ALBANY, New York, Feb. 10, 2020 /PRNewswire/ -- There are multiple factors responsible for the growth of global battery management system market, states a recent report by Transparency Market Research. Majorly, the demand for a sustainable power backup to cater to the growth in the frequency of power cuts are leading to unmeasurable loses to various businesses. Hence to ensure smooth and uninterrupted working of the machines in the industries the backup batteries are extensively used. However, these batteries have limited capacity and can provide power to the machines for a short period of time. It is therefore crucial for the users to manage the power supply derived from these batteries. This as a result boosts the demand for the system that can manage the battery. Consequent to these demands, the global battery management system market is expected to witness a substantial growth from 2019 to 2027.
"The global battery management system market is projected to witness an outstanding 18.5 % CAGR during the tenure. Moreover, with this rate, the market is anticipated to reach to the value of US$ 16.6 Bn by the end of 2027 which was valued around US$ 3.5 Bn in 2018" – Transparency Market Research.
Key Findings of the Battery Management Market Study
Lithium-ion batteries are anticipated to hold the largest share in the global battery management market. This is because, lithium-ion of Li-ion batteries are extensively used across the globe. Hence it is quite important to have an optimal battery management system for this type of batteries. Based on this importance, the segment holds approximately 40% overall growth share of global battery management system market in terms of revenue.
On the basis of application, the global battery management system market is dominated by the consumer electronic industry. This dominance is extensively supported by the growth of smartphones across the globe. The devices require an effective management of power so as to deliver the required performance. Hence, the smartphone manufacturers are investing a massive amount in research and development to produce effective battery management system for their products.
Explore the actionable insights from the report on global battery management system market available under the title: Battery Management System Market (Battery: Lithium-ion-based, Lead-acid-based, Nickel-based, Flow Batteries, and Others; Topology: Centralized, Distributed, and Modular; and Application: Automotive, Consumer Electronics, Medical & Healthcare, Military & Defense, Renewable Energy Systems, Telecommunications, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027at
Global Battery Management System Market: Key Drivers
The major factor that propels the growth of global battery management system market is the growth in the adoption of battery powered vehicles across the globe. These vehicles are designed for the long run and require effective optimization of the power supply. It is because of this reason the demand for an optimum battery management system has been urged by automotive manufacturers. This as a result helps the global battery management system market to witness a substantial growth over tenure of 2019 to 2027.
Some more drivers for battery management system market are:
Widespread application of rechargeable batteries in variety of industries is one of most important factor that propels the growth of global battery management system market. This is due to the fact that loss of power for even a short period can lead to a substantial loss to the business. Hence, optimizing the power supply is one of the major point of focus for every business. This as a result boosts the growth of global battery management system market during the tenure of 2019 to 2027.
Another factor that propels the market is the demand for effective storage of the power. Due to over use of the battery, there are massive chances of power dissipation. This can impact adversely on the budget of the business owner. In order to restrict the users to over use the batteries, the demand for battery management system market has skyrocketed which as a result is propelling the growth of global battery management system market from 2019 to 2027.
Major Challenges in Global Battery Management System Market
Apart from the positive aspect of the global battery management systems market, the report also enlightens the readers with challenges that might affect the growth of market and ultimately their businesses. This insight can help the players to effectively deduce strategies to overcome the roadblock and head towards desired outcomes.
The most prominent challenge impeding the growth of the market is its cost. The cost of battery management systems can be quite high which shall impact the budget of small and cost-sensitive customers. This challenge might affect the use of battery management systems in their business which shall further impact adversely on the growth of the global battery management system market. However, the developers of market are constantly improving the design and functioning of the battery management systems so that their production, operation, and maintenance cost can be brought down effectively.
Global Battery Management System Market: Regional Outlook
Transparency Market Research's report states that North America shall remain the dominant region in the global battery management system market. The prominence of the region is the result of growing demand for a sustained power supply to power machines and equipment in the factories and also in domestic appliances.
With the trend of developing electric vehicles in the U.S. and Canada owing to constantly depleting oil reserves further propels the leading position of North America in global battery management system market.
Analyze battery management system market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
The global battery management system market is highly competitive and is largely fragmented. This scenario of the market is the result of presence of several prominent players that dominates the dynamics of the market. Since the prominent players hold a substantial share in market, the new players are finding it a bit difficult to establish themselves in the global battery management system market.
To surpass this challenge, the players are resorting to strategies such as collaboration, research and development, mergers, and partnerships.
The global battery management system market is segmented on the basis of:
Global Battery Management System Market Battery Outlook (Revenue, USD Million 2019-2027)
Global Battery Management System Market Technology Outlook (Revenue, USD Million 2019-2027)
Global Battery Management System Market Application Outlook (Revenue, USD Million 2019-2027)
Medical and Healthcare
Military and Defense
Renewable Energy Systems
Global Battery Management System Market Regional Outlook (Revenue, USD Million 2019-2027)
Middle East & Africa
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