Extensive Use of Lithium-ion-based Batteries for Consumer Electronics and EVs Propels Battery Monitoring IC Market

- The global battery monitoring IC market was valued at US$ 1.6 Bn in 2021
- It is estimated to rise at a CAGR of 11.3% from 2022 to 2031
- The global battery monitoring IC market is expected to reach US$ 4.8 Bn by the end of 2031

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Global Battery Monitoring IC Market Introduction
Battery management systems are available in either master or single board architecture and are used for overcharge/ deep discharge, over/under voltage, over current, over/under temperature, pre-charge, and short circuit protection. They have been integrated with specific algorithms such as SOC, SOH, cell/ module balancing, and real-time control over charge/ discharge current.

Rise in demand for battery management system for utility grid support, commercial and industrial facilities, residential energy storage, and specialty vehicle applications has fueled the battery monitoring IC market. Battery monitoring application-specific integrated circuits (ASICs) measure and transmit information about voltage, temperature and current flow to a battery control unit in order to maintain battery packs in that safe operating range.

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Increased Adoption of EV Battery Monitoring System to Boost Battery Monitoring IC Market
Adoption of electric vehicles is rising significantly owing to an increase in awareness about the benefits of electric vehicles. R&D initiatives are also estimated to improve the performance of electric vehicles in the next decade.

From EV segment, the IEA reported that global sales doubled in 2021, accounting for roughly 9% of the car market. In the first quarter of 2022, EV sales registered 2 million, a 75% increase as compared to the first three months of 2021.
Several factors affect the functioning of the electric vehicle, which include cell voltage, battery life and health, safety, and charging-discharging rates. Rechargeable batteries in electric vehicles are connected to all these parameters in one way or another through automotive battery management system ICs. Therefore, it is necessary to integrate the best battery monitoring system and adjust several battery characteristics in order to obtain an efficient output from these batteries. These factors are expected to boost the electric vehicles market and propel the adoption of Li-ion battery protection ICs.

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Extensive Use of Lithium-ion-based Batteries for Consumer Electronics and EVs Propels Market

Range of batteries are available according different chemical composition. Battery accounts for almost 30% of the electric vehicle cost. Every region is trying to meet the de-carbonization target. For instance, in the European Union, total annual battery capacity would need to scale from the current 60 gigawatt hours (GWh) to 900 GWh to meet the European Union's 2030 de- carbonization targets. Thus, along with battery capacity, the need for battery monitoring ICs also tends increase the market value.

Lithium-ion is the most widely used technology for portable gadgets such as cell phones and laptop computers. This battery technology has recently gained popularity among electric car makers, owing to cost reductions in lithium-ion battery manufacturing and substantial incentives for sustainable transportation. The lithium-nickel-manganese-cobalt-oxide battery is the most often used type of lithium-ion battery.

Lithium-ion batteries are also projected to be widely adopted in the consumer electronics industry and automotive owing to cost reduction in lithium-ion batteries manufacturing and high incentives towards clean transportation. There is a standstill in the lithium-ion battery industry when it comes to environmental sustainability. Lithium-ion batteries are becoming increasingly necessary for EVs and hence, major disposal issues and their negative environmental effects have hampered the lithium-ion battery market and caused automakers to reevaluate their use.

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Regional Outlook of Global Battery Monitoring IC Market

Asia Pacific to dominate the global battery monitoring IC market and held major share in 2021. The market is expanding owing to the numerous industry participants operating in the region and significant amount of research and development activities being carried out on power battery management systems. Moreover, rising use of electric vehicles (EVs) and encouraging government initiatives are projected to further drive the market in the region.

Europe and North America are also major markets of battery monitoring ICs. Presence of major automotive manufacturers in the Europe and rapidly expanding consumer electronics industry in Asia Pacific drives the market in the respective regions.

Middle East & Africa is a larger market for battery monitoring IC, as compared to the market in South America, and the market in Middle East & Africa projected to expand at a moderate growth rate during the forecast period.

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Analysis of Key Players in Global Battery Monitoring IC Market

The global battery monitoring IC market is highly fragmented with a large number of large-scale and small-scale vendors offering different portfolio. A majority of end-use industries of battery monitoring IC are emphasizing on comprehensive research and development owing to the future business opportunities in battery monitoring IC, primarily to focus on high-end products. Expansion of product portfolios and mergers and acquisitions are major strategies adopted by key players. Prominent battery monitoring IC manufacturers include Analog Devices, Texas Instruments Incorporated, NXP Semiconductors, Renesas Electronics Corporation, Monolithic Power Systems, Inc., Microchip Technology Inc. STMicroelectronics, Diodes Incorporated, ROHM Co., Ltd., and Infineon Technologies AG.

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