Worldwide Battery Management System To Reach $14,422 Million By 2026: Polaris Market Research
- North America is expected to be the leading contributor to the global market revenue during the forecast period
- During the forecast period distributed and modular topologies are expected to represent strong growth
Image for representation (pic credit-ceth ksu)
The worldwide battery management system (BMS) market is anticipated to reach $14,422 million by 2026 as per a report by Polaris Market Research. 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.
It said that 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 like aerospace and defense, healthcare, and electronics among others. The increasing adoption of BMS in data centers, and renewable energy systems further boosts the growth of this market.
It added, “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. “
Development of public charging infrastructure has accelerated significantly
The report said that 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. it added that due to 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, and decreasing prices of the same is expected to further increase the demand of battery based electric vehicles in the market.
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 report added that North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. This is due to increasing demand for alternative fuel vehicles, especially the electric-vehicles is expected to drive the growth of battery management systems in this region.
It added that, ” 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 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. This is due to increasing applications, stringent government regulations regarding vehicular emissions, increasing acceptance of electric vehicles.