WASHINGTON, April 28, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Battery Management System Market finds that the increasing adoption of electric vehicles is expediting market growth. Primarily driven by rising adoption of rechargeable batteries, the total Global Battery Management System Market is estimated to reach USD 17,118.80 Million by the year 2028.
The Global Market valued at a revenue of USD 6,182.50 Million in the year 2021, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 18.50%.
Furthermore, the increase in demand for renewable energy is also anticipated to augment the growth of the Global Battery Management System Market, states Vantage Market Research, in a report, titled “Battery Management System Market Size, Share & Trends Analysis Report by Battery Type (Lithium Ion, Advanced Lead-Acid, Others), by Type (Motive Battery, Stationary Battery), by Topology (Centralized, Modular, Distributed), by Application (Automotive, Military, Telecommunications, Renewable Energy Systems), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Increasing Adoption of Electric Vehicles to Fuel Global Battery Management System Market
The increasing adoption of electric vehicles is expected to fuel the growth of the Battery Management System Market during the forecast period. Electric vehicles have been developed in response to growing environmental concerns and the reduction of fossil fuels. Every lithium-ion battery pack, especially those used in electric vehicles, must have a battery management system (BMS). As a result of the safety problems associated with lithium-ion batteries, BMS has a wide range of applications in electric cars. This element is anticipated to provide the market with a plethora of options in near future. To minimize greenhouse gas (GHG) emissions, governments around the world have enacted strict restrictions and policies, such as the Kyoto Protocol. Furthermore, as people become more aware of the negative impacts of gasoline and diesel-fueled automobiles on the environment, the automotive industry has responded with more innovations in electric and hybrid vehicles. Furthermore, rising customer demand for more fuel-efficient automobiles has resulted in consistent technological breakthroughs in electric and hybrid electric vehicles, which is also expected to support the growth of the market in near future.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Battery Management System market is predicted to grow at a CAGR of roughly 18.50% during the forecast period.
- The Battery Management System market was estimated to be worth roughly USD 6,182.50 Million in 2021 and is expected to reach USD 17,118.80 Million by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Battery Management System market.
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The Global Battery Management System Market is segmented as follows:
- Battery Type
- Lithium Ion
- Advanced Lead-Acid
- Others
- Type
- Motive Battery
- Stationary Battery
- Topology
- Centralized
- Modular
- Distributed
- Application
- Automotive
- Military
- Telecommunications
- Renewable Energy Systems
- UPS (Uninterrupted Power Supply)
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Rising Adoption of Rechargeable Batteries to Augment Market Growth
The increasing adoption of rechargeable batteries across various industrial sectors is anticipated to augment the growth of the Battery Management System Market within the estimated period. To minimise carbon dioxide emissions, governments in both developed and developing countries have enacted strict restrictions and policies. End-use businesses are moving from old fossil fuels to batteries and renewable energy sources to comply with these rules. Rechargeable batteries are widely used in industries such as automobile, telecommunications, and consumer electronics. Electronic devices such as garden tools, power tools, portable battery packs, and portable medical instruments have seen increased popularity in growing regions such as Asia during the last few years. In order to effectively control several functions critical to the safe and proper operation of batteries, the battery management system monitors voltage and current, temperature, battery performance, and maintenance scheduling to determine whether the battery is overcharged or undercharged. This is further expected to fuel the demand for battery management systems in near future.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the energy and power industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Battery Management System Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Europe to Dominate the Global Battery Management System Market
Europe has dominated the Global Battery Management System Market in 2021 and is likely to continue the same trend during the forecast period. China dominated Asia Pacific in 2021. This is attributable to the rising sales of electric vehicles in economies like China, India and Japan due to the increasing concerns for CO2 emissions in the region. Furthermore, the increasing demand for consumer electronics is also anticipated to fuel the growth of the market in the region. Additionally, increasing requirement for battery monitoring in renewable energy systems is also expected to support regional growth of the market in the years to come.
List of Prominent Players in the Battery Management System Market:
- Leclanche (Switzerland)
- Lithium Balance (Denmark)
- Nuvation Engineering (US)
- Eberspaecher Vecture (Canada)
- Storage Battery Systems (US)
- Johnson Matthey (UK)
Browse market data Tables and Figures spread through 167 Pages and in-depth TOC on "Battery Management System Market Size, Share & Trends Analysis Report by Battery Type (Lithium Ion, Advanced Lead-Acid, Others), by Type (Motive Battery, Stationary Battery), by Topology (Centralized, Modular, Distributed), by Application (Automotive, Military, Telecommunications, Renewable Energy Systems), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/battery-management-system-market-646727
Recent Developments:
December, 2020: Inverted energy announced the launch of new battery management system named OJAS BMS. The new offering includes a reliable battery management solution, accurate cut-offs with very low error tolerances and high-quality metal–oxide–semiconductor field effect transistors.
September, 2020: Analog Devices, Inc. announced the industry’s first wireless battery management system, which enables automotive manufacturers increased flexibility to scale their electric vehicle fleets into volume production across a wide range of vehicle classes.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Battery Management System Market?
- How will the Battery Management System Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Battery Management System Market?
- What is the Battery Management System market drivers and restrictions?
- What will be the CAGR and size of the Battery Management System Market throughout the forecast period?
This market titled “Battery Management System Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Battery Type ° Lithium Ion ° Advanced Lead-Acid ° Others • Type ° Motive Battery ° Stationary Battery • Topology ° Centralized ° Modular ° Distributed • Application ° Automotive ° Military ° Telecommunications ° Renewable Energy Systems ° UPS (Uninterrupted Power Supply) ° Others • Region ° North America ° Europe ° Asia Pacific ° Latin America ° Middle East and Africa |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • Leclanche (Switzerland) • Lithium Balance (Denmark) • Nuvation Engineering (US) • Eberspaecher Vecture (Canada) • Storage Battery Systems (US) • Johnson Matthey (UK) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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