Battery Management System Market got a Boost from BMS Used in Lithium-Ion-Based Battery
By virtue of their being an important component in vehicles, the demand for efficient battery management systems (BMS) is expected to mount due to the increasing demand for electric vehicles (EVs), plug-in hybrid vehicles (PHVs), and hybrid electric vehicles (HEVs). These vehicles generally include a series of battery packs, which require efficient monitoring. A battery management system is typically the brain behind the battery pack. Apart from monitoring battery operations, BMS also protect the cells in a battery pack.
The global battery management system market is diverse, witnessing demand from numerous segments and various applications. The increasing demand for electric vehicles, aerospace and defense equipment, and energy storage systems will play a key role in augmenting demand from the global BMS market. The design and function of BMS has evolved considerably from a mere monitoring device to an advanced and intelligent unit that determines the different modes of battery operation.
The report discusses the growth prospects of and factors positively influencing the global battery management system market. Hybrid or electric vehicles include a series of connected battery packs. These battery packs require extensive monitoring, making battery management systems extremely crucial in vehicles for ensuring reliable battery operation.
Technical Aspects Report for Battery Management System at: http://bit.ly/2bKPR7K
The report presents a comprehensive overview of the various factors contributing to the expansion of the global battery management system market. It also presents insights into challenges that the market could face over the forecast period. The impact of regulatory policies and prevailing economic trends on the overall market operations is also studied in the report in detail.
BMS used for lithium-ion-based battery dominates the global BMS market since lithium-ion-based batteries are used for diverse industrial applications. This can be attributed to their high energy and power density, low standby losses, and light weight. Furthermore, due to the recent price reduction of lithium ion batteries and their increasing adoption in UPS, renewable energy systems, electric vehicles, and telecommunications, the demand for BMS is expected to surge in the forthcoming years.
During the forecast period, battery management systems used for modular topology are also expected to demonstrate a robust CAGR. An increasing number of manufacturers are preferring modular topology since it offers impressive computational power and is considered safe, not requiring extensive wiring harnesses. Modular topology is suitable for various applications such as in industrial UPS, energy storage systems, drones, medical mobility vehicles, and parts of electric vehicles.
Despite witnessing growth at a positive rate, the lack of proper standards for the development of BMS for diverse applications hinders the global BMS market to an extent. This in turn makes it difficult to compare the performance between two battery management systems.
Regionally, North America held the largest share of the global battery management system market in 2015. However, Asia Pacific is expected to exhibit the fastest growth during the forecast period. Increasing demand from countries such as Japan and China significantly boosts the battery management system market in Asia Pacific.