Battery Management System Market Study (Research)

The battery management system market was valued at USD 1.98 Billion in 2015 and is expected to reach USD 7.25 Billion by 2022, at a CAGR of 20.5% between 2016 and 2022. The growth of this market is propelled by the rapidly growing need for battery management system given the increasing number of vehicles that require charging such as electric vehicles (EVs), hybrid electric vehicles (HEVs), and plug-in hybrid vehicles (PHV). These vehicles consist of series-connected battery packs which require extensive monitoring. Hence, battery management systems act as a crucial component in these vehicles for supervising and guaranteeing reliable and safe battery operations.

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The battery management system market for modular topology is expected to grow at a high CAGR during the forecast period. Most of the manufactures prefer modular topology as it offers a good computational power and is also safe as it does not require extensive wire harnesses. The modular topology is also suitable for a range of applications such as in energy storage systems, industrial UPS, medical mobility vehicle, parts of electric vehicles, and drones among others. The increasing demand for modular topology from these applications is expected to drive the market at the highest rate during the forecast period.

Major players in this market include Johnson Matthey Plc. (U.K.), Lithium Balance A/S (Denmark), Nuvation Engineering (U.S.), Valence Technology, Inc. (U.S.), Intersil Corporation (U.S.), Linear Technology Corp (U.S.), NXP Semiconductors N.V. (Netherlands), Texas Instruments Inc. (U.S.), Elithion, Inc. (U.S.), Vecture Inc. (Canada), and Ventec SAS (France).

This research report categorizes the global battery management system market on the basis of battery types, components, topologies, applications, and geography. This report describes the drivers, restraints, opportunities, and challenges for the growth of the battery management system market. The Porter’s five forces analysis has also been included in the report with a description of each of its forces and its respective impact on the position sensor market.

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