- A battery management system is an electronic system that prevents the battery from functioning outside of its safe operating area; calculates secondary data; tracks its condition; reports that information; and controls and balances its environment.
- A smart battery pack is a battery pack that is constructed along with a battery management system with an external data bus for interaction. A smart battery pack needs to be fitted with an intelligent charger.
- The global battery management system market is projected to expand at a CAGR of 18.5% during the forecast period, and reach a value of ~ US$ 16.6 Bn by 2027.
Global Battery Management System Market: Regional Overview
- In 2018, the battery management system market in North America generated the most revenue across the world.
- The dominance of North America is anticipated to further increase in the global battery management system market in the near future, owing to the presence of a large number of market players and extensive research & development activities taking place in the field of battery management systems in the region. Moreover, the increasing penetration of electric vehicles (EVs) coupled with supportive government initiatives is expected to fuel the global battery management system market in the region during the forecast period. The American Recovery and Reinvestment Act makes provision of funding for the development of hybrid electric vehicles (HEVs) for use by private and public institutions. This factor is anticipated to have a positive impact on the global battery management system market in the country in the near future.
- The global battery management system market in Asia Pacific is expected to expand at a prominent CAGR during the forecast period, owing to the rapid growth of the consumer electronics and automotive industries in the region.
- The global battery management system market in Europe is also likely to witness strong growth in the next few years, with growing implementation of measures such as incentives for EV manufacturers, and exemption for vehicle buyers from registration charges and road taxes. The region is likely to continue to hold the second-largest share of the global battery management system market during the forecast period.
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Global Battery Management System Market: Trends
- A key trend that impacts the global battery management system market is the rising demand for hybrid electric vehicles and renewable energy systems.
- Both, in-grid and off-grid renewable energy deployments are witnessing steady growth in developed as well as developing countries. Batteries have been used for energy storage for several years.
- Recently, battery storage technology has acquired more traction as a resource to promote electricity generation from renewable energy sources, especially from flexible sources such as wind and solar photovoltaic (PV) power
- Manufacturers are primarily focusing on production of electric vehicles, which can, not only decrease greenhouse gas emissions, but also provide a lifeline of income for power companies facing decreasing or stagnating demand for electricity
- Additionally, incentives for manufacture of HEVs are expected to attract investments from public and private investors. This, in turn, is anticipated to increase the penetration of HEVs in the next few years.
Global Battery Management System Market: Drivers, Opportunities, and Restraints
- The global battery management system market has witnessed strong growth over the last few years. One of the major drivers of the global battery management system market is the increasing adoption of electric vehicles (EVs) across the globe.
- The growing need to optimize the use of battery storage capability in electric cars and to avoid hazards created by battery overheating have prompted efforts for the incorporation of battery management systems in electric cars.
- In addition, rechargeable batteries are widely used in industrial products such as vacuum pumps and power tools. A rapid rise in the use of these products boosts the market for battery management systems.
- However, using battery management systems can lead to a noticeable increase in the final price of a product or application, resulting in lower demand from cost-sensitive consumers. It can also discourage product manufacturers from using BMSs despite their demonstrated advantages.
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Global Battery Management System Market: Competition Landscape
Key players operating in the global battery management system market and profiled in the research report are
- Analog Devices, Inc.
- Vishay Intertechnology, Inc.
- Toshiba Corporation
- Panasonic Corporation
- Broadcom Inc.
- Renesas Electronics Corporation
- NXP Semiconductors
- Infineon Technologies AG
- Schneider Electric SE
- On Semiconductor.
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