Pune, India, March 08, 2023 (GLOBE NEWSWIRE) -- The development in power generation industries will contribute significant growth to the battery management system market, says Fortune Business Insights in a report, Titled “Battery Management System Market Size, Share And Global Trend By Type (Centralized, Distributed, Modular), By Battery Type (Lithium-Ion Battery, Lead-Acid Battery, Nickel Battery, Flow Battery, Others), By Application (Automotive, Energy Storage, Consumer Electronics, Renewables, Telecom, Healthcare, Military & Defence, Others) And Geography Forecast Till 2030.” The increasing production and demand for hybrid vehicles will enable the growth of the market.
According to the report, the centralized battery management segment is expected to witness high growth during the forecast period owing to its economical price and least expandable as compared to other battery management systems. Furthermore, lithium-ion batteries will account for maximum share in the market owing to its increasing application in various end-use industries. In addition, surge in the renewable, telecom, and power generation industries will aid the expansion of the battery management system market size.
The report provides a meticulous study of the battery management system market trends. It further shes lights on some of the recent innovations and developments made by companies. It discusses every aspect in detail and provides factual data for the same.
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Growth Factor:
Increasing Sales of Hybrid Vehicles Will Back Growth
The growing application of battery management systems in calculating peak power, maximum DoD, and average power among others. This factor will impetus growth and fuel demand for batter management systems. The collaborative agreement between Vertical Partners West LLC and Teledyne Energy Systems Inc will create lucrative growth opportunities for the market. The aim of the former company is to expand its product portfolio. The companies are involved in the supply and servicing of the batteries, battery management system, drones, and fuel cells among others. Moreover, the acquisition of Lithium Werk B.V is predicted to accelerate the growth of the market. For instance, Lithium Werk B.V acquired Valence Technology Inc. to expand its footprint and strengthen the product portfolio. The company focusses on increasing the battery management system and valence module sales by expanding the product portfolio.
However, the battery management systems need battery monitoring systems for generating additional required information related to different parameters which add in the cost of the battery management systems. This factor is expected to restrict the growth of the market during the forecast period.
COVID-19 Impact:
The outbreak of COVID-19 has affected various industries, which affected the sales. The global lockdown and stringent restrictions imposed by governments created a long halt on the production operations of several companies. This affected the major key players' sales and revenue generation rate. To maintain social distancing norms imposed by governments, various companies have reduced the operating workforce that affected their production and supply chain.
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Report Coverage:
The report on the Battery Management System market provides interesting insights into the market. The report emphasizes mainly on current trends and upcoming opportunities that will bode well for both overall market revenue as well as for the vendors. Besides that, the report throws light on major growth trajectories such as strategic collaborations, merger and acquisition, contracts, investments in research and development, and others. Such information will be helpful for market vendors to accordingly invest in the market and earn high Battery Management System market shares during the forecast period.
Regional Analysis:
Increasing Energy Demand Will Boost Growth in North America
In order to curb the changing climatic conditions, the U.S is planning to add new renewable capacities in the coming future. For instance, Texas, Lowa, and Illinois are planning to add wind power capacities of more than 6 GW in the year 2019 as reported by the U.S Energy Information Administration. The market in North America is expected to grow at a decent pace in the near future owing to increasing energy demand in the region. Europe has witnessed significant growth in the sales of electric vehicles in the recent past and the automotive industry is booming. As electric vehicles run on batteries, therefore this factor will boost the battery management market revenue in the region. Latin America is expected to witness significant growth owing to the increasing focus on adding new renewable capacities to meet the energy demands in the region. The surge in renewable solar capacities in South Africa and GCC countries will aid the market growth in the Middle East and Africa. The market in Asia Pacific is expected to grow rapidly owing to the increasing electric vehicle fleet along with the rising concern for CO2 emissions. The surge in the telecom industry and automotive industry will further contribute to the growth in Aisa Pacific.
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Key Industry Developments:
In July 2019: Vertical Partners West LLC announced a collaborative agreement with Teledyne Energy Systems Inc for expansion of the product portfolios. The companies are involved in the supply and servicing of the batteries, battery management system, drones, and fuel cells among others
List of Players Operating in the Battery Management System Market are as follows:
- Toshiba Electronic Devices and Storage Corporation
- FICOSA
- Schneider Electric
- Lithium Werks
- Johnson Matthey
- Analog Devices
- Nuvation Energy
- Texas Instruments Incorporated
- Renesas Electronics
- Orion BMS
- NXP Semiconductors
- Accurate Ampere
- PowerTech Systems
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Battery Management System Market Segmentation:
By Type:
- Centralized
- Distributed
- Modular
By Battery Type:
- Lithium-ion Battery
- Lead-Acid Battery
- Nickel Battery
- Flow Battery
- Others
By Application:
- Automotive
- Energy Storage
- Consumer Electronics
- Renewables
- Telecom
- Healthcare
- Military & Defence
- Others
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