Battery Management System Market Likely To Touch At $12.23 Billion By 2025: Grand View Research Inc.

 

The global battery management system market size is anticipated to reach USD 12.23 billion by 2025, according to a new report by Grand View Research, Inc. The market is expected to exhibit a CAGR of 19.0% over the forecast period. Increasing use of renewable energy for a variety of applications due to rising concerns regarding climate change across the globe is expected to play a key role in the overall market development. Decreasing prices of batteries and solar photovoltaic cells and favorable government incentives are also encouraging end users to use renewable energy, which, in turn, will boost market growth.

Battery Management System (BMS) finds increased applications in uninterruptible power supply (UPS) systems as they provide high power density and enhanced life expectancy. A UPS system is an electrical equipment that supplies power when the main power or input power sources fail. UPS systems are extensively used in buildings such as hospitals, banks, offices, data centers, and educational institutions.

The high electric manageability of a lead-acid battery is expected to fuel the market growth over the forecast period. Moreover, the increasing demand for UPS systems in industries, corporate offices, research institutions, educational institutes, hospitals, and houses, owing to the rapid urbanization and industrialization in the emerging economies, is expected to drive the market over the projected period.

The UPS market is expected to witness a substantial growth over the forecast period, in light of the growing demand for high power systems. The increasing adoption of UPS systems as essential power backup devices is expected to favorably impact the market growth over the forecast period. The growing population coupled with the need for eliminating diseases is anticipated to propel the demand for more hospitals and healthcare centers in the country, which is anticipated to drive the demand for power backup equipment in the future. However, renewable power sources, such as wind and solar are affected by weather, location, time, etc. leading to inconsistencies when it comes to energy supply. The use of Energy Storage Systems (ESS) in these scenarios helps smoothen these variabilities and store energy for future use. Demand for effective BMS will increase in future owing to the huge investments made by a number of countries for the larger adoption of renewable energy. Lead-acid batteries are the most commonly used batteries in ESS owing to applications, such as standalone battery systems used to handle output fluctuations from the wind and solar power.

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The growing penetration of UPS solutions in businesses, to counter data losses and disconnections in data transmission, is expected to spur the data center UPS market over the projected period. The growing implementation of cloud computing coupled with the need for sensitive and ubiquitous data is expected to encourage data center UPS installations over the projected period. High requirements of data center UPS is anticipated to aid in the industry expansion.

Further key findings from the study suggest:

• Growing penetration of UPS solutions in the IT and medical industries to bring down chances of data loss due to unexpected power cuts/outages is expected to spur the demand for BMSs
• Lithium-ion-based battery type is anticipated to witness the highest CAGR of 24.2% over the projected period owing to its applications in products requiring high-energy density solutions, such as Electric Vehicles (EVs), and personal applications, such as mobile phones
• Based on topology, centralized BMSs are anticipated to lead the market over the forecast period due to growing scope of applications, such as in industrial UPS, EVs, drones, and ESS
• Stringent regulations aimed at reducing carbon emissions in developed countries and growing penetration of EVs in emerging economies is expected to spur the product demand in the automotive sector
• Asia Pacific is anticipated to emerge as the fastest-growing regional market from 2019 to 2025. Several countries are encouraging the usage of EVs to bring down the levels of noise and air pollution, which, in turn, will augment the market growth in this region
• Some of the key companies in the global BMS market include Texas Instruments, Inc. (U.S.); NXP Semiconductor N.V. (Netherlands); Elithion, Inc. (U.S.); and Vecture, Inc. (U.S.)

BMS is increasingly used in renewable energy generation as it helps to level the variability of the power generated. China is the world’s leading producer of wind energy and is expected to witness significant growth in the production of wind energy over the forecast period. The wind capacity output is likely to cross 200 GW by 2020 and drive the demand for energy storage systems in the country.

Grand View Research has segmented the global battery management system market on the basis of battery type, topology:

Battery Management System Battery Type Outlook (Revenue, USD Million, 2014 - 2025)

• Lithium-ion-based
• Lead-acid-based
• Nickel-based
• Flow batteries
• Others

Battery Management System Topology Outlook (Revenue, USD Million, 2014 - 2025)

• Centralized
• Distributed
• Modular

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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