Battery Management Systems Becoming a Necessity for Energy-Centric Firms
The global market for battery management system has been tracing an ascending graph of growth over the past few years, and a number of factors revolve around this boisterous growth rate. Battery management system, as the name suggests, helps in optimising the performance of rechargeable batteries by maintaining safe operation states for batteries, monitoring their temperatures, authenticating batteries, fetching secondary data, and analysing the overall performance of the battery. These key functions performed by battery management systems (BMS) are amongst key reasons behind the adoption of these systems across several industries. Furthermore, the interface of a battery management system is designed to succinctly adjust into batteries or group or cells and subsequently regulate their performance. Battery management systems balance the batteries by preventing them from operating outside the safe operational zone. It is expected that the demand within the global market for battery management system would touch new heights over the forthcoming years.
This article by Future Market Insights (FMI) is a deft explanation of the various forces that have pervaded the global market for battery management system. The article delves into the specifics of the market in order to fetch the most prominent trends prevailing in the global market for battery management systems.
1. Quantifying Market Growth
The analysts at Future Market Insights (FMI) employed several key techniques to derive the metrics of growth for the global market for battery management system. Based on these metrics, the global market for battery management system is projected to expand at a stellar CAGR of 19.9% over the period between 2015 and 2025. Furthermore, the global battery management system market was is projected to scale to a value of US$ 11,730.0 Mn towards the end of 2025.
2. Industries Deploying Battery Management Systems
The automotive industry has emerged as a key consumer of battery management systems on account of the need to save losses in energy due to underutilisation or over-expending of batteries. The energy sector has also inducted battery management systems to ensure that the energy produced via renewable sources is used judiciously and there is minimal wastage of usable energy. Since the infrastructure required for producing renewable energy is expansive, it it vital to ensure that the batteries installed across these units are optimised for energy production.
The telecom sector has suffered financial and resource-related losses due to mismanaged systems for charging and preserving batteries. Realising such faults and deficits, the telecom industry has also become open to the idea of installing battery management systems across all its areas of operation. Battery charging systems help in increasing the life cycle of batteries and preventing them from damage due to overcharging. Furthermore, optimal battery charging state can also be evaluated with the help of battery management systems which also adds to the growth prospects of the global market. The use of battery management systems to ensure unfailing operation of drones is also projected to enhance the growth prospects of the global market.
3. Electric Vehicles Bode Well for Market
One of the most commendable application of battery management systems is in the domain of electric vehicles that entirely rely on the performance of the batteries used. It is important to ensure that the batteries fitted in electric vehicles do not expend excessive energy and there is an equilibrium between energy supply and performance. Hence, it is integral to induct battery management systems in electric vehicles in order to ensure longer battery life and improved performance. Other key areas and devices wherein battery management systems come in handy include portable medical tools, power tools, battery packs, garden tools, and several other similar gadgets and devices.
4. Asia Pacific Excluding Japan (APEJ) to Emerge as Leading Regional Segment
The demand for battery management system has been rising across Asia Pacific excluding Japan (APEJ) on account of the growing electronics industry in India and China. The glutting of new kinds of devices in the Indian and Chinese markets is projected to fare well for the global market for battery management system in the years to come. Furthermore, the growth of electric vehicles in Europe and North America is expected to drive demand within these regional segments.
5. Strategies of Market Vendors
The key vendors in the global market for battery management system have been focusing on making their supply chains more agile, swift, and nimble. Some of these key players include Nuvation Engineering, The Ventec Company, Ashwoods Energy Limited, Lithium Balance Corporation, TWS, Vecture Inc., L&T Technology Services Ltd., Toshiba Corporation, Merlin Equipment Ltd., Navitas System LLC, and AVL. These vendors are projected to keep recalibrating their strategies in order to fit the needs of the global battery management system market.