The global BatteryManagement System Market size is expected to value at USD 11.17 billion by 2025. The battery management system industry is subject to witness a substantial growth due to the growing industrialization, mainly in manufacturing industry, and rise in need for high performance electronic devices. Additionally, current trend of renewable energy generation & management, which is driven by the rising concerns related to climate change around the globe, is expected to positively affect market growth over the next seven years.
Reduction
in the cost of solar photovoltaic cells coupled with favorable government
incentives and decline in cost of batteries are likely to increase the
renewable energy generation, thus propelling market demand for smart battery
management system. Globally, the battery management system (BMS) market is
predicted to grow at higher CAGR in the forecast period, providing numerous
opportunities for market players to invest for research and development in the
battery management system.
Request Sample Copy of This Market Research @
https://www.millioninsights.com/industry-reports/battery-management-system-market/request-sample
Battery
management system as a part of power management IC system saw growing
popularity in the recent years, owing to the ever-growing demand for
small-sized and cost-effective electronic batteries with a longer life span.
Furthermore, efficiency of battery management system has given more focus to
achieve required portability in various industrial applications. Subsequently,
growing investment for research & development in smart battery management
technologies by multiple market players are driving the market growth in
forecast period.
Battery
management plays a major role in application of modern electronics. Smart
battery management systems are vital to achieve required portability for
electronic devices that essentially operate on batteries. With the help of
smart management and analysis of power needs for electronic devices enables
reduction in energy consummation. This offers advantages such as higher
efficiency and longer life span of battery.
https://www.millioninsights.com/industry-reports/battery-management-system-market
Introduction
of Hybrid Electric Vehicles (HEV) and rising demand for the BMS system to power
these vehicles are expected to spur market growth over the projected period.
Furthermore, development of advanced Kyoto protocol that helps to limit
greenhouse gas emissions is projected to boost the market demand for Hybrid
Electric Vehicles (HEV) over the forecast period. Strict laws & regulations
in regards to carbon emissions has led high-end demand for the start-stop
technology. In addition, rise in number of incentives for manufactures of
Hybrid Electric Vehicles (HEV) by public and private investors, which in-turn
driving market penetration of HEVs, are predicted to stimulate market growth as
well.
The
battery management system industry is broadly categorized into four major
segments based on the application type such as automotive sector, consumer
electronics, energy & power industry, and defense sector. The automotive
sector is considered as one of the faster growing segment in the battery
management systems market with substantial revenue generation in the last few
years. Growing popularity of the automotive sector segment is attributed to the
rise in number of vehicles with rechargeable batteries such as EVs, hybrid
electric vehicles, and plug-in hybrid vehicles. The energy & power industry
segment has also witnessed substantial growth owing to the latest trend of
renewable energy generation and management.
The
battery management system (BMS) industry is divided by region as North America,
Europe, Asia-Pacific, Latin America and Africa. North America has shown major
growth in recent years owing to the rise in the implementation of latest
technologies in the automotive sector, consumer electronics, and energy &
power industry, increase in the number of research & development activities
in the region, and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the battery
management system market with massive growth in forecast period.
Countries
such as India, China and Singapore are leading the Asia-Pacific market with
shifting trends towards adoption of renewable energy generation, strong
economic growth in the region, rapid growth of automotive industry, favorable
laws & regulations, and significant investment by leading industry players
considering potential growth opportunities in the region. The key players in
the battery management systems industry are Johnson Matthey plc, Nuvation
Engineering Co., Valence Technology, Inc., and Linear Technology Co.
Comments
Post a Comment