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Battery management systems market Globally to reach US$ 12.69B in 2025

The Market Size of the Global Battery Management System market is estimated to be USD 3.46 Billion in 2018 growing at a CAGR of 20.5% and is expected to reach a market size of USD 12.69 Billion in 2025.

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Definition / Scope

Battery Management System is any electronic system that manages a rechargeable battery (such as cell or battery pack) by protecting the battery from operating outside its safe operating area, monitoring its state, calculating secondary data, controlling its environment, authenticating it or balancing it.

A battery pack built together with a battery management system with an external communication data bus is a smart battery pack. A smart battery pack must be charged by a smart battery charger.

Battery Management Systems are the brains behind battery packs. A battery management system (BMS) is an electronic controller that controls and monitors the charging and discharging of rechargeable batteries. They also provide notification of battery pack, and critical safeguards to protect the batteries from damage.

Battery Management Systems (BMS) are critical to ensure the safe and critical operation of batteries, especially in advanced applications. The BMS market mirrors the growth of the battery market and it is expected to grow steadily throughout the forecast period due to the increasing adoption of Electric Vehicles (xEVs), rising popularity of battery energy storage (BES) solutions, and extensive use of advanced battery technology in other applications.

BMS for automotive application is a high-growth application. Additionally the increasing focus on stationary BES for renewable integration and grid stabilization, along with the utilization in telecommunication backup applications, will sustain the growth of the market.

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Market Overview

  • The market size of the Global Battery Management System market is estimated to be USD 3.46 Billion in 2018
  • The Global Battery Management Systems market is expected to grow at a healthy CAGR of 20.5% in the forecast period (2018-2025)
  • The expected market size of the Global Battery Management Systems is set to reach USD 12.69 Billion in 2025
  • The market size of the Global Electical Vehicle BMS market is estimated to be USD 834.92 Million in 2018
  • The Global Electical Vehicle BMS market is expected to grow at a CAGR of 22.1 %
  • The expected market size of the Global Electical Vehicle BMS market is USD 3.38 Billion in 2025
  • The growing penetration of UPS solution in businesses to counter data loss is expected to spur the demand for BMS
  • Lithium-ion batteries are used in applications requiring high-energy density solutions
  • The lithium-ion based battery type is anticipated to witness a significant growth with a CAGR of over 22% over the projected period

Centralized topology is anticipated to dominate the market in terms of revenue over the forecast period, owing to the increasing applications such as industrial UPS, Electric Vehicles (EV), drones, and energy storage system

The stringent regulations toward carbon emissions in the developed countries such as kyoto Protocol and the growing penetration of EVs in the emerging economies are expected to spur the automotive application demand

The Asia Pacific region is anticipated to portray high growth rate over the forecast period (2018 to 2025) posting a healthy CAGR of 29.1%

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Key Metrics

Metrics Value Explanation
Base Year 2018 Researched through internet


Market Risks

  • Presence of a large number of players in the global battery management system market: The presence of a large number of players in the global battery management system market has intensified competition, leading to price wars (especially in cost-sensitive markets such as India) and subsequently reduced profit margins. This is inhibiting revenue growth of the global market for battery management systems.
  • Compatibility Issues: The complex battery structure sometimes creates compatibility issues with battery management systems. Battery management systems that are technologically deficient cannot be seamlessly integrated with a complex battery structure. This factor is expected to impede revenue growth of the global market.

Top Market Opportunities

Growing trend of battery-driven public transport

The emerging trends of battery-driven public transport are likely to act as a significant application for the battery management system (BMS) in the future. Many countries in Europe such as the U.K., Austria, Germany, Italy, and others are rapidly adopting trams and battery-driven buses to reduce emissions and ensure a greencity. Battery management systems are used in trams and battery-driven buses to prevent over-charging and discharging of the battery, which is the main cause of inefficient battery life. It also manages the battery effectively and continuously supervises the state of charge of the vehicles.

Huge demand from datacenters

The increasing need of cloud storage has resulted in a large volume of data centers around the world, which in turn, consume a huge amount of energy. It is estimated that every year around 3 percent of the generated electricity is consumed by such facilities. In order to reduce the power usage efficiency (PUE) ratio and increase efficiency, data center designers deploy advanced power management solutions such as intelligent rack PDU, smart UPS, and battery monitoring equipment. PUE refers to the ratio of the amount of energy used to run a data center to the energy used to run a server in it.

This ratio explains the efficiency of data centers. The rising cost of energy and increasing awareness to save electricity has resulted in designers opting for intelligent power management solutions. Intelligent power strips, PUE monitoring devices, and battery monitoring devices are some of the newest technologies used to optimize energy consumption in data centers and reduce the PUE ratio.

Rising demand for UPS System

The UPS systems are used as an essential power backup device. The accelerating shift toward the Internet of Things (IoT), digitization, and Hardware computing is increasing the adoption of uninterruptible power supply (UPS) systems across different applications globally. The UPS systems use computers to smoothen their workflows. E-Commerce, servers, data centers, and medical & electronic equipment need a high level of uninterrupted power supply and thus generating significant demand for a high power range of UPS systems in globally.

Market Drivers

Application of battery management systems in electric vehicles

A growing awareness of the harmful effects of petrol and diesel-fuelled vehicles on the environment has led to innovations in the automotive industry in the form of electric and hybrid vehicles. A growing consumer demand to maximize vehicle efficiency and minimize fuel costs has led to consistent technological advancements in electric and hybrid electric vehicles.

The need to optimize utilization of battery storage capacity in electric vehicles and to prevent dangers caused by overheating of the battery, electric vehicle OEMs have started integrating battery management systems in vehicles. There is an increasing demand for electric vehicles across regions such as North America, Europe, and Japan. Increasing costs of fuel coupled with stringent governmental regulations pertaining to carbon dioxide emissions such as Kyoto Protocol are pushing adoption of electric vehicles, hybrid electric vehicles, and plug-in hybrid vehicles in developed regions.

This is expected to bode well for the battery management system market. There is also a surge in demand for e-bikes and e-scooters in countries such as Germany, Japan, France, U.S, and Italy. Vendors and OEMs in these countries are investing heavily in research and development initiatives to augment the technology underpinning e-bikes and e-scooters. This is further boosting revenues in the global battery management system market.

Growing Adoption of Rechargeable Batteries Across Multiple End-Use Industries

Industries such as automotive, telecom, and consumer electronics use rechargeable batteries extensively. Rechargeable batteries also find wide application in industrial products such as vacuum pumps and power tools, and a rapid increase in these products is boosting revenue growth of the battery management system market. Further, the last few years have witnessed increasing adoption of electronic gadgets such as garden tools, power tools, portable battery packs, and portable medical tools across countries in emerging markets such as Asia. This is expected to drive demand for battery management systems.

Growing need for battery management in renewable energy systems

The growing trend of renewable energy generation was driven by the increasing concerns of climate change across the globe. Additionally, the decreasing prices of solar photovoltaic cells, favorable government incentives, and the declining costs of batteries are likely to increase the renewable energy generation.However, the energy generated via the wind and solar sources is affected by weather, location, and time. Batteries used at wind turbines and in solar panels smooth the variabilities and store energy for future use. The prevailing safety issues, the resistance from utilities, and regulatory barriers have restricted the integration of these batteries into mainstream power systems.

Integration of battery management systems in smartphones

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 including Smartphones 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 Smartphones.

Moreover, the current price reduction of the li-ion battery and its growing adoption in applications such as Smartphones is expected to drive the market in the near future.The cellphone makers such as Samsung Electronics Co., Ltd., Motorola Mobility LLC and LG Electronics are vying to offer best in class battery for their high-range smartphones. These phones consume battery rapidly due to presence of new highly demanding features including 4G functionality. Thus, the companies are incorporating battery management system (BMS) to monitor and control the batteries used in these devices.

Market Restraints

Possibility of fire accidents of electric vehicles

Several plug-in electric vehicle fire incidents have taken place since the introduction of mass-production plug-in electric vehicles in 2010. Most of them have been thermal runaway incidents related to the lithium-ion batteries. Lithium-ion batteries may suffer thermal runaway and cell rupture if overheated or overcharged, and in extreme cases this can lead to combustion.

When handled improperly, or if manufactured defectively, some rechargeable batteries can experience thermal runaway resulting in overheating. Sealed cells will sometimes explode violently if safety vents are overwhelmed or nonfunctional.The lithium-ion battery which is a major battery used for running the electric vehicles is a major culprit of thermal runaway incidents in electric vehicles.

Prevailing Safety Issues

Lithium-ion batteries in a closed system have emerged as the technology solution for electric vehicles. The advantages include power density and charging cycle life; however, to operate safely, lithium-ion batteries require attention in monitoring and protection. Reliable battery operation is only possible with a state of charge maintained between ~20% to ~90% of the maximum.

High discharging and overcharging reduce the efficiency and lifespan of lithium-ion batteries. Excessive current flow causes shorts and dendritic lithium plating, which destroys the cell. Under-voltage may cause shorts or breakdown in electrode materials. Excessive temperature can trigger a chain reaction of events, from shorts to outgassing of flammable gases from organic solvents.

Resistance from utilities

Electricity grids are undergoing modernization with the implementation of power flow measurement and controlling power production & distribution and are gathering information on electricity use. Storage is a major barrier to the adoption of renewable energy. Several battery technologies including lead-acid, lithium-ion, and sodium sulphate have been developed and tested for applications such as grid investment deferral and arbitrage. But still Performance issues persist which incurs resistance from utilities.

Lack of standards for developing battery management systems

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.

Industry Challenges

Lack of technical capabilities

The Battery Management System is a highly skill-driven technology segment that requires high accuracy and skilled professionals. The lack of domestic technical capabilities to develop and produce energy vehicle battery types is one of the most important obstacles in emerging regions.

Ensuring high level of accuracy in real-time applications

The Battery Management System that powers electric, hybrid, and plug-in hybrid vehicles must operate in a difficult environment, withstanding potentially long periods of inactivity. Inside these packs are hundreds or even thousands of individual battery cells that must be precisely managed. In addition, the voltages between cells must be carefully monitored and balanced.

The main task of the battery management system contains real-time battery state estimation,Hence the Battery Management System must be highly accurate in real-time applications such as battery thermal management, cell equalization, on-board fault diagnosis and other control and management functions. But a minimal dis-ambiguation in the accuracy of the Battery Management System can cause serious productivity issues.

Technology Trends

Wireless Battery Management System

The WBMS adopts wireless communication technologies based on a proprietary Wireless Battery Area Network (WiBaAN) protocol. The WBMS consists of a multitude of energy-autonomous micro-sensors mounted on each battery cell, and a master module that collects and processes the data from the micro-sensors. The WiBaAN protocol defines the syntax, semantics and synchronization of the messages between the sensors and the master module. The WBMS will enable a battery pack that is simple, light, reliable, and most importantly, inexpensive.

The new wireless architecture can completely eliminate the sensing wire-harness and connectors. The WBMS is designed in such a way that a single master module can communicate with up to a few thousands of sensors. Its star topology makes it possible to eliminate the intermediate slave modules between the master module and the sensors. No isolators are needed due to the wireless nature of the communication. Reduced number of components and connections means less failure points, especially in a harshly vibratory environment.

Predictive Battery Management System

  • Technology
    • Battery life prognostics based on electrochemical dynamics, capable of fast and accurate estimation of battery health and residual life.
    • Predictive Powertrain Controls with Intelligent Electric Power Management System, capable of vehicle duty cycle prediction and real-time co-optimization of fuel economy and battery life
  • Advantage and Differentiation
    • Combines model-based battery prognostics with vehicle duty cycle prediction
    • Integrates powertrain control with battery management
    • Enables dynamic battery utilization to achieve required system performance from a significantly downsized battery pack with minimum impact on:
    • Lower cost and higher ROI for HEVs
    • Accurate residual battery life estimation for improved estimation of secondary market

Other Key Market Trends

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.

Market Size and Forecast

North America

North America is expected to hold the largest market share and dominate the battery management system market owing to the high demand for battery-powered electric vehicles, e-bikes, and automated guided vehicles in the U.S. In addition to this, the increasing number of projects in North America related to energy storage through renewable energy storage systems is also expected to drive the market.

USA Battery Management System Market Size

  • USD 787.15 Million - The estimated market size of the USA Battery Management System market in 2018
  • 19.8% - The expected CAGR growth rate of the USA Battery Management System market in the forecast period 2018 to 2025
  • USD 2.787 Billion - The expected market size of the USA Battery Management System market in 2025

Canada Battery Management System Market Size

  • USD 302.75 Million - The estimated market size of the Canada Battery Management System market in 2018
  • 22.2% - The expected CAGR growth rate of the Canada Battery Management System market in the forecast period 2018 to 2025
  • USD 1.231 Billion - The expected market size of the Canada Battery Management System market in 2025

Mexico Battery Management System Market Size

  • USD 151.38 Million - The estimated market size of the Mexico Battery Management System market in 2018
  • 20.5% - The expected CAGR growth rate of the Mexico Battery Management System market in the forecast period 2018 to 2025
  • USD 558.44 Million - The expected market size of the Mexico Battery Management System market in 2025

South America

South America Battery Management System Market is expected to increase by an USD 634.5 Million by 2024 at a CAGR of 21%. All the automobile and industrial sector companies are incorporating Battery Management System (BMS) to control and monitor the batteries used in these devices accelerating the growth. Innovations in the automotive segment including e-vehicles are the critical factors for the growth of South America Battery Management System market.

Brazil Battery Management System Market Size

  • USD 100.25 Million - The estimated market size of the Brazil Battery Management System market in 2018
  • 21% - The expected CAGR growth rate of the Brazil Battery Management System market in the forecast period 2018 to 2025
  • USD 380.7 Million - The expected market size of the Brazil Battery Management System market in 2025

Argentina Battery Management System Market Size

  • USD 32.84 Million - The estimated market size of the Argentina Battery Management System market in 2018
  • 21.3% - The expected CAGR growth rate of the Argentina Battery Management System market in the forecast period 2018 to 2025
  • USD 126.9 Million - The expected market size of the Argentina Battery Management System market in 2025

Europe

Europe Battery Management System Market is expected to increase by a $ 2.54 Billion by 2025 at a CAGR of 20.5% from a USD 692 Million in 2018. BMS and Wireless BMS supporting all the cell types are recent trends in the market and are expected to gain significant growth during the forecasting period. All the automobile and industrial sector companies are incorporating Europe Battery Management System(BMS) to control and monitor the batteries used in these devices accelerating the growth.

Germany Battery Management System Market Size

  • USD 207.6 Million - The estimated market size of the Germany Battery Management System market in 2018
  • 21% - The expected CAGR growth rate of the Germany Battery Management System market in the forecast period 2018 to 2025
  • USD 762 Million - The expected market size of the Germany Battery Management System market in 2025

UK Battery Management System Market Size

  • USD 235.28 Million - The estimated market size of the UK Battery Management System market in 2018
  • 21.4% - The expected CAGR growth rate of the UK Battery Management System market in the forecast period 2018 to 2025
  • USD 914.36 Million - The expected market size of the UK Battery Management System market in 2025

France Battery Management System Market Size

  • USD 152.24 Million - The estimated market size of the France Battery Management System market in 2018
  • 22.3% - The expected CAGR growth rate of the France Battery Management System market in the forecast period 2018 to 2025
  • USD 623.04 Million - The expected market size of the France Battery Management System market in 2025

Asia Pacific

Asia Pacific Battery Management System Market is expected to increase by an $ 4.7 Billion by 2025 at a CAGR of 29.1 %.BMS and Wireless BMS supporting all the cell types are recent trends in the market and are expected to gain significant growth over 2018-2025.

Innovations in the automotive segment including e-vehicles are the critical factors for the growth of Asia Pacific battery management system market. BMS and Wireless BMS supporting all the cell types are recent trends in the market and are expected to gain significant growth during the forecasting period. All the automobile and industrial sector companies are incorporating battery management system (BMS) to control and monitor the batteries used in these devices accelerating the growth.

China Battery Management System Market Size

  • USD 240 Million - The estimated market size of the China Battery Management System market in 2018
  • 25.2% - The expected CAGR growth rate of the China Battery Management System market in the forecast period 2018 to 2025
  • USD 1.175 Billion - The expected market size of the China Battery Management System market in 2025

Japan Battery Management System Market Size

  • USD 215.74 Million - The estimated market size of the Japan Battery Management System market in 2018
  • 23.4% - The expected CAGR growth rate of the Japan Battery Management System market in the forecast period 2018 to 2025
  • USD 940 Million - The expected market size of the Japan Battery Management System market in 2025

India Battery Management System Market Size

  • USD 220 Million - The estimated market size of the India Battery Management System market in 2018
  • 24.5% - The expected CAGR growth rate of the India Battery Management System market in the forecast period 2018 to 2025
  • USD 1.034 Billion - The expected market size of the India Battery Management System market in 2025

Middle East and Africa

MEA Battery Management System market is valued at USD 103.8 Million in 2018 and is expected to reach USD 511.83 Million by the end of 2025, growing at a CAGR of 25.6% between 2016 and 2025.

Saudi Arabia Battery Management System Market Size

  • USD 25.95 Million - The estimated market size of the Saudi Arabia Battery Management System market in 2018
  • 25.3% - The expected CAGR growth rate of the Saudi Arabia Battery Management System market in the forecast period 2018 to 2025
  • USD 125.83 Million - The expected market size of the Saudi Arabia Battery Management System market in 2025

UAE Battery Management System Market Size

  • USD 20.76 Million - The estimated market size of the UAE Battery Management System market in 2018
  • 25.8% - The expected CAGR growth rate of the UAE Battery Management System market in the forecast period 2018 to 2025
  • USD 103.51 Million - The expected market size of the UAE Battery Management System market in 2025

South Africa Battery Management System Market Size

  • USD 31.14 Million - The estimated market size of the South Africa Battery Management System market in 2018
  • 24.2% - The expected CAGR growth rate of the South Africa Battery Management System market in the forecast period 2018 to 2025
  • USD 141.96 Million - The expected market size of the South Africa Battery Management System market in 2025
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Market Outlook

  • The Global Battery Management Systems market is expected to grow at a healthy CAGR of 20.5% in the forecast period (2018-2025)
  • The expected market size of the Global Battery Management Systems is set to reach USD 12.69 Billion in 2025
  • The Global Electrical Vehicle BMS market is expected to grow at a CAGR of 22.1 %
  • The expected market size of the Global Electrical Vehicle BMS market is USD 3.38 Billion in 2025
  • The lithium-ion based battery type is anticipated to witness a significant growth with a CAGR of over 22% over the projected period
  • Centralized topology is anticipated to dominate the market in terms of revenue over the forecast period, owing to the increasing applications such as industrial UPS, Electric Vehicles (EV), drones, and energy storage system
  • The stringent regulations toward carbon emissions in the developed countries such as kyoto Protocol and the growing penetration of EVs in the emerging economies are expected to spur the automotive application demand
  • The Asia Pacific region is anticipated to portray high growth rate over the forecast period (2018 to 2025) posting a healthy CAGR of 29.1%
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Technology Roadmap

Microinverter

A solar micro-inverter, or simply microinverter, is a plug-and-play device used in photovoltaics, that converts direct current (DC) generated by a single solar module to alternating current (AC). Microinverters contrast with conventional string and central solar inverters, in which a single inverter is connected to multiple solar panels. The output from several microinverters can be combined and often fed to the electrical grid.

Microinverters have several advantages over conventional inverters. The main advantage is that they electrically isolate the panels from each other, so small amounts of shading, debris or snow lines on any one solar module, or even a complete module failure, does not disproportionately reduce the output of the entire array. Each microinverter harvests optimum power by performing maximum power point tracking (MPPT) for its connected module.

Distribution Chain Analysis

Sustained growth in lithium-ion battery (LIB) demand within the transportation sector (and the electricity sector) motivates detailed investigations of whether future raw materials supply will reconcile with resulting material requirements for these batteries. It is found that metal content associated with compounds used in LIBs. It should be noted that most of the key constituents, including manganese, nickel, and natural graphite, have sufficient supply to meet the anticipated increase in demand for LIBs.

There may be challenges in rapidly scaling the use of materials associated with lithium and cobalt in the short term. Due to long battery lifetimes and multiple end uses, recycling is unlikely to provide significant short-term supply. There are risks associated with the geopolitical concentrations of these elements, particularly for cobalt.

Competitive Landscape

The leading companies in the market are introducing new products in the market to cater to the growing consumer demands while strengthening their market presence. They are also collaborating and partnering with other companies for geographic as well as customer base expansion. In Feb 2016, SBS Testing and Monitoring, which is a division of Storage Battery Systems, LLC, introduced its new EquaLink Battery Management and Monitoring System.

This system is developed for Li-ion, Ni-Cad, NiMH, and lead-acid batteries. These systems provides diagnostic and monitoring services required for the maintenance of critical operating parameters. This new product launch enabled the company to expand its offering in the market and expand its customer base. In October 2017, Servato Corp., introduced its remote battery management system, the Smart Power System-248 (SPS-248).

This system is equipped with design updates to manage network sites, decrease costs for carriers in backup power management.

Competitive Factors

Innovation

Innovation capability is the key productivity that creates competitive advantage by perceiving or discovering the new or better way to compete in an industry and launch them into the market. It is noted that one of success factor depends on innovation’s relative advantage. Innovation has become the most important asset that creates competitive advantage for company, and the first mover advantage when getting magnitude of market acceptance.

In the long run, maintaining product innovation is the way to sustain competitive advantage and drive the growth of productivity for further competitiveness of the company. It is found that innovation factor is also the cause of disturbance and fluctuation in the market since it is able to create new fashion and invention. Company which often develops product or process innovation would also has good influence to increase overall capacity of firm, and lead to be a sustainable growth for competitive advantage.

Technology

Technology affects competitive advantage if it has a significant role in determining relative cost position or differentiation. Since technology is embodied in every value activity and is involved in achieving linkages among activities, it can have a powerful effect on both cost and differentiation.

Key Market Players

Texas Instruments Inc. (TI) is an American technology company that designs and manufactures semiconductors and various integrated circuits, which it sells to electronics designers and manufacturers globally. Texas Instruments's focus is on developing analog chips and embedded processors, which accounts for more than 80% of their revenue.TI also produces TI digital light processing (DLP) technology and education technologyproducts including calculators, microcontrollers and multi-core processors. To date, TI has more than 43,000 patents worldwide.

NXP Semiconductors N.V. is a Dutch global semiconductor manufacturer headquartered in Eindhoven, Netherlands. The company employs approximately 31,000 people in more than 35 countries, including 11,200 engineers in 33 countries. NXP reported revenue of $6.1 billion in 2015, including one month of revenue contribution from recently merged Freescale Semiconductor.

Elithion is a privately held Corporation in Boulder, Colorado, dedicated to the development and marketing of electronic solutions for the Lithium Ion battery industry. Elithion designs and manufactures Battery Management Systems (BMS), large Li-ion packs and battery modules for stationary battery installations.

Vecture Inc., an original equipment manufacturing company, engages in the design and manufacture of battery management systems for the commercial/industrial, HEV-EV, ROV, data collection, GPS, NAV, consumer, energy, medical, military, and telecommunications markets, as well as startups, mid-size companies, and corporations in the Americas, Europe, Asia, and internationally. It offers low power analog circuits and microprocessors, electronic enclosures, stacks, and fuel gauges. The company was founded in 2001 and is headquartered in Concord, Canada with additional offices in Ireland and England.

Strategic Conclusion

The Market Size of the Global Battery Management System market is estimated to be USD 3.46 Billion in 2018 growing at a CAGR of 20.5% and is expected to reach a market size of USD 12.69 Billion in 2025

The Lack of technical capabilities, Ensuring high level of accuracy in real-time applications are the Challenges being faced by the major players in the Global Battery Management System market

Possibility of fire accidents of electric vehicles, Prevailing Safety Issues, Resistance from utilities, Lack of standards for developing battery management systems are the restraining factors for the growth of the Global Battery Management System market.

Application of battery management systems in electric vehicles, Growing Adoption of Rechargeable Batteries Across Multiple End-Use Industries, Growing need for battery management in renewable energy systems, Integration of battery management systems in smartphones are the factors driving the growth of the Global Battery Management System market.

Further Reading

Appendix

  • BMS - Battery Management Systems
  • BES - Battery Energy Storage
  • USD - US Dollar
  • UPS - Uninterrupted Power Supply
  • CAGR - Compounded Annual Growth Rate
  • EV - Electric Vehicle
  • PUE - Power Usage Efficiency
  • IoT - Internet of Things
  • OEM - Original Equipment Manufacturer
  • WBMS - Wireless Battery Management System
  • WiBaAN - Wireless Battery Area Network
  • ROI - Return on Investment
  • LIB - Lithium-ion Battery


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