Worldwide Battery Management System Markets to 2024 - Increasing Adoption of Battery-operated Vehicles in Public Transport Spurs Demand - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 18, 2019--
The “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” report has been added to ResearchAndMarkets.com’s offering.
The battery management system market was valued at USD 4.5 billion in 2018 and is projected to reach USD 12.6 billion by 2024; it is expected to grow at a CAGR of 19.5% from 2019 to 2024.
The report profiles the key players in the battery management system market and analyzes their market rankings. A few prominent players profiled in this report include Leclanche (Switzerland), Lithium Balance (Denmark), Nuvation Engineering (US), Eberspaecher Vecture (Canada), Storage Battery Systems (US), and Johnson Matthey (UK).
Growing trend of electric vehicles propelling the growth of battery management system market
In the current automotive market, there has been an increase in the number of electric vehicles (EVs), hybrid electric vehicles (HEVs), and plug-in hybrid vehicles (PHVs) that require recharging. This is mainly due to increasing fuel prices. The battery-operated vehicles consist of series-connected battery packs that require extensive monitoring for the effective running of a vehicle. Therefore, management and control of the battery is the biggest challenge faced by the manufacturers of these vehicles as it can mainly influence the performance of the vehicles. Thus, battery management systems are among the vital components of these vehicles.
Battery management system market to be driven by lithium-ion battery during the forecast period
The lithium-ion battery segment is expected to hold a significant share of the battery management system market during the forecast period. Lithium-ion batteries are widely used in various industrial applications, such as automotive, medical devices, and UPS owing to their high energy and power density, lightweight, and low standby losses. Lithium-ion batteries with high energy density require battery management systems to ensure their efficient operation in electric vehicles, portable devices, renewable energy systems, and so on. Moreover, the reduced cost of lithium-ion batteries and the high adoption of these batteries in applications such as electric vehicles, UPS, and renewable energy systems are expected to drive the market growth in the coming years.
Stationary battery segment to grow at significant CAGR during the forecast period
Battery management systems have a significant market for stationary applications such as energy storage, UPS, telecommunications, military, and medical devices. Stationary batteries act as a source of standby power or emergency power, depending on the nature of the critical loads. The battery management system constantly captures and securely transfers battery performance data as a failure in backup power sources may result in major productive loss.
Battery management system market in APAC to witness the highest growth rate in the coming years
The battery management system market in APAC is expected to grow at the highest CAGR from 2019 to 2024. APAC witnesses a huge demand for battery management systems from automotive applications for electric vehicles, e-bikes, and automated guided vehicles. Lithium-ion batteries with high energy density are used in these applications in which dozens of cells are stacked in a series. These cells need to be managed and controlled to avoid battery failure in vehicles, thus making the battery management system a key element in the electric vehicle architecture. A battery management system determines the usage, state of safety, and performance of the battery. It also prolongs the battery life and extends the possible range of the vehicle.
For more information about this report visit https://www.researchandmarkets.com/r/5pe3k0
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SOURCE: Research and Markets
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PUB: 11/18/2019 03:23 PM/DISC: 11/18/2019 03:23 PM