A battery management system can be described as an electronic system that monitors, protects, reports and balances one or more rechargeable batteries. A battery monitoring system usually keeps a close eye on various variables like voltage, current, health of the batteries, a battery’s level of charging and internal as well as external environment temperature. Effective battery management techniques ensure efficient operation and an extension of the lifespan of a battery.
The main driver of growth for the Battery Management Systems Market has been climate change. With the usage of fossil fuels and emission of greenhouses gases resulting in unpredictable weather patterns, the initiative for adopting renewable sources of energy has been increasingly strong in recent years. As renewable sources of energy are unpredictable, the storage of energy by implementing various battery control processes, like the lithium battery management system, have become incredibly important.
Scope & Regional Forecast of the Battery Management Systems Market
A battery control system is now commonplace in auto-mobiles, electric vehicles, smart grids, smart homes, renewable energy parks like solar or wind, and off-the-grid sustainable communities. Such a wide variety of applications and requirements have prompted manufacturers to focus on R&D for the development of radically new battery management system designs. The public initiative to focus on usage of electric vehicles like Tesla or Faraday Future has resulted in a thorough breakdown of the role of a car battery monitoring system. Countries which are located close to the equator are increasingly investing in the development of more efficient solar battery management systems in an effort to wean themselves away from fossil fuels like oil and gas.
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All the factors mentioned above have resulted in North America, due to its early adopter status, dominating the Battery Management Systems Market in 2015. But the need for economies of scale has prompted the installation of gigantic manufacturing hubs in Asia-Pacific. This region is expected to significant potential for future growth due to rising adoption of battery management systems as well as growing public awareness regarding the effects of climate change and fossil fuels.
Segmentations & Key Players Involved in the Battery Management Systems Market
According to IndustryARC findings, the Battery Management Systems Market can be broken down into various segmentations on the basis of –
- Component: Power Module, Battery, Communication Channel, DC/DC Converter and Load.
- Application: Energy Harvesting and Nano Power Solutions, Electric Bicycle Solutions, Wireless Power Devices, Handheld Consumer Medical Equipment, Portable Industrial Solutions, Automotive Power Solutions and Others.
- End-User Industry: Automotive, Telecom, Power Grid, Wind, Solar and Others.
- Topology: Distributed, Modular and Centralized.
Some of the key players involved in the Battery Management Systems Market according to IndustryARC are as follows:
- Electric Vehicle Innovative Systems
- Lithium Balance Corporation
- Johnson Matthey Battery Systems
- Toshiba Corporation
- SK Continental E-motion
- Linear Technology Corporation
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