According to MarkNtel Advisors’ research report “Global Battery Management System Market Analysis, 2020”, the global battery management system market is anticipated to rise at a CAGR of around 18.5% during 2020-25 owing to the shifting trend from fuel-based automobile to electric vehicles. The fuel-based carbon emissions released by diesel and petrol public and personal transports have become a significant topic of concern in the polluting world.
Moreover, the emerging technologies in the IT sector and its integration in the battery management system has created a valuable addition to the product. Cloud-based battery monitoring is one such technology that has enabled the use of a battery to monitor the state of charge and state of health of their device battery through an online integrated app. The increasing popularity of such enhanced technologies has been persuading the market growth of the battery management system across the globe.
Based on the type application area of the battery management system, the consumer durables such as mobile phones, laptops, tablets, UPS, computers accounted for the majority share as revealed by MarkNtel Advisors, research report on “Global Battery Management System Market Analysis, 2020”. The lithium-ion batteries are used in the movable consumer electronics.
During 2020-25, the automotive sector is projected to attain the highest CAGR, owing to increasing environmental concerns, supportive government regulations for the manufacturing of electronic automobiles and in-house production of batteries used in electric vehicles. Rising installations of renewable power plants and offshore wind farms across different emerging and developed nations are likely to increase the market share from the renewable sector.
High Product Cost, Hindering to the market growth
The cost-inefficiency of the product has been hindering the market growth of the battery management system across the globe. In an electric vehicle, battery forms a significant share of the overall price of the product. Implementation of BMS along with the battery in the final product results in the incremental cost of the final product.
According to MarkNtel Advisors, the leading market players in the global battery management system market includes, Elithion Inc., Linear Technologies, Johnson Matthey, Ventec SAS, Venture Inc., NXP Semiconductor, Nuvation Engineering, etc. the competition in the global battery management system has been diversifying, due to the availability of wide range of product variant available in the market at the competing prices. The renewable energy power generation has been proving extensive product expansion opportunities to the rivals.
The competitors are making huge capital investments in R&D activities to intensify their product offerings in the renewable sector. For instance, Hella launched a Dual Voltage battery management system and Power Pack 48 Volt mild hybrid vehicles in 2019. The new offerings from Hella would enable the savings of 5 to 6 grams of CO2 per kilometer.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global Battery Management System Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of Global Battery Management System Market during 2020-25?
A. The growth rate of Global Battery Management System Market during 2020-25 is forecast to be around 18.5%.
Q. Which region would grab the highest market share during 2020-25?
A. It is forecast that Asia-Pacific will dominate the market with majority market share, with market size registering considerably higher CAGR.
Q. Who are the key competitors or players operating in Global Battery Management System Market?
A. Ebara Corporation, LEO Group, Weir Group, Grundfos Holding, Pentair, Sulzer, Hydra Tech, Ampco Pumps are few of the leading players in the Global Battery Management System Market.
Q. Does the report scope cover Global Battery Management System type wise market statistics also?
A. Yes, the scope of the report encompass detailed Global Battery Management System type wise statistics such as market size, market segmentation based on various subcategories.
Q. Which battery type would emerge as an opportunity area for players in Global Battery Management System ?
A. The Lithium-Ion battery type will continue to grow at a highest CAGR, presenting immense opportunities for manufacturers and suppliers of Global Axial Flow Pumps.
