BANGALORE, India, Sept. 25, 2020
BANGALORE, India, Sept. 25, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Battery Management System Market by Type (Lithium-Ion–Based Batteries, Lead-Acid Batteries, Flow Batteries, Nickel-Based Batteries, Other) by Application (Automotive, Military, Medical, Telecommunication, Others) and Region – Global Forecast to 2026", published on Valuates Reports.
The global Battery Management System market size is projected to reach USD 7613.8 Million by 2026, from USD 3829.9 Million in 2020, at a CAGR of 12.1% during 2021-2026.
Major factors driving the Battery Management System Market size are the increasing electric vehicles, rising need for battery monitoring in renewable energy systems, and the need for successful management of power grids.
This report focuses on Battery Management System volume and value at the global, regional, and company levels. This report represents the overall Battery Management System market size by analyzing historical data and prospects from a global perspective.
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TRENDS INFLUENCING THE BATTERY MANAGEMENT SYSTEM (BMS) MARKET SIZE
Some of BMS's other primary functions include protecting the battery from damage, protecting cells from tolerance conditions, and monitoring each cell's charge and discharge state. These advantages are, in turn, increasing the growth of the Battery Management System Market size.
By introducing power flow calculation, electricity grids are being modernized as these implement control over power generation and distribution and tracking information on electricity consumption. In addition, grid-based electricity transmission and distribution involves transformers, substations, and power lines that transport electricity from the point of generation. BMS helps to preserve the equilibrium between the supply of surplus energy and demand. This aspect is expected to drive the Battery Management System Market size during the forecast period.
However, in many emerging economies, the lack of skilled labor capable of implementing or testing battery management systems might hinder the growth of battery management systems market size.
BATTERY MANAGEMENT SYSTEM (BMS) MARKET SHARE ANALYSIS
During the forecast period, the battery management system market's modular topology segment is anticipated to expand at the highest pace. Most manufacturers choose modular topology because it provides considerable computational power and is also secure because extensive wire harnesses are not required.
North America is expected to hold the Battery Management System Market share during the forecast period based on the region. This dominance of North America is due to the growing penetration of EVs coupled with supportive government initiatives. The U.S. American Recovery and Reinvestment Act provides funding for the production of HEVs by private and government agencies, which is also expected to have a beneficial effect on business growth in the immediate future.
The automotive segment is expected to witness the highest growth during the forecast period based on the application. This rapid growth is attributed to the number of vehicles needing rechargeable batteries, including EVs, hybrid electric vehicles ( HEVs), and plug-in hybrid vehicles (PHEVs). Battery Management system plays a major role in tracking and maintaining efficient and safe battery operations in electric vehicles.
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BATTERY MANAGEMENT SYSTEM (BMS) MARKET SEGMENTATION
Key market players
Major competitors identified in this market include
Based on the Region:
Based on the Type:
Based on the Application:
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SIMILAR REPORTS :
In 2019, the global Automotive Battery Thermal Management System market size was USD 477.8 Million, and it is expected to reach USD 2647.7 Million by the end of 2026, with a CAGR of 27.4% during 2021-2026.
Europe region is the largest supplier of Automotive Battery Thermal Management System, with a production market share nearly 56% in 2017. North America is the second-largest supplier of the Automotive Battery Thermal Management System, enjoying a production market share nearly 21% in 2017.
The global Electric Vehicle Battery Management System market size is projected to reach USD 10760 Million by 2026, from USD 5735.6 Million in 2020, at a CAGR of 11.1% during 2021-2026.
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