A battery management system is technically an electronic device or system which controls a rechargeable battery (cell or battery pack), such as measuring secondary data, tracking its condition, preventing the battery from operating beyond its safe operating area, managing, reporting that data, authenticating and/or regulating its environment. Growing use of renewable energy for a wide range of applications is considered to play an important role in overall market growth due to increasing concerns about climate change across the globe.Declining battery and solar photovoltaic cells prices and attractive policy incentives also encourage end-users to use renewable energy, which, in turn, will fuel market growth.Factors such as improving battery longevity, temperature management, and data recording propel the battery management system market to grow.
Major players analyzed areRobert Bosch GmbH, Continental AG, Toshiba Corporation, Intel Corporation, NXP Semiconductors NV, Analog Devices, Inc., Renesas Electronics Corporation, Johnson Matthey, Inc., LG Chem, Ltd., Midtronics, Inc.
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- Global battery management market has been significantly impacted by the COVID-19 outbreak. New projects throughout the world have stalled, which, in turn, have led to decline in demand for analog semiconductors.
- Global factories have struggled to integrate new battery management market as workers have stayed in their homes, which disrupted the global supply chains.
- The impact of COVID-19 on this market is temporary as just the production and supply chain is stalled. Once the situation improves, production, supply chains, and demand for battery management market are gradually going to increase.
- This COVID-19 lockdown would help companies think about more advanced battery management market to enhance efficiency.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Growth is attributed to increase in worldwide adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs) due to strict policiessuch as Kyoto Protocolintroduced to curb emissions of greenhouse gas (GHG). EVs use lithium-ion technology that has higher energy densities, less mass, and longer battery life than conventional ones.
The global battery managementindustrytrends are as follows:
Increase in demand for electric bikes and EVs to increase the market growth
Increase in awareness for the hazardous environmental impact of petrol and diesel-fueled vehicles has resulted in innovations in the automotive industry in the form of hybrid and electrical vehicles. Increase in consumer demand has led to consistent technological advancements in electric and hybrid electric vehicles to maximize vehicle fuel efficiency and minimize fuel costing. The demand to maximize the use of battery driven power in electric vehicles and to sidestep hazards triggered by battery overheating, electric vehicle OEMs have begun to implement battery management systems in automobile. Stringent regulations and policies for reducing carbon dioxide emissions have been enforced by governments of both developed and developing nations. End-use industries such as telecoms and automotive have made a switch from traditional fossil fuels to batteries and renewable energy sources to maintain compliance with these regulations. This fuel the growth of the market for battery management systems.
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Growth in adoption of rechargeable batteries across multiple end-use industries to propel the market growth
Industries such as automotive, telecom, and consumer electronics utilize rechargeable batteries widely. Rechargeable batteries are also widely used in industrial products such as vacuum pumps and power tools, and a dramatic rise in such products is increasing revenue growth on the market for battery management systems. Moreover, electronic devices such as garden tools, power tools, portable battery packs, and portable medical tools have been increasingly being adopted across countries in emerging markets such as Asia in the last few years. That is anticipated to push battery management system demand.
The global battery management systems market is highly competitive due to the involvement of many manufacturers across the various regional markets. Battery management systems suppliers participate in long-term deals with automotive OEMs to improve their presence in the global market.
Key benefits of the report:
- This study presents the analytical depiction of the global battery management industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the globalbattery managementmarket share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global battery managementsystemmarket growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed globalbattery managementindustry analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in theflatbed scannermarket research report:
- Which are the leading market players active in the battery managementmarket?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the battery managementmarket?
- What are the projections for the future that would help in taking further strategic steps?
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