Rockville, MD -- (SBWIRE) -- 08/14/2019 -- The purpose of this comprehensive forecast report presented by Fact.MR is to elaborate the various market projections impacting the global battery management system market during the period through 2018-2027. This assessment delivers high-end statistics concerning market size, growth in trends and revenue share (US& Mn) linked to different geographies and segmentation types. Readers can acquire precise insights about market growth trends along with upcoming opportunities that are expected to reshape the overall structure of the battery management system market during the forecast period.
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End-user preference for reliable battery management services explains dominant share of Tier 1 players who are original equipment manufacturers. Battery management systems used in healthcare devices such as heart monitor; defense radio and mobile unmanned devices are required to provide services that are critical in nature. Manufacturer of these devices prefer services of a certified providers who deliver proven and reliable battery management systems. Further, application landscape of battery management system is expanding, thereby encouraging OEMs to broaden their product offerings of medium to high voltage battery management systems, particularly for electric vehicles as well as renewable energy and load balancing applications.
The highly embraced lithium ion battery in electric vehicles carries its own challenge of instability in case of over or under charged circumstances. As the electric vehicle momentum is picking up, auto manufacturers are vying to develop electric car technology that delivers assurance to customers. Disruptive innovations in battery technology and battery management system have bridged the initial energy gap due to which EVs failed to flourish in the beginning. Huge investments are underway to develop battery management system with smart microcontrollers that precisely monitors vital battery parameters. While efforts are underway to increase battery capacity to meet performance demand, a need for an efficient battery monitoring device has increased investments in battery management systems in the EV landscape.
Fleet Owners Leverage Battery Management Systems to Enhance Operational Efficiency
The material handling equipment landscape has adopted multiple advanced technologies to address frequent downtimes of equipment. While predictive maintenance is being integrated in fleet management to mitigate the impacts of downtime, fleet owners are incorporating battery management systems in a bid to minimize fleet running cost and enhance operational efficiency.
As poor battery maintenance results in shorter battery life and run times, warehouse and fleet owners are embracing installations of battery management systems that deliver effective battery management, reduced downtime and significant savings that were spent on changing the malfunctioned batteries. Additional advantages of battery management system installation includes saving of warehouse space that was previously devoted to battery charging and safe charging regimes.
Well aware of these benefits, fleet owners and retailers that own warehouses are actively adopting battery management systems to optimize battery performance and increase overall operational efficiency. Power consumption is rising at an exponential rate against the backdrop of urbanization, digitalization and increasing reliance of businesses on IT infrastructure. To ensure a continuous power supply, demand for an uninterrupted power source or UPS has witnessed a meteoric rise in the past decade. Further, an uninformed power cut can cause a significant monetary loss to a business, in turn underlining importance of UPS that allows shift to a standby power supply or gives time for proper shut down of critical equipment.
Lithium ion batteries have replaced traditional batteries to a greater extent in UPS and are meeting the demand for high power capacity in the electronic battery operated devices. With the rising adoption of UPS and battery-operated devices, sales of batter management services are set to rise in the coming years. The battery industry has witnessed development of high voltage batteries on the back of emergence of electric vehicles. In addition, increasing numbers of electric components in automobiles have generated the need for higher voltage batteries. While automotive industry is exploring lithium ion batteries for high power demand, circuit protection remains highly critical as its failure can lead to thermal incidence or contact with car's metal framework resulting in an accident.
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Battery Management System Market - Research Methodology
The battery management system market report also provides an elaborated information of the robust research methodology used to study the battery management system market. The research methodology is discussed systematically to cover minute details of the battery management system market analysis. The research methodology section of the battery management system market report also includes information of the primary and secondary research carried out to derive industry data. Primary research includes interviews with industry savants and industry-specific analysts. Secondary research includes study of already published data of the industry, press releases and other sources of industry validated information.
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