New York, NY 9 Jan
2020 : According to a new study published by Polaris Market Research
the worldwide battery management system (BMS) market is anticipated to reach
USD 14,422 million by 2026. In 2017, the lead-acid batteries dominated the
global market, in terms of revenue. North America is expected to be the leading
contributor to the global market revenue during the forecast period.
The rising demand of BMS from the
automotive sector primarily drives the growth of this market. These systems are
increasingly being adopted across various industries such as aerospace and
defense, healthcare, and electronics among others. The increasing adoption of
BMS in data centers, and renewable energy systems further supports the growth
of this market.
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The demand for electric vehicles
has increased significantly over the years owing to increasing prices of
gasoline prices across the globe, which leads to increased adoption of battery
management systems. The exponential growth in the prices of gasoline and diesel
owing to the depleting fossil fuel reserves has encouraged consumers to switch
to battery based electric vehicles. Limited availability of public electric
vehicle charging infrastructure for electric vehicles had restricted the
adoption of these vehicles to a certain extent in the past. However, with
significant government initiatives and substantial investments, the development
of public charging infrastructure has accelerated significantly. Technological
advancements in components such as lithium-ion batteries, which are majorly
used in electric vehicles, along with decreasing prices of the same is expected
to further increase the demand of battery based electric vehicles in the
market.
North America generated the
highest revenue in the market in 2017, and is expected to lead the global
market throughout the forecast period. The increasing demand for alternative
fuel vehicles, especially the electric-vehicles is expected to drive the growth
of battery management systems in this region. The growing use of BMS in
renewable energy storage systems also accelerates the adoption. Asia-Pacific is
expected to grow at the highest CAGR during the forecast period owing to
increasing demand for BMS from countries such as China, Japan, and India. The
presence of large number of automotive manufacturers and portable device
suppliers also augments the growth of this market in the region.
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The different types of topologies
included in the report include centralized, distributed, and modular. In 2017,
centralized topology accounted for the highest market share. However, during
the forecast period distributed and modular topologies are expected to
represent strong growth.
Modular topology offer high
computational power, and enhanced safety.
Modular topology is also increasingly being used for various applications
such as drones, electric vehicles, and energy storage systems among others.
The various end-users of battery
management systems include medical, automotive, telecommunication, consumer
electronics, military, and others. In 2017, consumer electronics accounted for
the largest share in the global market, and are estimated to grow at a
substantial rate during the forecast period. The automotive segment is expected
to grow at the highest CAGR during the forecast period owing to increasing
applications, stringent government regulations regarding vehicular emissions,
increasing acceptance of electric vehicles.
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The well-known companies profiled
in the report include Texas Instruments Inc., Johnson Matthey PLC., Linear
Technology Corporation, vecture Inc., Elithion Inc., NXP Semiconductors,
Intersil Corporation, Nuvation Engineering, Ventec SAS, Generex Systems, and
Lithium Balance A/S among others. These companies launch new products and
collaborate with other market leaders to innovate and launch new products to
meet the increasing needs and requirements of consumers.
About Polaris Market Research
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global market research and consulting company. The company specializes in
providing exceptional market intelligence and in-depth business research
services for our clientele spread across different enterprises.
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