The battery management system market was valued at USD 1.98 billion in 2015 and is expected to reach USD 7.25 billion by 2022, at a CAGR of 20.5% during the forecast period. The base year used for this study is 2015 and the forecast period is between 2016 and 2022.
The battery management system for lithium-ion–based battery leads the battery management system market since lithium-ion–based battery is popular in various application industries owing to its high energy and power density, light weight, and low standby losses. The high energy density lithium-ion battery requires battery management systems for its efficient operation and management in these applications. Moreover, the current price reduction of the li-ion battery and its growing adoption in applications such as electric vehicle, UPS, telecommunication, renewable energy system, and other applications is expected to drive the market in the near future.
The battery management system market for modular topology is expected to grow at a high CAGR during the forecast period. Most of the manufactures prefer modular topology as it offers a good computational power and is also safe as it does not require extensive wire harnesses. The modular topology is also suitable for a range of applications such as in energy storage systems, industrial UPS, medical mobility vehicle, parts of electric vehicles, and drones among others. The increasing demand for modular topology from these applications is expected to drive the market at the highest rate during the forecast period.
North America held the largest share of the battery management system market in 2015, while the market in Asia-Pacific is expected to grow at a high rate during the forecast period and lead the BMS market by 2022. The high growth of the Asia-Pacific region is attributed to the presence of a number of leading portable devices manufacturers and the demand for battery management from countries such as China and Japan owing to the increasing adoption of electric vehicles in these countries.
One of the key restraining factors for companies operating in this industry is the lack of standards for developing battery management systems as most of the products available in the market vary in terms of technical specifications, functions, and applications. This makes difficult to compare the performance of two battery management systems, which creates a demand for concrete standards to be developed.
In the battery management system market, Johnson Matthey Plc. (U.K.) is a major player which holds a leading position in sustainable technologies as well as specialty chemical technology. The company has a strong presence in the battery management system market and offers battery management system with modular architecture, using its own battery management electronics. The company’s BMS is designed for application in electric vehicles as well as hybrid electric vehicles.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441