Iron Phosphate (lifepo4) Battery Market Size & Outlook
Middle East & Africa lithium iron phosphate (lifepo4) battery market, 2016-2027 (US$B)
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MEA lithium iron phosphate (lifepo4) battery market highlights
- The MEA lithium iron phosphate (lifepo4) battery market generated a revenue of USD 0.5 billion in 2019.
- The market is expected to grow at a CAGR of 19% from 2020 to 2027.
- In terms of segment, automotive was the largest revenue generating end use in 2019.
- Power is the most lucrative end use segment registering the fastest growth during the forecast period.
- Country-wise, Egypt is expected to register the highest CAGR from 2020 to 2027.
MEA data book summary
| Market revenue in 2019 | USD 0.5 billion |
| Market revenue in 2027 | USD 2.0 billion |
| Growth rate | 19% (CAGR from 2019 to 2027) |
| Largest segment | Automotive |
| Fastest growing segment | Power |
| Historical data covered | 2016 - 2018 |
| Base year for estimation | 2019 |
| Forecast period covered | 2020 - 2027 |
| Quantitative units | Revenue in USD billion |
| Market segmentation | Automotive, Power, Industrial |
| Key market players worldwide | Reliance Inc, Brunswick Corp, K2 Energy Solutions, BYD Company, A123 Systems, Sai'ensi Energy Technology Co.,Ltd. |
Other key industry trends
- In terms of revenue, MEA region accounted for 9.9% of the global lithium iron phosphate (lifepo4) battery market in 2019.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2027.
- Latin America is the fastest growing regional market and is projected to reach USD 1.7 billion by 2027.
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Lithium Iron Phosphate (LiFePO4) Battery Market Scope
Lithium Iron Phosphate (LiFePO4) Battery Market Companies
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Middle East & Africa lithium iron phosphate (lifepo4) battery market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to lithium iron phosphate (lifepo4) battery market will help companies and investors design strategic landscapes.
Automotive was the largest segment with a revenue share of 20% in 2019. Horizon Databook has segmented the Middle East & Africa lithium iron phosphate (lifepo4) battery market based on automotive, power, industrial covering the revenue growth of each sub-segment from 2016 to 2027.
MEA is expected to witness growth over the forecast period owing to the increasing demand for portable consumer electronics in countries including Saudi Arabia, South Africa and Egypt. The growing middle class coupled with rising disposable incomes is expected to fuel growth.
The growth in consumer electronics market is expected to drive the demand for LiFePO4 batteries. In addition, the advancements in energy storage technology in Middle East and Africa is expected to fuel market demand.
The overall grid connected storage in in the Middle Eastern region is expected to reach 1.8GW by 2025. The growth in energy storage systems will in turn drive the demand for LiFePO4 batteries over the forecast period.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Middle East & Africa lithium iron phosphate (lifepo4) battery market , including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa lithium iron phosphate (lifepo4) battery market from 2016 to 2027, including revenue numbers, major trends, and company profiles.
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MEA lithium iron phosphate (lifepo4) battery market size, by country, 2016-2027 (US$B)
Middle East & Africa Lithium Iron Phosphate (LiFePO4) Battery Market Outlook Share, 2019 & 2027 (US$B)
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