In a recent published report, Kenneth Research has updated the market report for Battery Management System Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Battery Management System Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Battery Management System Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Battery Management System Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The Battery Management System Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
worldwide battery management system (BMS) market is anticipated to reach USD 14,422 million by 2026. In 2017, the lead-acid batteries dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.The rising demand of BMS from the automotive sector primarily drives the growth of this market. These systems are increasingly being adopted across various industries such as aerospace and defense, healthcare, and electronics among others. The increasing adoption of BMS in data centers, and renewable energy systems further supports the growth of this market.
The demand for electric vehicles has increased significantly over the years owing to increasing prices of gasoline prices across the globe, which leads to increased adoption of battery management systems. The exponential growth in the prices of gasoline and diesel owing to the depleting fossil fuel reserves has encouraged consumers to switch to battery based electric vehicles. Limited availability of public electric vehicle charging infrastructure for electric vehicles had restricted the adoption of these vehicles to a certain extent in the past.
However, with significant government initiatives and substantial investments, the development of public charging infrastructure has accelerated significantly. Technological advancements in components such as lithium-ion batteries, which are majorly used in electric vehicles, along with decreasing prices of the same is expected to further increase the demand of battery based electric vehicles in the market.
North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The increasing demand for alternative fuel vehicles, especially the electric-vehicles is expected to drive the growth of battery management systems in this region. The growing use of BMS in renewable energy storage systems also accelerates the adoption. Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to increasing demand for BMS from countries such as China, Japan, and India. The presence of large number of automotive manufacturers and portable device suppliers also augments the growth of this market in the region.
The different types of topologies included in the report include centralized, distributed, and modular. In 2017, centralized topology accounted for the highest market share. However, during the forecast period distributed and modular topologies are expected to represent strong growth.Modular topology offer high computational power, and enhanced safety. Modular topology is also increasingly being used for various applications such as drones, electric vehicles, and energy storage systems among others.
The various end-users of battery management systems include medical, automotive, telecommunication, consumer electronics, military, and others. In 2017, consumer electronics accounted for the largest share in the global market, and are estimated to grow at a substantial rate during the forecast period. The automotive segment is expected to grow at the highest CAGR during the forecast period owing to increasing applications, stringent government regulations regarding vehicular emissions, increasing acceptance of electric vehicles.
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The well-known companies profiled in the report include Texas Instruments Inc., Johnson Matthey PLC., Linear Technology Corporation, vecture Inc., Elithion Inc., NXP Semiconductors, Intersil Corporation, Nuvation Engineering, Ventec SAS, Generex Systems, and Lithium Balance A/S among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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