Battery Management System Market

Intelligence of Battery Management Systems Amplified with Cloud-based Software and Services Battery-operated applications and cloud-based software and services are among the top buzzwords in the vast industrial landscape that is undergoing the Fourth Industrial Revolution - Industry 4.0.

With the increasing convergence of industrial operations and technology, the cloud-connected battery management system is emerging as one of the most popular trends across various industries, including automotive, telecommunications, and consumer electronics.

Cloud-based monitoring and analysis framework for battery management systems enables end users to monitor and analyze the battery data as well as algorithms that offer information related to stateofcharge (SOC) and stateofhealth (SOH) estimates. Cloud-based battery management systems also allow the online identification of potential critical battery failures at various stages of its operation, and the long-term tracking of cell aging. The growing popularity of such high-tech features is incurring transformational changes in the business strategies for stakeholders in the battery management system landscape.

Get Sample Copy: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=12116 For instance, in July 2019, Bosch announced the development of cloud-based swarm intelligence services to extend the service life of electric vehicle batteries by supplementing individual vehicles’ battery management systems. This feature enables smart software functions in the cloud service that continually analyze the battery status and take appropriate actions to prevent or slow down cell aging.

The battery management system market was valued at ~US$ 3.5 billion in 2018, and is anticipated to grow aggressively up to ~US$ 16.6 billion by 2027. Technological advancements in battery management systems will continue to bolster developments in this landscape in the coming years.

Lithium-ion Batteries to Engulf Battery Management System Market in the Future With the onset of electric-powered drivetrains designed to shift vehicle design away from conventional fuels and carbon gas emissions, the future of e-mobility is inclining towards the substantial demand for lithium-ion batteries. Battery management systems have become an integral part of lithium-ion batteries, which account for ~40% revenue share of the battery management system market. Thereby, in the coming future, the sales potential of lithium ion battery management systems will remain one of the key factors instrumental in shaping the energy storage revolution for the automotive industry.

Request For Customization: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=12116 Among the various other types of batteries that include battery management systems, lithium-ion batteries hold an important stake in the market, and their sales are estimated to grow rapidly as compared to its contemporaries such as lead-acid and nickel-based batteries. Lithium-ion batteries have proven to be the battery of interest for electric vehicle manufacturers, attributing to their high charge density and low weight, and this will continue to attract battery management system manufacturers’ attention on the lithium-ion battery landscape.

Thus, by striking the right balance in electric automotive technology, Renesas Electronics, a premier supplier of advanced semiconductor solutions, announced its fourth-generation lithium-ion (Li-ion)

battery management integrated circuit, which offers maximized battery cell life and driving range for hybrid and electric vehicles. This has made Renesas Electronics set an unmatched benchmark for accurate data acquisition, temperature control, and safety performance requirements through its latest battery management system.

Request For Boucher: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=12116 Renewable Energy Technology and Public Transport - Future Investments for Stakeholders With the advent of the increased use of lithium-ion batteries in many industries, the renewable energy sector is undergoing serious research and development (R&D) to overcome technological pitfalls. Now that battery packs are available in the market in abundant types and at very competitive prices, one of the key restraints that renewable energy technology faces is battery storage to manage the variations caused by fluctuations in solar radiation or wind. Thus, stakeholders can increase R&D capacities to diversify their offerings in renewable energy solutions.

For instance, in June 2019, Hella, a German automotive parts supplier, announced the launch of Dual Voltage Battery Management System and PowerPack 48 Volt mild hybrid vehicles. These new solutions by Hella enable savings of 5 to 6 grams of CO 2 per kilometer, thus helping companies and governments across countries to meet their short-term goals of reduced carbon emissions, proving automotive battery management systems as environmental-friendly patrons.

Also, the public transportation sector is undergoing technological transformations. Rising air pollution caused due to internal combustion engine cars and the non-renewable nature of oil-based fuels has incited public bodies to encourage the use of hybrid and electric vehicles. In a 200 million euro deal, two innovative electro-mobility companies and Europe's leading manufacturer of battery systems BMZ Germany, announced an agreement delivery of over 1,000 lithium-ion battery systems to Berlin-based bus maker Eurabus GmbH. Thus, innovations in the automotive industry and strategic partnerships for battery-driven public transportation are becoming the key strategies of manufacturers, especially in North America, Europe, and Asia Pacific.

Affirmative Market Growth amidst Less-Severe Product Price Offerings One of the few obstacles that the battery management system market faces is the high final product cost in certain specific industries. For example, in the automotive sector, heavy-duty vehicles face the burden of additional manufacturing costs according to the vehicle type, design, and type of cooling required for the engine and smooth functioning of other components.

A rise in the final cost price in certain specialized segments of batteries or products equipped with battery management systems, like in the automotive industry, are one of the few restraints the battery management system market may encounter in the coming years. End users who are cost sensitive, shy away from paying the additional amount, which discourages product makers in taking risks to fulfill the demands of manufacturers in terms of technological innovations and capital investments, to set up manufacturing plants.

This factor is anticipated to hamper the battery management system market in the coming years.

However, the overall industry average is incurring a fall in battery prices, thanks to rigorous R&D carried out by key manufacturers to overcome technological obstacles, which will ultimately benefit manufacturers as well as product producers.

Analysts’ View Authors of Transparency Market Research’s study on the battery management system market have set their bets for an exponential increase in this landscape during the forecast period of 2019–2027.

Regions such as North America and Europe are estimated to experience the heavy adoption of electric vehicles and battery-operated public transportation. Also, diligent R&D operations are being made to overcome the hindrances in renewable energy technology, which is likely to boost the adoption of batteries in versatile end-use industries, in turn, bolstering the demand for technologically-advanced battery management systems.

Stakeholders in the battery management system market must focus on diversifying their product offerings in lithium-ion battery-operated end uses, such as electric vehicles. The increasing demand for lithium-ion batteries in versatile applications in various industries and technologically suitable attributes will have a positive impact on the dynamics of the battery management system market.

Key players should also focus on expanding their production capacities in Asia Pacific owing to the growing demand for rechargeable batteries in products in sectors such as automotive, consumer electronics, and military & defense industries, in developing countries such as India and China.

However, stakeholders will need to tackle the issue of final product cost and scarcity of skilled labor that can execute complex product testing. Although the overall industry average is estimated to experience a drop in product prices, the adoption of tech-savvy operations by small- and-medium sized OEMs (Original Equipment Manufacturers) can lead to competitive price offerings of battery products, thus giving consumers and manufacturers a wide range of choices to choose from.

Battery Management System: Definition/Overview 

A battery management system is an electronic system that prevents the battery from functioning outside of its safe operating area; calculates secondary data; tracks its condition; reports that information; and controls and balances its environment.

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A smart battery pack is a battery pack that is constructed along with a battery management system with an external data bus for interaction. A smart battery pack needs to be fitted with an intelligent charger.

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The global battery management system market is projected to expand at a CAGR of 18.5% during the forecast period, and reach a value of ~ US$ 16.6 Bn by 2027.

Global Battery Management System Market: Regional Overview 

In 2018, the battery management system market in North America generated the most revenue across the world.

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The dominance of North America is anticipated to further increase in the global battery management system market in the near future, owing to the presence of a large number of market players and extensive research & development activities taking place in the field of battery management systems in the region. Moreover, the increasing penetration of electric vehicles (EVs) coupled with supportive government initiatives is expected to fuel the global battery management system market in the region during the forecast period. The American Recovery and Reinvestment Act makes provision of funding for the development of hybrid electric vehicles (HEVs) for use by private and public institutions. This factor is anticipated to have a positive impact on the global battery management system market in the country in the near future.

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The global battery management system market in Asia Pacific is expected to expand at a prominent CAGR during the forecast period, owing to the rapid growth of the consumer electronics and automotive industries in the region.

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The global battery management system market in Europe is also likely to witness strong growth in the next few years, with growing implementation of measures such as incentives for EV manufacturers, and exemption for vehicle buyers from registration charges and road taxes. The region is likely to continue to hold the second-largest share of the global battery management system market during the forecast period.

Global Battery Management System Market: Trends 

A key trend that impacts the global battery management system market is the rising demand for hybrid electric vehicles and renewable energy systems.

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Both, in-grid and off-grid renewable energy deployments are witnessing steady growth in developed as well as developing countries. Batteries have been used for energy storage for several years.

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Recently, battery storage technology has acquired more traction as a resource to promote electricity generation from renewable energy sources, especially from flexible sources such as wind and solar photovoltaic (PV) power

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Manufacturers are primarily focusing on production of electric vehicles, which can, not only decrease greenhouse gas emissions, but also provide a lifeline of income for power companies facing decreasing or stagnating demand for electricity

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Additionally, incentives for manufacture of HEVs are expected to attract investments from public and private investors. This, in turn, is anticipated to increase the penetration of HEVs in the next few years.

Global Battery Management System Market: Drivers, Opportunities, and Restraints 

The global battery management system market has witnessed strong growth over the last few years. One of the major drivers of the global battery management system market is the increasing adoption of electric vehicles (EVs) across the globe.

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The growing need to optimize the use of battery storage capability in electric cars and to avoid hazards created by battery overheating have prompted efforts for the incorporation of battery management systems in electric cars.

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In addition, rechargeable batteries are widely used in industrial products such as vacuum pumps and power tools. A rapid rise in the use of these products boosts the market for battery management systems.

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However, using battery management systems can lead to a noticeable increase in the final price of a product or application, resulting in lower demand from cost-sensitive consumers. It can also discourage product manufacturers from using BMSs despite their demonstrated advantages.

Read TMR Research Methodology @: https://www.transparencymarketresearch.com/methodology.html

Global Battery Management System Market: Competition Landscape Key players operating in the global battery management system market and profiled in the research report are 

Analog Devices, Inc.

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Vishay Intertechnology, Inc.

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Toshiba Corporation

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Panasonic Corporation

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Broadcom Inc.

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Renesas Electronics Corporation

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NXP Semiconductors

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Infineon Technologies AG

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Schneider Electric SE

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On Semiconductor.

Product innovation and development is a key strategy adopted by several leading players operating in the global battery management system market. Companies are involved in R&D activities in order to develop innovative products, which helps them gain a higher market share than their competitors.

Companies operating in the global battery management system market are also focusing on expanding their businesses through strategic acquisitions and partnerships.

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