Predominantly driven by the rapid expanse of e-mobility, and green energy sector, the battery management system market is all set for an impressive growth outlook in long term. A newly published report of Fairfield Market Research suggests that as the demand for lithium-ion batteries continues to ramp up with growing uptake from automotive, and consumer electronics industries, battery management systems will also be on an uptrend. Up from the revenue worth US$4.6 Bn attained in 2019, global battery management system market is likely to register the valuation of around US$28.4 Bn in 2029. Between 2022 and 2029, the report anticipates the market to display stellar growth, at an estimated CAGR of 19.8%. Frequent introduction of features like faster charging, wireless connectivity, and cost efficiency will heavily contribute toward market growth. Increasing effort and investments in innovative battery technologies will further boost market revenue, says the report.
Li-ion Battery Remains the Top Revenue Contributing Segment in Battery Management System Market
Lithium-ion battery records the highest demand for battery management systems, accounting for a whopping 41% market value share. With a consistently expanding application pool of lithium-ion batteries, the report anticipates an influx of revenue generation opportunities to emerge for the participants in battery management system market. Greater energy efficiency, and lower discharge rates of lithium-ion batteries will continue to uphold their lucrative positioning in the market.
In terms of application, the report estimates continued primacy of automotive battery management systems, followed by the next key application segments, viz., power generation, and communications. Topology-wise analysis of the battery management system market reveals a dominant share of distributed topology segment that accounts for over half the market valuation. Centralized topology follows. The report however expects strong growth in traction for modular topology in the next few years.
North America, and Europe Hold a Collective Share of over 55% in Battery Management System Market
While North America has been at the forefront in global battery management system market space on account of the supportive governments, and stellar growth of automotive industry, the region will continue to be in the bandwagon throughout the period of projection, 2022 – 2029. Mounting hybrid vehicle sales further point to a continuous stream of business opportunity for battery management system manufacturing brands. The overall pace of e-mobility adoption in the region continues to drive demand, says the report. Some of the leading industry participants are located across North America, especially the US, which will also continue to benefit the growth of market here.
It also shows growing market attractiveness of Asia Pacific as the region receives tailwinds from the thriving e-mobility, and renewable energy sectors. Asia Pacific according to the report will continue to represent over 25% of the market valuation through the end of forecast year, majorly attributing to rising application of battery management systems across key industries like automotive, consumer electronics, and telecommunication.
Key Players
The global battery management system market report sheds light on the strategic profiles of some of the significant players heading competition in the market. Some of the profiled companies include Panasonic Industry Co., Analog Devices, Marelli Holdings Co., Ltd, Texas Instruments, Elithion Inc, Eberspächer, Ltd, Johnson Matthey, Leclanché SA, Navitas System, LLC, Nidec Motor Corporation, Nuvation Energy, and Sedemac.
