Market Analysis
Various factors are propelling the global battery management system (BMS) market. According to the recent MRFR report, such factors include the rising adoption of electric cars, focus on increasing efficiency of batteries, growing environmental concerns, plummeting fossil fuels, increasing use in lithium-ion batteries owing to safety concerns.
The battery management system (BMS) market is projected to grow at a healthy CAGR between 2017- 2025, states the recent Market Research Future (MRFR) analysis. A battery management system, simply put, is an electronic framework that deals with the inclusion of a rechargeable battery. Its key function is to execute defense as well as damage to cells to guarantee the battery’s long life. Flow batteries, nickel-based batteries, advanced lead-acid batteries, and lithium-ion based batteries are the different types of batteries and have wide applications in uninterrupted power supply, renewable energy systems, telecommunication, portable device, medical, military and defense, automotive, and others.
On the contrary, the high upfront price of electric cars, coupled with the impact of the on-going COVID-19 impact, may deter the global battery management system (BMS) market growth over the forecast period.
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Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global battery management system (BMS) market based on application, topology, component, and battery type.
- By battery type, the global battery management system (BMS) market is segmented into flow batteries, nickel-based batteries, advanced lead-acid batteries, and lithium-ion based batteries. Of these, the advanced lead-acid batteries will lead the market over the forecast period.
- By component, the global battery management system (BMS) market is segmented into software and hardware.
- By topology, the global battery management system (BMS) market is segmented into distributed, modular, and centralized. Of these, the modular segment will dominate the market over the forecast period.
- By application, the global battery management system (BMS) market is segmented into an uninterrupted power supply, renewable energy systems, telecommunication, portable device, medical, military and defense, automotive, and others. Of these, the automotive segment will command the largest share in the market over the forecast period.
Regional Analysis
By region, the Battery Management System Market Size covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), the Middle East and Africa (MEA). Of these, the APAC region will dominate the market over the forecast period. Increase in EV rental stores and kiosks, increasing investments in electric mobility services by giant players by offering electric scooters for traveling shorter distances, the introduction of new EV models, and rapid technological advances are adding to the global battery management system (BMS) market growth in the region. Besides, improved sales of electric cars in Japan and China due to extensive efforts by the government to cut down greenhouse gas emissions are also adding market growth.
The global battery management system (BMS) market in North America is predicted to have healthy growth over the forecast period, in Europe is predicted to have sound growth over the forecast period, and in the MEA is predicted to have steady growth over the forecast period.
Key Players
- Merlin Equipment (UK)
- Ewert Energy SystemsInc. (US)
- Analog Devices Inc. (US)
- AVL (Austria)
- Auto Motive PowerInc. (US)
- Lithium Werks (Netherlands)
- NXP Semiconductors (Netherlands)
- Deutz AG (Germany)
- St@rtec Developpement (France)
- Nuvation (US)
- Microchip TechnologyInc. (US)
- MidtronicsInc. (US)
- Lithium Balance (Denmark)
- East Penn Manufacturing Company (US)
- Eberspächer (Germany)
- Mastervolt (Netherlands)
- Edition (US)
- Ricardo (UK)
- Johnson Matthey (UK)
- Panasonic Corporation (Japan)
- Robert Bosch GmbH (Germany)
- Texas Instruments Incorporated (US)
- Toshiba Corporation (Japan).
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