A new study by Report Ocean Market Research predicts that the global battery management system (BMS) market is on track to achieve a market value of USD 14,422 million by 2026. In 2017, lead-acid batteries dominated the global market in terms of revenue, and North America is expected to be the leading contributor to the global market revenue during the forecast period.
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Key Growth Drivers:
The growth of this market is primarily driven by the increasing demand for BMS in the automotive sector. These systems are being increasingly adopted across various industries, including aerospace and defense, healthcare, and electronics. The rising adoption of BMS in data centers and renewable energy systems further supports market growth.
The demand for electric vehicles (EVs) has surged significantly in response to the rising global gasoline prices, which have led to increased adoption of battery management systems. The exponential increase in gasoline and diesel prices, driven by depleting fossil fuel reserves, has encouraged consumers to switch to battery-based EVs. While the limited availability of public EV charging infrastructure had previously restricted the adoption of EVs, significant government initiatives and investments have accelerated the development of public charging infrastructure. Technological advancements in components, such as lithium-ion batteries, which are primarily used in EVs, along with decreasing battery prices, are expected to further boost the demand for battery-based electric vehicles.
North America generated the highest revenue in the market in 2017 and is expected to lead the global market throughout the forecast period. The increasing demand for alternative fuel vehicles, especially electric vehicles, is expected to drive the growth of battery management systems in this region. The growing use of BMS in renewable energy storage systems also accelerates adoption. Asia-Pacific is projected to experience the highest compound annual growth rate (CAGR) during the forecast period due to the increasing demand for BMS in countries like China, Japan, and India. The presence of numerous automotive manufacturers and portable device suppliers also contributes to the market’s growth in the region.
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The report covers various BMS topologies, including centralized, distributed, and modular. In 2017, the centralized topology held the highest market share. However, during the forecast period, distributed and modular topologies are expected to demonstrate strong growth. Modular topology offers high computational power and enhanced safety and is increasingly used in applications such as drones, electric vehicles, and energy storage systems.
The report categorizes end-users of battery management systems into medical, automotive, telecommunication, consumer electronics, military, and others. In 2017, consumer electronics accounted for the largest market share and is expected to grow at a substantial rate during the forecast period. The automotive segment is projected to experience the highest CAGR due to increasing applications and stringent government regulations regarding vehicular emissions, coupled with the growing acceptance of electric vehicles.
Well-known companies profiled in the report include Texas Instruments Inc., Johnson Matthey PLC., Linear Technology Corporation, Vecture Inc., Elithion Inc., NXP Semiconductors, Intersil Corporation, Nuvation Engineering, Ventec SAS, Generex Systems, and Lithium Balance A/S, among others. These companies consistently launch new products and collaborate with other market leaders to innovate and meet the evolving needs and requirements of consumers.
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