Market Snapshot:
Battery Management system refers to an electronic device used to control and monitor the charging and discharging of rechargeable batteries. It helps to increases life of the battery by optimizing battery health and provides real-time updates on the battery. This ensures the safety and reliable operation of batteries, especially in advanced application. Battery management system also helps in detecting faults in individual cells present in a battery pack consisting of multiple cells.The research analyst at AMA estimates Battery Management Systems market to grow at a compounded annual growth rate of 19.62%
Segment Analysis
AMA Research have segmented the market of Global Battery Management Systems market by Type, Application and Region. On the basis of Type, Lithium-Ion Based-Batteries are dominating the market in the year 2020
On the basis of geography, the market of Battery Management Systems has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020.
Market Trend
Growing Trend of Battery-Driven Public Transport
Market Drivers
Application of Battery Management System in Electric Vehicles and Rising Need for Battery Management in the Renewable Energy System
Opportunities
Rising Battery Driven Public Transport and Increasing Demand from Data Centers
Restraints
- Lack of Standardization for development of battery management system
In addition to the aforementioned factor, Application of Battery Management System in Electric Vehicles
is expected to propel the growth of the market over the forecast period.
The key Players profiled in the study are Johnson Matthey PLC. (United Kingdom), Lithium Balance A/S (Denmark), Nuvation Engineering (United States), Valence Technology, Inc. (United States), Elithion Inc. (United States), Vecture Inc. (Canada), Ventec SAS (France), Larsen & Toubro Limited (India), Toshibha Corporation (Japan), Merlin Equipment Ltd. (United Kingdom), Mitsubishi Electric (Japan) and Tesla Motors (United States). A lot of United States players are profiled in the research study indicating a strong market dependence.