The global battery management systems market was valued at around USD 2,260.3 million in the year 2016 and it is expected to reach approximately USD 10,509.9 million by 2024. The global battery management systems market is expected to exhibit a CAGR of more than 21.2% between 2017 and 2024.
Sarasota, FL -- (SBWIRE) -- 06/29/2018 -- The chief factors that will trigger the growth of the battery management systems market are the increasing use of battery operated devices such as an electronic vehicle, e-bike, portable devices etc. Moreover, rising demand for UPS system owing to accelerating the shift toward the Internet of Things (IoT), digitization, and cloud computing accelerating the demand for uninterruptible power supply (UPS) systems across different applications globally.
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Several types of batteries are being used for various applications. Lithium-ion–based batteries, advanced lead-acid batteries, flow batteries, and nickel-based batteries are the major type of rechargeable batteries used in battery management system. Among the batteries type, Lithium-Ion–Based Batteries accounted major share in global battery management systems market and expected to register high CAGR over the forecast period. Lithium-ion–based battery is accepted in different applications owing to its lightweight, high energy and power density, and low standby losses, and this is expected to propel the growth of segment in the coming years.
The embedded software in the battery management system is the core of smart intelligence of Battery Management System. The software helps to control all the function of tools used in the system. Thus, the software segment is expected to register high growth over the forecast period by component type in battery management system market globally.
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Modular topology provides secure power with high efficiency and availability. The modular topology is expected growth at high CAGR over the forecast period owing to rising demand for modular topology in industrial UPS, Electric Vehicles (EV), drones, and energy storage system.
As there are several applications where battery management systems are being used the demand for the battery management systems market is increasing exponentially. Among them, the major demand for the market is from the portable device sector. The portable devices consume larger power and require longer run times. The battery management system helps to ensure optimum use of the energy stored in the battery and to prevent damage inflicted on the battery.
The market is growing at a rapid rate in the developed regions. North America dominates the battery management systems market. The increasing demand for energy storage through renewable energy storage systems in the region is expected to propel the growth of battery management system market over the forecast period.
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The major market players in the battery management systems market are Ashwoods Electric Motors, Atmel Corporation, Elithion, Inc. AVL, Eberspächer, Ewert Energy Systems, Inc., Johnson Matthey, Linear Technology, Lithium Balance, Larsen & Toubro Limited, Midtronics, Mastervolt, Merlin, Nuvation Engineering, NXP Semiconductors, Navitas System, LLC Corporate, Panasonic Corporation, Texas Instruments Incorporated., TOSHIBA CORPORATION, Valence Technology, Inc., and VENTEC among others.
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