The development in the renewable energy storage segment is leading to an increase in the demand for rechargeable batteries which will be impacting BMS market significantly in coming years. Increasing popularity of rechargeable batteries is also due to utilization of battery backup in various applications such as military, healthcare and telecommunication. Anticipated growth in Power Grids and Automotive industry is also a clear indicator that the battery management systems are strongly penetrating the global market.
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The basic task of a battery management system is to ensure good health of the battery by optimally using the energy inside a battery and preventing it from any kind of damage or misuse. It is a combination of hardware and software which will ensure longer and healthy battery life. A study on battery management system is very crucial since the market for rechargeable battery is on a high growth rate.
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The Automotive industry which is a major driver of BMS market has its major sales coming from APAC region. The leaders in the electric car sales are Japan and China. For the increasing market share of electric vehicle and hybrid vehicle, safety and reliability are the major concerns which can be fulfilled only with a good battery management system.
APAC is the largest market of BMS since major automotive manufacturers are located there. It is followed by Americas and Europe. China is a growing market in APAC for BMS due to increasing use of hybrid and electric vehicle. Since the growth rate of Automotive, Telecom and Power Grid is anticipated to be high, the market revenue from the respective End-User Industry is seen to be greater than the others.
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