Can LFP technology retain its battery market share?
Electric vehicle (EV) and energy storage systems (ESS) battery sectors use a variety of battery technologies and chemistries. These sectors have expanded rapidly over the past decade and OEMs have settled on a few lithium-ion chemistries which now make up the majority of installations. In this brief insight we take a look at the development of LFP technology during the expansion of the EV and ESS markets and outline our future expectations.
This report is also available as part of Wood Mackenie's Energy Storage Service.
Lithium-iron-phosphate (LFP) is poised to overtake lithium-manganese-cobalt-oxide (NMC) as the dominant stationary storage chemistry within the decade, growing from 10% of the market in 2015 to more than 30% in 2030.