Europe to Dominate Global Battery Management System Market till 2026
Huge demand for electric and
hybrid vehicles and rising environmental concerns are expected to drive the demand
for global battery management system market for the forecast period.
According to TechSci Research report, “Global Battery
Management System Market By Battery Type (Lithium-Ion, Lead-Acid, Nickel
based, Others), By Topology (Centralized, Distributed, Modular), By Type
(Stationary Battery, Motive Battery), By Component (Hardware, Software), By
Application (Automotive, UPS, Telecommunications, Renewable Energy Systems,
Military and Others), By Company, By Region, Forecast & Opportunities, 2026”,
the global battery management system market is expected to witness significant
growth for the next five years on account of increasing efforts of
manufacturers to design battery management system miniature versions integrated
with small electronic components. Battery management system offers different
features such as battery charger control, cell-over voltage and under-voltage
protection and it also monitors the health of battery pack, among others. Manufacturers
are integrating battery management system with e-vehicles and e-bikes to avoid
incidents and ensure optimum usage of battery storage capacity. Increasing cost
of fuel and government policies and regulations regarding carbon dioxide
emissions is accelerating the product demand. To ensure the proper functioning
and controlling of battery and monitor crucial functions such as battery
performance and maintenance scheduling, to check if the battery is overcharged
or undercharged, voltages and currents, temperature, among others. Increasing
demand for consumer and portable electronics and presence of customer engaging
applications is making the users to use the devices for long duration of time
and therefore require long hours of battery usage. Growing need for electricity
generation to cater to the growing needs of rising population is fueling the
global battery management system market.
However, the lack of skilled labors who can implement
and test the battery management system and the associated high cost may create
hindrance to the market growth.
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Global
battery management system market is segmented into battery type, topology,
type, component, application, region, and company. Based on battery type, market
is further divided into lithium-ion, lead-acid, nickel based and others. Nickel
based batteries followed closely by other battery segments is expected to
dominate the battery management system market for the forecast period. Nickel
metal batteries are secondary batteries having high energy density in which
environment friendly materials are used. Nickel batteries find diverse
applications in electric vehicles, portable devices, smart grids, and others. Flow
batteries can withstand extreme temperatures which make them suitable
for renewable energy resources. Solid-state batteries have higher shelf life,
non-flammable, are safe and release large amounts of energy. Based on topology,
market is fragmented into centralized, distributed, and modular. Modular
segment is expected to witness fastest growth for the next five years.
Manufacturers prefer modular segment over its counter-parts due to its high
computational power and it does not require complex wire harness, so it is
considered more secure. Modular topology finds diverse application in various
verticals comprising of industrial UPS, medical mobility vehicles, electric
vehicles, drones, and energy storage systems, among others which is the main
contributing factor for high market demand for the forecast period. Based on application,
market is segregated into automotive, UPS, telecommunications, renewable energy
systems, military, and others. The automotive industry is dominating the market
and is expected to maintain its dominance throughout the forecast period.
Rising demand for rechargeable battery in plug-in hybrid vehicles and hybrid
electric vehicles is fostering the market demand. Technological advancements in
electric vehicles to minimize the fuel costs and maximize vehicle efficiency is
contributing significantly to the battery management system market growth.
Linear Technology Corporation, Lithium Balance
A/S, Johnson Matthey PLC, Elithion, Inc., AVL List, Toshiba, Panasonic, Texas
Instruments, Inc., Valence Technology, Inc., Ventec SAS are the leading players
operating in global battery management system market. Manufacturers are
increasingly focusing on research and development process to fuel higher growth
in the market. To meet evolving customer demand with respect to better
efficiency and durability, several battery management system manufacturers are
coming up with their technologically advanced offerings.
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“Stringent
government policies around the world to reduce the carbon footprint and
promotion of electric vehicles to reduce the carbon emissions is driving the
battery management system market. Adoption of renewable energy and environment-friendly
resources by automotive manufacturers and telecom operators to take the
benefits of tax relaxations and subsidies is boosting the battery management
market across the globe. Integration of emerging technologies such as
artificial intelligence, machine learning, internet of thigs with battery
management systems is expected to propel the market growth until 2026” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global
Battery Management System Market By Battery Type (Lithium-Ion, Lead-Acid,
Nickel based, Others), By Topology (Centralized, Distributed, Modular), By Type
(Stationary Battery, Motive Battery), By Component (Hardware, Software), By
Application (Automotive, UPS, Telecommunications, Renewable Energy Systems,
Military and Others), By Company, By Region, Forecast & Opportunities, 2026”
has evaluated the future growth potential of global battery management system
market and provided statistics & information on market size, shares, structure
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the of global battery
management system market.
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