Battery Management System (BMS) Market To Expand At A Significant CAGR Due To The Growing Adoption Of Electric Vehicles (Evs) Till 2023 | Million Insights

October 07 08:06 2019
Battery Management System (BMS) Market To Expand At A Significant CAGR Due To The Growing Adoption Of Electric Vehicles (Evs) Till 2023 | Million Insights

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According to new report available with Million Insights, the factors that propel the growth of the market include increasing combination of battery management systems in consumer renewable and electronics energy systems among the other applications, increasing use of renewable energy storage systems

Global battery management system (BMS) market is anticipated to expand at a significant CAGR of 11.6% in the upcoming period as the scope, product types, and its applications are increasing across the globe. A battery management system is an electronic system that manages a rechargeable battery, such as by monitoring its state, by protecting the battery from operating outside its safe operating area, calculating secondary data, controlling its environment, authenticating it, and/or balancing it and reporting that data. 

The factors that propel the growth of the market include increasing combination of battery management systems in consumer renewable and electronics energy systems among the other applications, growing adoption of electric vehicles (EVs), increasing use of renewable energy storage systems, increasing integration of BMS in consumer electronics, and hybrid electric vehicles PHEVs, and (HEVs). On the other hand, a factor may hamper the growth of the market including the lack of standards for developing battery management systems. 

Full Research Report On Global Battery Management System (BMS) Market Analysis available at: https://www.millioninsights.com/industry-reports/battery-management-system-bms-market

The market could be explored by type, component, topology, application, and geography. Market could be explored by type as Flow batteries, Nickel based, Lithium-ion based, and Lead-acid based. The “Lithium-ion based” segment led the battery management system market in 2016 and will continue to lead in the forecast period. The key factors that may be attributed to the growth of the market includes lightweight, & low standby losses and high energy and power density.

The market could be explored by component as Hardware (Power Management IC, Battery Control Unit, CAN Bus, and Communication Channel), and Software. Based on topology, the market could span Modular, Centralized and Distributed. The “Modular” segment led the battery management system market in 2016 and will continue to lead in the forecast period. The key factor that could be attributed to the growth of the market includes rising demand for modular topology from various applications.

The key applications that could be explored in the market include Energy, Automotive, Defense, and Consumer electronics. The “Automotive” segment led the market in 2016 and will continue to lead in the forecast period. The key factors that may be attributed to the growth of market includes an increasing number of vehicles requiring rechargeable batteries including hybrid electric vehicles, EVs, and plug-in hybrid vehicles and increasing environmental concerns.

Asia-Pacific accounted for the major share of the battery management system (BMS) market in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include increasing acceptance of electric vehicles in these countries and demand for battery management from countries such as Japan and China. Asia-Pacific is followed by the North American region.

Some of the key players that fuel the growth of the battery management system (BMS) market comprise Novation, Vantec S.A.S., Tw’s, Ashwood’s Energy Limited, Vesture Inc., Lithium Balance, LARSEN & TOUBRO LIMITED, Toshiba America, Inc., AVL, Merlin Equipment Ltd., Navitas System, Johnson Matthey and LLC Corporate. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

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Market Segment:

Report contents include
• Analysis of the battery management system market including revenues, future growth, market outlook
• Historical data and forecast
• Regional analysis including growth estimates
• Analyzes the end user markets including growth estimates.
• Profiles on battery management system including products, sales/revenues, and market position
• Market structure, market drivers and restraints.

Key regions
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

Key vendors
• DENSO Corporation
• LG Electronics Inc.
• Calsonic KanseiCorporation
• Hitachi Automotive Systems, Ltd.
• Mitsubishi Electric Corporation
• request free sample to get a complete list of companies

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/energy-storage

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