NEW YORK, Jan. 20, 2020 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global battery management system market share was valued at $5.1 billion in 2019, and it is predicted to register a CAGR of 14.5% during the forecast period (2020–2030), reaching $22.3 billion by 2030.
In 2019, the Li-ion category held the largest share in the battery management system market. This is attributed to the growing demand for Li-ion batteries in various consumer electronics devices and electric vehicles (EVs), owing to their longer shelf life and higher density over other batteries.
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The cloud-connected battery management system helps to predict the remaining useful life of the battery cells, thereby helps in monitoring the condition of the installed battery. Owing to several other benefits, companies are increasingly focusing on its development. For instance, in 2019, ION Energy Pvt. Ltd. launched Edison Analytics, a cloud-based battery management platform, which uses battery data, machine learning, and artificial intelligence to extend the life of the battery.
Growing use of rechargeable batteries in consumer electronics is a major driver for the growth of the battery management system market. Rechargeable batteries, such as Li-ion and nickel batteries, are highly favored by electronic device manufacturers due to their low self-discharge rate, light weight, high energy density, and several other characteristics. Moreover, due to growing population, rising disposable income, and increasing technological advancements, demand for consumer electronics products is increasing across the globe. Installed batteries in these devices require their proper management, which propels the growth of the market.
Browse report overview with 238 tables and 92 figures spread through 221 pages and detailed TOC on "Battery Management System Market Research Report: Global Industry Analysis and Forecast to 2030" at: https://www.psmarketresearch.com/market-analysis/battery-management-system-market
APAC held the largest share in the global battery management system market in 2019. This is due to increasing government initiatives toward adoptions of EVs in the region to limit emission of greenhouses gases from conventional vehicles due to fuel combustion. For instance, in March 2019, the Central Government of India announced faster adoption and manufacturing of hybrid and EV (FAME) phase-2 to support the electrification of public and shared transportation.
Among the major countries, China and U.S. were the major battery management system markets in 2019. This is due to large dominance of the two countries in EVs. Further, due to increasing sale of rechargeable batteries in consumer electronics, demand for battery management system is increasing.
In the LATAM region, Colombia is expected to grow fastest in the battery management system market during the forecast period. This can be attributed to the increasing focus of government toward using EVs in the country for reducing pollution level in the major cities including Medellin and Bogota.
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The battery management system market is fragmented in nature with several key players, including Leclanché SA, Panasonic Corporation, Lithium Balance A/S, Nuvation Energy, Eberspaecher Vecture Inc., Storage Battery Systems LLC, Renesas Electronics Corporation, Elithion Inc., Cummins Inc., Navitas Systems LLC, and LION Smart GmbH.
In March 2019, ION Energy Pvt. Ltd. launched FS-XT, a battery management system designed for EVs and grid-scale storage systems. This product has a modular design and is based on the master–slave configuration, suitable for application between 100 and 1,000 volts.
Moreover, in October 2019, Leclanché SA announced its partnership with Bombardier Inc., a rail transport company. The company will use the manufactured cells, pack technology, and modules of Leclanché SA across their extensive portfolio of the trains to deliver the battery systems for about 10 railway projects. With this partnership, Bombardier Inc. aims to shift from lead–acid batteries to the Li-ion cells.
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