Press release
Battery Management System Market Size and Key Trends
๐๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ๐ฌ- https://www.transparencymarketresearch.com/battery-management-system-market.html
Renesas Electronics Corporation, Vishay Intertechnology, Inc., Schneider Electric SE, NXP Semiconductors, Analog Devices, Inc., and Infineon Technologies AG are some of the companies in the global battery management system market.
In 2018, the global battery management systems market was estimated at US$ 3.5 Bn, and it is expected to expand rapidly to reach US$ 16.6 Bn through 2027. The market is expected to grow at a rate of 18.5% CAGR during the forecast period, from 2019 to 2027. In the next few years, technological improvements in battery management systems will continue to support growth in this sector.
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High Demand for Electric Vehicles in China to Drive Growth of the Market in the Asia Pacific
In terms of region, the global battery management system market is classified into the principal regions of Latin America, Middle East and Africa, Asia Pacific, Europe, and North America. It is anticipated that regional classifications would provide a better knowledge of the market dynamics at play at the regional level.
It is expected that Asia-Pacific would have the rapid growth rate throughout the forecast period, from 2019 to 2027. Due to the rapid expansion of the electric vehicle market in China, the Asia-Pacific region is projected to see substantial growth. Because BMS are increasingly being integrated into consumer electronics for safety purposes, the need for BMS is expected to increase in tandem with the growing demand for consumer electronics. China is one of the leading markets for electric vehicles across the globe. The aforementioned reasons may be regarded as the primary driving forces for the global battery management systems market in the Asia Pacific region.
๐๐ฌ๐ค ๐ ๐จ๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง- https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=12116
Lithium-ion Batteries to Outperform its Counterparts and Gain Rapid Traction in the Market
Lithium-ion batteries, amongst the numerous different types of batteries that are there in the battery management systems, have a significant market share. Their sales are also expected to rise significantly and rapidly in comparison to their counterparts, such as nickel-based and lead-acid batteries. Because of its low weight and high charge density, lithium-ion batteries have demonstrated to be the battery of choice for manufacturers of electric vehicle. This is likely to continue to draw attention of the manufacturers to the category of lithium-ion battery.
The renewable energy sector is undertaking considerable research and development activities to address technological problems as the usage of lithium-ion batteries grows in multiple industries. The availability of battery packs in a variety of kinds and at affordable costs has removed one of the major obstacles to renewable energy technology: the need for battery storage to control changes in wind or solar radiation. As a result, stakeholders are likely to expand their research and development capabilities to broaden their offerings on renewable energy solutions. These factors are likely to work in favor of the global battery management system market over the forecast period, from 2019 to 2027.
In addition, the public transportation industry is witnessing massive change in technology. Hybrid as well as electric vehicles are becoming more popular as a result of increased air pollution from internal combustion engine automobiles and the non-renewability of oil-based fuels. Two pioneering electro-mobility businesses and Europe's top manufacturer of battery system, BMZ Germany, signed a 200 Mn euro deal to provide over 1,000 lithium-ion battery systems to Berlin-based bus builder Eurabus GmbH. Such developments are likely to trigger expansion of the global battery management system market in the years to come.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=12116
The information shared in this review is based on a TMR report, bearing the title, "Battery Management System Market (Battery - Lithium-ion-based, Lead-acid-based, Nickel-based, and Flow Batteries; Topology - Centralized, Distributed, and Modular; Application - Automotive, Consumer Electronics, Medical & Healthcare, Military & Defense, Renewable Energy Systems, and Telecommunications) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027"
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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๐๐จ๐ง๐ญ๐๐๐ญ ๐๐ฌ:
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Transparency Market Research Inc.
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