The global Battery Management System Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global Battery Management 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.
Key Players:
- Elithion
- Johnson Matthey PLC
- Linear Technology Corporation
- Lithium Balance A/S
- NXP Semiconductor N.V.
- Nuvation Engineering
- Texas Instruments, Inc.
- Valence Technology, Inc.
- Vecture
- Ventec SAS
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Growth Drivers:
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.
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.
Application Outlook:
- Automotive
- Consumer electronics
- Energy
- Defense
Type Outlook:
- Lithium-ion based
- Nickel based
- Lead-acid based
- Flow batteries
Regional Outlook:
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.
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.
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