Global Battery Management System Market Worth $ 7.25 Billion by 2024

Mourya
Mourya
The report "Global Battery Management System Market”: Segmentation By Function (Gauging, Protection, Charging And Authentication And Monitoring); By Type Of Battery (Lithium Based Battery, Sodium Based Battery, Nickel Based Battery, Lead Acid  Battery And Others); By Topology( Modular, Distributed, Centralized); By Applications (Power Grid Storage, Consumer Electronics, Automobiles And Commercial And Residential Power Backup Solutions); By End-User(Wind, Telecom, Solar, Automotive, Power Grid And  Others); By Geography (Asia Pacific, North America, Europe, Middle East And Africa, South America) - Forecast and Estimation 2018-2024.The Global battery management system market is expected to reach $7.25 Billion by 2024 at a CAGR of 20.5%. A battery management system (BMS) is an electronic framework that deals with a rechargeable battery. It is the system designed to respond to the external conditions by isolating the battery and assessing the cause of failure. Download Free Sample Brochure at https://www.envisioninteligence.com/industry-report/battery-management-system-market/ Lithium Ion – based battery is the leading market owing to its increasing industrial applications Lithium-ion–based battery leads the battery management system market since lithium-ion–based battery is popular in various application industries owing to its less weight, high energy and power density, and low standby losses. Additionally, reduction of cost price and its growing adoption in applications such as electric vehicle, UPS, telecommunication, renewable energy system, and other applications is expected to drive the battery management market. Modular Topology segment is anticipated to grow at the highest CAGR during 2018 - 2024 Modular topology segment is estimated to grow at a high CAGR over 2018-2024. As manufactures prefer modular topology due to good computational power and safe and don't require extensive wire harnesses. The modular topology is also suitable for a range of applications such as in energy storage systems, industrial UPS, medical mobility vehicle, parts of electric vehicles among others. Automotive Segment is estimated to show highest growth rate during the 2018 – 2024 Automotive segment is projected to have the highest growth rate over 2018-2024, owing to the rising number of vehicles requiring rechargeable batteries including EVs, hybrid electric vehicles, and plug-in hybrid vehicles. North America holds the largest share of the battery management system market in 2015, owing to the high demand for battery-powered electric vehicles, e-bikes, and automated guided vehicles in the U.S. Moreover, the increasing number of projects in North America related to energy storage through renewable energy storage systems is also estimated to drive the market. Asia-Pacific is expected to grow at a high rate during the forecast period owing to leading portable devices manufacturers and the demand for battery management from countries such as China and Japan owing to the rising adoption of electric vehicles in these countries. The Prominent players in the battery management system market are 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.) and some others.