Global battery management system (BMS) market is presumed to reach over US $14,422 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
According to the report, the burgeoning demand for battery management system from the automotive sector is the primary factor driving the worldwide BMS market growth. These systems are being adopted extensively by various industries including defense, healthcare, aerospace, and electronics among others. The surging BMS adoption in data centers, as well as renewable energy systems, is further supplementing the market growth.
The demand for electric vehicles has escalated drastically over the recent years. Exponential rise in the prices of gasoline and diesel, on account of depletion of fossil fuel reserves, has motivated consumers to switch to battery-powered electric vehicles, thereby propelling the battery management systems market size over the forecast period. The adoption of electric vehicles had been restricted in the past due to limited availability of public EV charging infrastructure. However, several government initiatives & huge investments have bolstered the development of the EV charging infrastructure.
Speaking of the battery type, the global battery management system market is fragmented into lead-acid, lithium-ion, nickel-based, flow batteries, and others. The lead-acid batteries segment dominated the market worldwide during 2017, in terms of revenue. As per the latest report, technological enhancements in lithium-ion batteries, along with their declining prices, would propel the demand for battery-based electric vehicles in the ensuing years.
Based on the topology spectrum, the global market is segmented into centralized, distributed, and modular topologies. As reported, the centralized topology segment had held the highest market share during 2017. Distributed and Modular topologies also show signs of growth throughout the forecast timeframe. Modular topology provides high computational safety, along with enhanced safety, and is widely deployed in electric vehicles, drones, and energy storage systems.
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The global battery management systems market caters to numerous end-use industries including automotive, medical, telecommunication, military, and consumer electronics among others. Reportedly, the consumer electronics segment held the biggest market fragment in the global BMS market in the year 2017 and is expected to grow at a vigorous rate over the predicted timeline. Furthermore, the automotive segment is likely to expand at the highest CAGR over 2017-2026, by virtue of growing applications, surging acceptance of electronic vehicles, and strict government norms regarding vehicular emissions.
In terms of the geographical landscape, the market is bifurcated into North America, Asia Pacific, Middle East & Africa, Europe, and Latin America. The North America market was the leading contributor to the overall market revenue in the year 2017 and is projected to lead the global market over the estimated period. Growth in this region is boosted by the escalating demand for the alternative fuel vehicles, specifically, the electric vehicles. Additionally, the Asia Pacific market is predicted to grow at the highest CAGR over the forecast period, given the burgeoning demand for BMS in countries like India, Japan and China. The presence of a multitude of automotive manufacturers and portable device suppliers boosts market growth in APAC.
Renowned companies competing in the global BMS market include Johnson Matthey Plc, Texas Instruments Inc., Linear Technology Corporation, Intersil Corporation, Vecture Inc., NXP Semiconductors, Elithion Inc., Nuvation Engineering, Ventec SAS, Lithium Balance A/S, and Generex Systems. These companies are introducing new products and collaborating with other market leaders to meet the growing needs of consumers.
The report encompasses a detailed analysis of the worldwide BMS market in view of market dynamics, drivers, and present & future market trends. The report further enumerates multiple market restraints and opportunities that influence the scope of commercialization of the overall industry over the estimated timeframe.