According to MarkNtel Advisors’ research report, the Global Battery Management System Market is expected to grow at a CAGR of 21.1% during 2021-26. The market attributes to the increasing need for battery management systems in renewable energy storage systems to improve the storage & reliability of batteries while considerably reducing maintenance costs.
Moreover, growing environmental concerns like the rapid depletion of fossil fuels & rising pollution levels are compelling the governments of different countries to promote the use of Electric Vehicles (EVs). Since the preference of the EV industry is toward lithium-ion batteries, which require its charging monitoring, the demand for battery management systems is likely to observe a significant boost in the coming years.
Demand for Battery Management Systems for Lithium-ion Batteries to Increase at the Fastest Pace During 2021-26
The significant adoption of Lithium-Ion batteries is mainly due to their high energy density & low operational costs. However, these batteries reduce their overall life cycle due to complete discharging & overcharging. Hence, the need for battery management systems is increasing rapidly to monitor their charging & avoid possible damages.
Asia-Pacific to Lead the Global Battery Management System Market Through 2026
The growing investments in power & utility sectors, the rising adoption of electronics, and the rising R&D activities by governments of China & India toward renewable power generation are the prime aspects expected to boost the Asia-Pacific Market during 2021-26. Moreover, the expanding transmission lines to deliver electricity following the requirements like maintaining system reliability and adding new power generation shall also drive the market in Asia-Pacific.
In the regional market, China is set to witness the fastest growth in the coming years due to the increasing demand for consumer electronics in the country. On the other front, India shall emerge as a vast EV market in the forecast period, which, in turn, would boost the demand for battery management systems in the country and fuel the overall market growth.
Thus, Asia-Pacific is anticipated to fuel the integration of battery management systems and offer various growth opportunities to the market players in the forecast period, reveals MarkNtel Advisors in their research report, "Global Battery Management System Market Analysis, 2021."
Key Market Competitors
According to MarkNtel Advisors, the leading players in the Global Battery Management System Market are Elithion Inc., Linear Technologies, Johnson Matthey, Ventec SAS, Venture Inc., NXP Semiconductor, Nuvation Engineering, etc.
Key Questions Answered in the Study