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% during the forecast period. The
base year used for this study is 2015 and the forecast period is
between 2016 and 2022.
Market Dynamics
Drivers
- Application of battery management systems in electric vehicles
- Growing need for battery management in renewable energy systems
- Integration of battery management systems in smartphones
Restraints
- Lack of proper standards for development of battery management systems
Opportunities
- Growing trend of battery-driven public transport
- Huge demand from datacenters
Challenges
- Ensuring high level of accuracy in real-time applications
Application of battery management systems in electric vehicles to drive global demand by 2022
Recently, there has been an increase in the number of
vehicles that require charging such as electric vehicles (EVs), hybrid
electric vehicles (HEVs), and plug-in hybrid vehicles (PHVs). These
vehicles consist of series-connected battery packs which require
extensive monitoring. Therefore, management and control of the battery
is the biggest challenge faced by the manufacturers of these vehicles as
it can influence the performance of the vehicles. Hence, battery
management systems are a crucial component of these vehicles. Battery
management system is typically employed to supervise the temperature,
voltage, state of charge (SoC), and state of health (SoH) of the
battery; to prevent damages; and identify defects and errors. Its main
purpose is to guarantee safe and reliable battery operations.
Moreover, the trend of electric vehicles (EVs) is
rapidly increasing globally and is expected to witness major growth in
the near future. Europe is the one of the largest consumers of electric
vehicles. The supportive polices in leading countries such as the U.S.,
China, and Japan accelerate the adoption of electric vehicles. Moreover,
the adoption of electric vehicles helps the U.S. reduce its dependence
on imported oil and also reduces greenhouse gas emission for the
transportation sector. Thus, the growing use of battery management
systems in EVs acts as a driver for this market.
North America held the largest market share in 2015
North America is expected to hold the largest market
share and dominate the battery management system market owing to the
high demand for battery-powered electric vehicles, e-bikes, and
automated guided vehicles in the U.S. In addition to this, the
increasing number of projects in North America related to energy storage
through renewable energy storage systems is also expected to drive the
market. Asia-Pacific offers potential growth opportunities owing to the
increasing adoption of various applications that are driving the battery
management system market.
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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