DUBLIN, June 13, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Battery Management System Market by Battery Type (Lithium-Ion, Advanced Lead-Acid, Flow Battery, & Nickle Battery), Component, Topology (Centralized, Modular, Distributed), Application, and Geography - Global Trend and Forecast to 2022" report to their offering.
The battery management system market was valued at USD 1.98 Billion in 2015 and is expected to reach USD 7.25 Billion by 2022, at a CAGR of 20.5% between 2016 and 2022
The growth of this market is propelled by the rapidly growing need for battery management system given the increasing number of vehicles that require charging such as electric vehicles (EVs), hybrid electric vehicles (HEVs), and plug-in hybrid vehicles (PHV). These vehicles consist of series-connected battery packs which require extensive monitoring. Hence, battery management systems act as a crucial component in these vehicles for supervising and guaranteeing reliable and safe battery operations.
The battery management system for lithium-ion-based battery leads the battery management system market since lithium-ion-based battery is popular in various application industries owing to its high energy and power density, light weight, and low standby losses. The high energy density lithium-ion battery requires battery management systems for its efficient operation and management in these applications. Moreover, the current price reduction of the li-ion battery and its growing adoption in applications such as electric vehicle, UPS, telecommunication, renewable energy system, and other applications is expected to drive the market in the near future.
The battery management system market for modular topology is expected to grow at a high CAGR during the forecast period. Most of the manufactures prefer modular topology as it offers a good computational power and is also safe as it does not require extensive wire harnesses. The modular topology is also suitable for a range of applications such as in energy storage systems, industrial UPS, medical mobility vehicle, parts of electric vehicles, and drones among others. The increasing demand for modular topology from these applications is expected to drive the market at the highest rate during the forecast period.
North America held the largest share of the battery management system market in 2015, while the market in Asia-Pacific is expected to grow at a high rate during the forecast period and lead the BMS market by 2022. The high growth of the Asia-Pacific region is attributed to the presence of a number of leading portable devices manufacturers and the demand for battery management from countries such as China and Japan owing to the increasing adoption of electric vehicles in these countries.
In the battery management system market, Johnson Matthey Plc. (U.K.) is a major player which holds a leading position in sustainable technologies as well as specialty chemical technology. The company has a strong presence in the battery management system market and offers battery management system with modular architecture, using its own battery management electronics. The company's BMS is designed for application in electric vehicles as well as hybrid electric vehicles.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Battery Management System Market Analysis, By Battery Type
8 Market Analysis, By Component
9 Market Analysis, By Topology
10 Market Analysis, By Application
11 Geographic Analysis
12 Competitive Landscape
13 Company Profiles
- Elithion Inc.
- Intersil Corporation
- Johnson Matthey Plc.
- Linear Technology Corporation
- Lithium Balance A/S
- Nuvation Engineering
- Nxp Semiconductors N.V.
- Texas Instruments Inc.
- Valence Technology, Inc.
- Vecture Inc.
- Ventec Sas
For more information visit http://www.researchandmarkets.com/research/bf24tp/battery
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SOURCE Research and Markets