The study undertaken by Astute Analytica predicts that the global
Battery Management System Market
is expected to grow at a CAGR of 20.2% over the forecast period by 2030.
Battery Management System manages and controls the state of health and state of charge of a multicell battery string.
The system is reliable for operation, safe performance, and battery life under different environmental and charge-discharge situations. The method comprises gathering data and transferring it to the elements that balance or manage its environment.
The significant market growth is due to different elements such as the growing need for e-vehicles, strict government regulations on CO2 emission driving the shift from fossil-based power to renewable form which boosts the battery use and growing deployment of battery management systems in automotive and telecom enabling end-user to observe and examine battery data.
The Battery Management System Market leverages the direction of cloud-connected systems. The cloud-connected battery management system provides online monitoring and research of battery data, calculates the actual state of health (SOH), and state of charge (SOC), and aids with necessary losses at an early stage.
Key Players Insights
Johnson Matthey PLC, Eberspaecher Vecture, Valence Technology, Inc., Linear Technology Corporation, Nuvation Engineering, Lithium Balance, Leclanche, and Storage Battery Systems among others are some significant players included in the research study of the global market. Companies are using different methods to withhold the prevalence of market share partnerships, product launches, joint ventures, and investments are some essential techniques concentrated on by players in the past few years. For instance, in July 2019, Robert Bosch GmbH, an engineering company declared a new service ‘battery in the cloud’ with a focus to increase the life of electric car batteries by 20%.
Regional Overview
Geographically, the global
battery management system market
has been divided into Europe, North America, the Middle East & Africa, Asia Pacific, and South America. As per the studies, Europe conquered the battery management system market in 2019 due to the existence of key battery manufacturers in the region like Saft (France) and FIAMM (Italy). Also, the need for battery management systems is due to the existence of significant automotive manufacturers like the BMW Group (Germany), Daimler (Germany), and Volkswagen (Germany).
Segmentation Overview
The global battery management system market is segmented based on battery, connectivity, type, and end-user. In addition, the battery segment is further sub-segmented into lithium-ion, Lead Acid, Nickel, Flow Business, and others. The connectivity segment is further sub-segmented into centralized, automotive, modular, and distributed. The type segment sub-segments include motive battery and stationary battery. The end-user sub-segment includes automotive, military, telecommunications, renewable energy systems, Uninterrupted Power Supply (UPS), and others.
ORIGINAL SOURCE:- Battery Management System Market
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