June 2, 2016
PUNE, India — The battery management system market (BMS) is expected to grow at a CAGR of 20.5% between 2016 and 2022 to reach $7.25 billion by 2022 and dominated by the North America region with the largest market shares driven by growing need for battery management in electric vehicles and hybrid electric vehicles.
The BMS market for lithium-ion-based battery is expected to witness the highest growth rate during the forecast period. The high demand for battery management systems (BMS) from the renewable energy storage system applications and growing trend of battery-driven public transport is also drives the growth of the market. The battery management system is integrated with lithium-ion-based batteries to protect and manage the battery pack. It is also integrated with lithium-ion-based batteries such as lithium polymer and lithium iron-phosphate among others. These lithium-ion batteries are widely used in applications in portable devices, electric vehicles, and renewable energy systems among others. The growth in these applications further drives the growth of the market.
North America held the largest share of the global battery management system market in 2015 owing to the rapid adoption of battery management systems in various applications such as portable device, automotive, renewable energy storage system, and telecommunication among others in this region. Also, the growing trend of battery-powered automotive such as electric vehicles, e-bikes, and automated guided vehicle as well as the increasing number of projects in North America related to energy storage through renewable energy storage systems are expected to drive the battery management system market.
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. In addition to this, growth of datacenters is expected to create major opportunity for the battery management system market in the coming years.
The major players in the battery management system market include Johnson Matthey Plc. (U.K.), Lithium Balance A/S (Denmark), Nuvation Engineering (U.S.), Valence Technology, Inc. (U.S.), Intersil Corporation (U.S.), Linear Technology Corp (U.S.), NXP Semiconductors N.V. (Netherlands), Texas Instruments Inc. (U.S.), Elithion Inc. (U.S.), Vecture Inc. (Canada), and Ventec SAS (France) among others.
To determine the market size of various segments and sub-segments of the PIM market, extensive secondary research is done. In Tier 1 (43%), Tier 2 (32%) and Tier 3 (25%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-level Executives (53%), Directors Level (26%) and others (21%) from various key organizations operating in the global battery management system market. The primary interviews were conducted worldwide covering regions such as North America (35%), Europe (20%), APAC (37%) and ROW (8%).
Complete report on global battery management system (BMS) market spread across 168 pages, profiling 12 companies and supported with 79 tables and 73 figures is now available at http://www.rnrmarketresearch.com/battery-management-system-market-by-battery-type-lithium-ion-advanced-lead-acid-flow-battery-nickle-battery-component-topology-centralized-modular-distributed-application-and-geography-global-trend-st-to-2022-market-report.html
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Source Article from http://www.sensorsmag.com/news/market-news/news/battery-management-system-market-hit-205-cagr-2022-led-22222
Battery Management System Market to Hit 20.5% CAGR to 2022 Led by Lithium-ion Segment
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