Global Battery Management System Market Insights, Trends & Future Development Status Recorded during 2018-2027|| Market players are Eberspaecher Vecture Inc, Toshiba Corporation, L&T Technology Services, AVL List GmbH, Lithium Balance A/S
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Further, application landscape of battery management system is expanding, thereby encouraging OEMs to broaden their product offerings of medium to high voltage battery management systems, particularly for electric vehicles as well as renewable energy and load balancing applications.
The Battery Management System Market Report covers study of the market for the historical period 2013-2017 and forecast period 2018-2027. Along with the study of battery management system market, the report also includes analysis of associated industry developments.
Battery Management Systems to Become the Cornerstone of Electric Vehicles
The highly embraced lithium ion battery in electric vehicles carries its own challenge of instability in case of over or under charged circumstances. As the electric vehicle momentum is picking up, auto manufacturers are vying to develop electric car technology that delivers assurance to customers. Disruptive innovations in battery technology and battery management system have bridged the initial energy gap due to which EVs failed to flourish in the beginning.
Huge investments are underway to develop battery management system with smart microcontrollers that precisely monitors vital battery parameters. While efforts are underway to increase battery capacity to meet performance demand, a need for an efficient battery monitoring device has increased investments in battery management systems in the EV landscape.
Fleet Owners Leverage Battery Management Systems to Enhance Operational Efficiency
The material handling equipment landscape has adopted multiple advanced technologies to address frequent downtimes of equipment. While predictive maintenance is being integrated in fleet management to mitigate the impacts of downtime, fleet owners are incorporating battery management systems in a bid to minimize fleet running cost and enhance operational efficiency.
As poor battery maintenance results in shorter battery life and run times, warehouse and fleet owners are embracing installations of battery management systems that deliver effective battery management, reduced downtime and significant savings that were spent on changing the malfunctioned batteries. Additional advantages of battery management system installation includes saving of warehouse space that was previously devoted to battery charging and safe charging regimes.
Well aware of these benefits, fleet owners and retailers that own warehouses are actively adopting battery management systems to optimize battery performance and increase overall operational efficiency.
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Growing Reliance on UPS to Boost Battery Management System Application
Power consumption is rising at an exponential rate against the backdrop of urbanization, digitalization and increasing reliance of businesses on IT infrastructure. To ensure a continuous power supply, demand for an uninterrupted power source or UPS has witnessed a meteoric rise in the past decade. Further, an uninformed power cut can cause a significant monetary loss to a business, in turn underlining importance of UPS that allows shift to a standby power supply or gives time for proper shut down of critical equipment.
Lithium ion batteries have replaced traditional batteries to a greater extent in UPS and are meeting the demand for high power capacity in the electronic battery operated devices. With the rising adoption of UPS and battery-operated devices, sales of batter management services are set to rise in the coming years.
Battery Management System Market - Competitive Landscape
The competitive landscape section of the battery management system market report delivers vital information regarding future and present competition scenario. A dashboard view of all the key players in the battery management system market can be found in the section. Further, important information such as product offerings, business development, relative market size and global market footprints of all the key players in the battery management system market can be found in the competitive landscape section.
Few of the key players profiled in the battery management system market include Eberspaecher Vecture Inc., Toshiba Corporation, Larsen & Turbo Technology Services, AVL List GmbH, Lithium Balance A/S, Johnson Matthey Plc., Texas Instrument Inc., NXP Semiconductors NV, Nuvation Engineering, and Merlin Equipment Ltd.
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