Over 10 million battery management systems are likely to be sold in 2019, which will nearly 20% increase over 2018, according to Fact.MR’s latest study. The optimistic growth of the battery management system market can be attributed to,
- Electrification of the automotive industry that heavily relies on batteries
- Development of high power batteries and increasing demand for improved battery management system
- Significant investments by OEMs to develop efficient and reliable battery management systems
The study foresees that centralized topology in the battery management system market will continue to hold a larger market share. In 2019, volume sales of centralized topology are expected to account for over four-fifth share of battery management system market.
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Growing Reliance on UPS to Boost Battery Management System Application
Power consumption is rising at an exponential rate against the backdrop of urbanization, digitalization and increasing reliance of businesses on IT infrastructure. To ensure a continuous power supply, demand for an uninterrupted power source or UPS has witnessed a meteoric rise in the past decade. Further, an uninformed power cut can cause a significant monetary loss to a business, in turn underlining importance of UPS that allows shift to a standby power supply or gives time for proper shut down of critical equipment.
Lithium ion batteries have replaced traditional batteries to a greater extent in UPS and are meeting the demand for high power capacity in the electronic battery operated devices. With the rising adoption of UPS and battery-operated devices, sales of batter management services are set to rise in the coming years.
Fact.MR estimates that automotive industry continues to register a significant demand for battery management system and accounted for over two-fifth volume sales in 2018. Demand for battery management system in the energy-related applications is projected to register the second highest demand for battery management systems.
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Battery management system provides an efficient energy storage system loading control strategy with improved energy utilization efficiency and optimized energy load characteristics. Further, increased emphasis on the installation of renewable energy sources across the world and development of lithium batteries with enhanced performance and lifecycle have necessitated the installation of battery management system in the power-related applications.
The study finds that sales of battery management system in telecommunication and consumer handheld applications are also expected to rise in the coming years. Globally, consumer electronics, especially handheld devices such as smartphone and tablets find an extensive application. In the telecommunication industry, to maintain the services of network infrastructure up and running, batteries are plating vital role, in turn, generating demand for battery management system.
North America Continues Ascendancy in the Market, APEJ and MEA to Witness Higher Growth Rate
With volume sales of nearly 4 million units, North America is projected to reserve its pole position in the battery management system market in 2019. Europe is estimated to follow North America, albeit growing at a faster rate. These developed regions with their flourishing automotive industry and increasing power demand present the most lucrative market for battery management system.
Developing countries such as China and GCC countries in APEJ and MEA regions present growing demand for battery management system. Fact.MR study finds that APEJ and MEA will witness rapid growth in the coming years, wherein both the regions are expected to register over 23% growth in 2019.
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As battery management system enhances battery lifespan and improves overall battery performance, battery-based device manufacturers prefer reliable and certified products distributed through original equipment manufacturers (OEM). These end-user sentiments explain the dominance of Tier 1 players in the battery management system market.
In the consolidated marketplace, top players are leveraging merger, acquisition and collaboration strategies to increase their revenue share in the market. These business developments are aimed at delivering efficient and high quality battery management system to stay ahead of end-user demand for accurate and reliable services.
The Fact.MR report tracks the battery management system market for the period 2018-2027. According to the report, the battery management system market is projected to grow at an impressive 21.2% CAGR through 2027.
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