Battery Management System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 06/15/2016 -- Global Battery Management System Market: Overview
By virtue of their being an important component in vehicles, the demand for efficient battery management systems (BMS) is expected to mount due to the increasing demand for electric vehicles (EVs), plug-in hybrid vehicles (PHVs), and hybrid electric vehicles (HEVs). These vehicles generally include a series of battery packs, which require efficient monitoring. A battery management system is typically the brain behind the battery pack. Apart from monitoring battery operations, BMS also protect the cells in a battery pack.
The global battery management system market is diverse, witnessing demand from numerous segments and various applications. The increasing demand for electric vehicles, aerospace and defense equipment, and energy storage systems will play a key role in augmenting demand from the global BMS market. The design and function of BMS has evolved considerably from a mere monitoring device to an advanced and intelligent unit that determines the different modes of battery operation.
The report discusses the growth prospects of and factors positively influencing the global battery management system market. Hybrid or electric vehicles include a series of connected battery packs. These battery packs require extensive monitoring, making battery management systems extremely crucial in vehicles for ensuring reliable battery operation.
The report presents a comprehensive overview of the various factors contributing to the expansion of the global battery management system market. It also presents insights into challenges that the market could face over the forecast period. The impact of regulatory policies and prevailing economic trends on the overall market operations is also studied in the report in detail.
Global Battery Management System Market: Key Opportunities and Threats
BMS used for lithium-ion-based battery dominates the global BMS market since lithium-ion-based batteries are used for diverse industrial applications. This can be attributed to their high energy and power density, low standby losses, and light weight. Furthermore, due to the recent price reduction of lithium ion batteries and their increasing adoption in UPS, renewable energy systems, electric vehicles, and telecommunications, the demand for BMS is expected to surge in the forthcoming years.
During the forecast period, battery management systems used for modular topology are also expected to demonstrate a robust CAGR. An increasing number of manufacturers are preferring modular topology since it offers impressive computational power and is considered safe, not requiring extensive wiring harnesses. Modular topology is suitable for various applications such as in industrial UPS, energy storage systems, drones, medical mobility vehicles, and parts of electric vehicles.
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Despite witnessing growth at a positive rate, the lack of proper standards for the development of BMS for diverse applications hinders the global BMS market to an extent. This in turn makes it difficult to compare the performance between two battery management systems.
Global Battery Management System Market: Regional Outlook
Regionally, North America held the largest share of the global battery management system market in 2015. However, Asia Pacific is expected to exhibit the fastest growth during the forecast period. Increasing demand from countries such as Japan and China significantly boosts the battery management system market in Asia Pacific.
Global Battery Management System Market: Competitive Insight
In order to study the prevailing competition, the report also profiles some of the leading companies operating in the global battery management system market. These include Linear Technology Corporation, Texas Instruments Inc., Ventec SAS, and Nuvation Engineering. The report analyzes the strengths and weaknesses of these companies. It also presents insights into the threats and opportunities that these companies are expected to witness in the near future.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.