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Jan 25, 2021 (The Expresswire) —
The development in power generation industries will contribute significant growth to the battery management system market, says Fortune Business Insights in a report, Titled “Battery Management System MarketSize, Share And Global Trend By Type (Centralized, Distributed, Modular), By Battery Type (Lithium-Ion Battery, Lead-Acid Battery, Nickel Battery, Flow Battery, Others), By Application (Automotive, Energy Storage, Consumer Electronics, Renewables, Telecom, Healthcare, Military and Defence, Others) And Geography Forecast Till 2026.” The increasing production and demand for hybrid vehicles will enable the growth of the market.
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The report provides a meticulous study of the battery management system market trends. It further shes lights on some of the recent innovations and developments made by companies. It discusses every aspect in detail and provides factual data for the same.
Key Market Driver the Increasing inclination of the end-users towards batteries and other power backup sources such as UPS in case of power outages
Key Market Restraint Battery management systems fail to achieve the desired efficiencies and need additional monitoring systems for specific applications
Some of the Major Companies that are Present in the Global Battery Management System Market are:
- Toshiba Electronic Devices and Storage Corporation
- Schneider Electric
- Lithium Werks
- Johnson Matthey
- Analog Devices
- Nuvation Energy
- Texas Instruments Incorporated
- Renesas Electronics
- Orion BMS
- NXP Semiconductors
- Accurate Ampere
- PowerTech Systems
- AVL among others.
According to the report, the centralized battery management segment is expected to witness high growth during the forecast period owing to its economical price and least expandable as compared to other battery management systems. Furthermore, lithium-ion batteries will account for maximum share in the market owing to its increasing application in various end-use industries. In addition, surge in the renewable, telecom, and power generation industries will aid the expansion of the battery management system market size.
Key Segmental Overview:
1. By Type
2. By Battery Type
- Lithium-ion Battery
- Lead-Acid Battery
- Nickel Battery
- Flow Battery
3. By Application
- Energy Storage
- Consumer Electronics
- Military and Defence
4. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East and Africa (South Africa, GCC, and Rest of the Middle East and Africa)
For more information in the analysis of this report, visithttps://www.fortunebusinessinsights.com/industry-reports/battery-management-system-market-101311
Increasing Sales of Hybrid Vehicles Will Back Growth
The growing application of battery management systems in calculating peak power, maximum DoD, and average power among others. This factor will impetus growth and fuel demand for batter management systems. The collaborative agreement between Vertical Partners West LLC and Teledyne Energy Systems Inc will create lucrative growth opportunities for the market. The aim of the former company is to expand its product portfolio. The companies are involved in the supply and servicing of the batteries, battery management system, drones, and fuel cells among others. Moreover, the acquisition of Lithium Werk B.V is predicted to accelerate the growth of the market. For instance, Lithium Werk B.V acquired Valence Technology Inc. to expand its footprint and strengthen the product portfolio. The company focusses on increasing the battery management system and valence module sales by expanding the product portfolio.
However, the battery management systems need battery monitoring systems for generating additional required information related to different parameters which add in the cost of the battery management systems. This factor is expected to restrict the growth of the market during the forecast period.
Increasing Energy Demand Will Boost Growth in North America
In order to curb the changing climatic conditions, the U.S is planning to add new renewable capacities in the coming future. For instance, Texas, Lowa, and Illinois are planning to add wind power capacities of more than 6 GW in the year 2019 as reported by the U.S Energy Information Administration. The market in North America is expected to grow at a decent pace in the near future owing to increasing energy demand in the region. Europe has witnessed significant growth in the sales of electric vehicles in the recent past and the automotive industry is booming. As electric vehicles run on batteries, therefore this factor will boost the battery management market revenue in the region. Latin America is expected to witness significant growth owing to the increasing focus on adding new renewable capacities to meet the energy demands in the region. The surge in renewable solar capacities in South Africa and GCC countries will aid the market growth in the Middle East and Africa. The market in Asia Pacific is expected to grow rapidly owing to the increasing electric vehicle fleet along with the rising concern for CO2emissions. The surge in the telecom industry and automotive industry will further contribute to the growth in Aisa Pacific.
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Major Table of Content For Battery Management System Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Copper Magnet Wire Market Analysis, Insights and Forecast, 2026
- North America Copper Magnet Wire Market Analysis, Insights and Forecast, 2026
- Europe Copper Magnet Wire Market Analysis, Insights and Forecast, 2026
- Asia Pacific Copper Magnet Wire Market Analysis, Insights and Forecast, 2026
- Middle East and Africa Copper Magnet Wire Market Analysis, Insights and Forecast, 2026
- Latin America Copper Magnet Wire Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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