According to the new market research report "Battery Management System Market by Battery Type (Lithium Ion, Advanced Lead-acid), Topology (Centralized, Modular, Distributed), Type, Application (Automotive, UPS, Telecommunications, Renewable Energy Systems), and Geography - Global Forecast to 2024",the global battery management system market size is estimated to grow from USD 5.2 billion in 2019 to reach USD 12.6 billion by 2024, at a CAGR of 19.5%. The battery management system market is likely to exhibit lucrative growth potential during the forecast period. The growth of this market is expected to be driven by the growing trend of electric vehicles, increasing requirement of battery monitoring in renewable energy systems, and need for effective electric grid management. The market also has several opportunities that can be explored by existing and entry-level companies to expand businesses.
Request Report Sample@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=234498189
Market for other battery segment to grow at highest rate during forecast period
Based on battery type, the other battery segment is expected to grow at the highest rate during the forecast period. The high capacity and ability of flow batteries to withstand extreme temperatures make them suitable for applications such as renewable energy systems and UPS. Nickel-metal batteries have high energy density although they are secondary batteries in which environmentally friendly metals are used. These batteries find applications in electric vehicles, portable devices, smart grids, UPS, and others. Solid-state batteries are better than conventional batteries as they are non-flammable, have a long shelf life, are safe, and release high energy.
Europe to dominate battery management system market during forecast period
Europe dominated the battery management system market in 2018. Europe is home to a few major battery manufacturers such as Saft (France) and FIAMM (Italy). The automobile industry of Europe is an advanced industry with the leanest production processes where the use of water and energy is optimized. The demand for battery management systems is attributed to the presence of manufacturing facilities of major automotive manufacturers such as the BMW Group (Germany), Daimler (Germany), and Volkswagen (Germany).
Key Market Players
Leclanche (Switzerland), Lithium Balance (Denmark), Nuvation Engineering (US), Eberspaecher Vecture (Canada), Storage Battery Systems (US), and Johnson Matthey (UK), among others, are the major players operating in battery management system market.
Leclanche (Switzerland) is largely involved in offering energy storage solutions, mainly dealing with lithium-ion cell technology aiming for cleaner energy. The company offers specialty battery systems, stationary solutions, e-transport solutions and battery, and energy management systems. The company offers in-house battery management systems by partnering with a hardware company. The company is substantially involved in offering BMS technologies and suites of BMS software. The products offered by the company are either high voltage or low voltage battery management systems. These BMS are manufactured by the company as per the industry standards. All the BMS delivered by the company are either single board or master–slave architecture. These BMSs typically provide safety against conditions such as exceeding the voltage, current or temperature level, or short circuit issues that can affect the performance of battery as well as its life. The communication of these BMSs can occur through RS485 and CAN ports.
APAC to exhibit the largest market size during forecast period
The battery management system market in APAC is expected to grow at the highest rate during the forecast period. South Korea, China, and Japan are among the largest exporters of electric vehicles globally. Leading players contributing to the growth of the region are JAC Motors (China), BYD Co. Ltd. (China), BAIC Group (China), SAIC Motor Corporation Limited (China), Nissan Motor Company Ltd. (Japan), Mitsubishi Motors Corporation (Japan), and Toyota Motor Corp. (Japan), among others. In addition, recent infrastructure developments and industrialization activities in emerging countries have opened new avenues and opportunities for OEMs in the region, which increases the adoption for UPS to be used as a back-up energy source. These factors contribute to the high growth of the battery management system market in APAC.
Leclanche (Switzerland), Lithium Balance (Denmark), Nuvation Engineering (US), Eberspaecher Vecture (Canada), Storage Battery Systems (US), and Johnson Matthey (UK), among others, are the major players operating in the battery management system market.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
No comments:
Post a Comment