ALBANY, New York, Aug. 22, 2019 /PRNewswire/ -- According to a new research report published by Transparency Market Research (TMR) the global battery management system market is expected to reach a value of ~ US$ 16.6 Bn by 2027, expanding at a CAGR of 18.5% from 2019 to 2027. According to the report, the global battery management system market is likely to continue to be influenced by a range of macroeconomic and market-specific factors in the next few years. In terms of demand, North America is projected to continue to lead the global battery management system market, with the market in the region expanding at a CAGR of ~ 18% between 2019 and 2027.
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Global Battery Management System Market: Overview
- The global battery management system market is expected to be driven by the increasing adoption of electric vehicles (EVs) as well as rechargeable batteries.
- Increasing awareness about the harmful effects of petrol- and diesel-powered cars on the environment has resulted in advancements in the automotive industry in the form of electric vehicles and hybrid electric vehicles. Increasing consumer demand has resulted in continuous technological advances in electric cars and hybrid electric cars, which are intended to maximize vehicle efficiency and minimize fuel expenses.
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Lithium-ion-based Batteries to Rule
- The lithium-ion segment is expected to dominate the global battery management system market during the forecast period, owing to the rising usage of portable devices such as mobile phones, tablets, and Bluetooth devices.
- Lithium-ion batteries are considered high-power and high-capacity batteries. BMSs are used for the protection and management of lithium-ion battery packs.
Automotive a Prominent Application in the Battery Management System Market
- Due to the increasing number of cars requiring rechargeable batteries, including EVs, hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs), the automotive sector is anticipated to expand at a high CAGR in the battery management system market during the forecast period.
- The automotive segment held 25.5% share of the global battery management system market, in terms of revenue, in 2018.
- The consumer electronics segment is projected to witness robust growth in the battery management system market throughout the forecast period, due to the increasing usage of portable electronics devices and growing number of consumer applications.
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North America to be a Highly Lucrative Market for Battery Management Systems
- In terms of region, the global battery management system market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America dominated the global battery management system market, holding 43.5% of the market share in 2018.
- In North America, the U.S. is anticipated to be a major market for battery management systems in the near future. The American Recovery and Reinvestment Act makes provision for the funding of development of HEVs for use by private and public institutions. This factor is anticipated to have a positive impact on the battery management system market in the country in the near future.
- The presence of a large number of market players and extensive research & development activities in the region are also expected to drive the battery management system market in North America during the forecast period.
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Battery Management System Market: Competition Landscape
- With the objective of business expansion, several players operating in the global battery management system market are expanding their offerings through investments in new product development. An increasing number of players are spending significantly on R&D activities to develop technologically-advanced battery management systems.
- Some of the prominent players operating in the global battery management system market are Analog Devices, Inc., Vishay Intertechnology, Inc., Toshiba Corporation, Panasonic Corporation, Broadcom Inc., Renesas Electronics Corporation, NXP Semiconductors, Infineon Technologies AG, Schneider Electric SE, and On Semiconductor.
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The global battery management system market has been segmented as follows:
Battery Management System Market by Battery
- Flow Batteries
Battery Management System Market by Topology
Battery Management System Market by Application
- Consumer Electronics
- Medical & Healthcare
- Military & Defense
- Renewable Energy Systems
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