Battery Management System Market: Growth Trends, Size, Share, Opportunities, Revenue, Regional Outlook, Industry Demand Forecast To 2019 - 2027
As part of Industry 4.0 or the Fourth Industrial Revolution, the battery powered apps and cloud-based software and services are amongst the most popular buzzwords. Battery management systems that are cloud-based are becoming increasingly popular across a variety of industries, such as consumer electronics, telecom, and automotive. Increased adoption of electric cars, as well as growing emphasis on improving battery energy efficiency, are likely to boost demand for battery management systems. These developments are likely to foster growth of the global battery management system market in the years to come.
Renesas Electronics Corporation, Vishay Intertechnology, Inc., Schneider Electric SE, NXP Semiconductors, Analog Devices, Inc., and Infineon Technologies AG are some of the companies in the global battery management system market.
In 2018, the global battery management systems market was estimated at US$ 3.5 Bn, and it is expected to expand rapidly to reach US$ 16.6 Bn through 2027. The market is expected to grow at a rate of 18.5% CAGR during the forecast period, from 2019 to 2027. In the next few years, technological improvements in battery management systems will continue to support growth in this sector.
High Demand for Electric Vehicles in China to Drive Growth of the Market in the Asia Pacific
In terms of region, the global battery management system market is classified into the principal regions of Latin America, Middle East and Africa, Asia Pacific, Europe, and North America. It is anticipated that regional classifications would provide a better knowledge of the market dynamics at play at the regional level.
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It is expected that Asia-Pacific would have the rapid growth rate throughout the forecast period, from 2019 to 2027. Due to the rapid expansion of the electric vehicle market in China, the Asia-Pacific region is projected to see substantial growth. Because BMS are increasingly being integrated into consumer electronics for safety purposes, the need for BMS is expected to increase in tandem with the growing demand for consumer electronics. China is one of the leading markets for electric vehicles across the globe. The aforementioned reasons may be regarded as the primary driving forces for the global battery management systems market in the Asia Pacific region.
Lithium-ion Batteries to Outperform its Counterparts and Gain Rapid Traction in the Market
Lithium-ion batteries, amongst the numerous different types of batteries that are there in the battery management systems, have a significant market share. Their sales are also expected to rise significantly and rapidly in comparison to their counterparts, such as nickel-based and lead-acid batteries. Because of its low weight and high charge density, lithium-ion batteries have demonstrated to be the battery of choice for manufacturers of electric vehicle. This is likely to continue to draw attention of the manufacturers to the category of lithium-ion battery.
The renewable energy sector is undertaking considerable research and development activities to address technological problems as the usage of lithium-ion batteries grows in multiple industries. The availability of battery packs in a variety of kinds and at affordable costs has removed one of the major obstacles to renewable energy technology: the need for battery storage to control changes in wind or solar radiation. As a result, stakeholders are likely to expand their research and development capabilities to broaden their offerings on renewable energy solutions. These factors are likely to work in favor of the global battery management system market over the forecast period, from 2019 to 2027.
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