Saudi Arabia Lithium Iron Phosphate (lifepo4) Battery Market Size & Outlook
Saudi Arabia lithium iron phosphate (lifepo4) battery market, 2016-2027 (US$B)
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Saudi Arabia lithium iron phosphate (lifepo4) battery market highlights
- The Saudi Arabia lithium iron phosphate (lifepo4) battery market generated a revenue of USD 0.1 billion in 2019 and is expected to reach USD 0.4 billion by 2027.
- The Saudi Arabia market is expected to grow at a CAGR of 17.9% 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.
Lithium iron phosphate (lifepo4) battery market data book summary
| Market revenue in 2019 | USD 0.1 billion |
| Market revenue in 2027 | USD 0.4 billion |
| Growth rate | 17.9% (CAGR from 2019 to 2027) |
| Largest segment | Automotive |
| Fastest growing segment | Power |
| Historical data | 2016 - 2018 |
| Base year | 2019 |
| Forecast period | 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, Saudi Arabia accounted for 2.3% of the global lithium iron phosphate (lifepo4) battery market in 2019.
- Country-wise, China is expected to lead the global market in terms of revenue in 2027.
- In Middle East & Africa, UAE lithium iron phosphate (lifepo4) battery market is projected to lead the regional market in terms of revenue in 2027.
- Egypt is the fastest growing regional market in Middle East & Africa and is projected to reach USD 0.2 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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Saudi Arabia 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 0% in 2019. Horizon Databook has segmented the Saudi Arabia lithium iron phosphate (lifepo4) battery market based on automotive, power, industrial covering the revenue growth of each sub-segment from 2016 to 2027.
Saudi Arabia is known for its oil fields and oil reserves throughout the world. However, as these reserves cannot last forever, the authorities in this region are looking at sustainable and renewable energy storage resources such as the LiFePO4 batteries.
Growing awareness about the benefits of renewable energy resources is the biggest driver of the market in this region. Rapid industrialization coupled with improving infrastructure in the country is expected to positively impact market demand.
Growing construction sector due to economic recovery, advanced real estate regulatory framework, and increasing infrastructure project will drive demand for LiFePO4 batteries for power backup solutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the Saudi Arabia lithium iron phosphate (lifepo4) battery market , including forecasts for subscribers. This country databook contains high-level insights into Saudi Arabia lithium iron phosphate (lifepo4) battery market from 2016 to 2027, including revenue numbers, major trends, and company profiles.
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Saudi Arabia lithium iron phosphate (lifepo4) battery market size, by end use, 2016-2027 (US$B)
Saudi Arabia Lithium Iron Phosphate (LiFePO4) Battery Market Outlook Share, 2019 & 2027 (US$B)
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