Europe to Dominate Global Battery Management System Market till 2026
Huge demand for electric and hybrid vehicles and rising environmental concerns are expected to drive the demand for global battery management system market for the forecast period.
According to TechSci Research report, “Global Battery Management System Market By Battery Type (Lithium-Ion, Lead-Acid, Nickel based, Others), By Topology (Centralized, Distributed, Modular), By Type (Stationary Battery, Motive Battery), By Component (Hardware, Software), By Application (Automotive, UPS, Telecommunications, Renewable Energy Systems, Military and Others), By Company, By Region, Forecast & Opportunities, 2026”, the global battery management system market is expected to witness significant growth for the next five years on account of increasing efforts of manufacturers to design battery management system miniature versions integrated with small electronic components. Battery management system offers different features such as battery charger control, cell-over voltage and under-voltage protection and it also monitors the health of battery pack, among others. Manufacturers are integrating battery management system with e-vehicles and e-bikes to avoid incidents and ensure optimum usage of battery storage capacity. Increasing cost of fuel and government policies and regulations regarding carbon dioxide emissions is accelerating the product demand. To ensure the proper functioning and controlling of battery and monitor crucial functions such as battery performance and maintenance scheduling, to check if the battery is overcharged or undercharged, voltages and currents, temperature, among others. Increasing demand for consumer and portable electronics and presence of customer engaging applications is making the users to use the devices for long duration of time and therefore require long hours of battery usage. Growing need for electricity generation to cater to the growing needs of rising population is fueling the global battery management system market.
However, the lack of skilled labors who can implement and test the battery management system and the associated high cost may create hindrance to the market growth.
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Global battery management system market is segmented into battery type, topology, type, component, application, region, and company. Based on battery type, market is further divided into lithium-ion, lead-acid, nickel based and others. Nickel based batteries followed closely by other battery segments is expected to dominate the battery management system market for the forecast period. Nickel metal batteries are secondary batteries having high energy density in which environment friendly materials are used. Nickel batteries find diverse applications in electric vehicles, portable devices, smart grids, and others. Flow batteries can withstand extreme temperatures which make them suitable for renewable energy resources. Solid-state batteries have higher shelf life, non-flammable, are safe and release large amounts of energy. Based on topology, market is fragmented into centralized, distributed, and modular. Modular segment is expected to witness fastest growth for the next five years. Manufacturers prefer modular segment over its counter-parts due to its high computational power and it does not require complex wire harness, so it is considered more secure. Modular topology finds diverse application in various verticals comprising of industrial UPS, medical mobility vehicles, electric vehicles, drones, and energy storage systems, among others which is the main contributing factor for high market demand for the forecast period. Based on application, market is segregated into automotive, UPS, telecommunications, renewable energy systems, military, and others. The automotive industry is dominating the market and is expected to maintain its dominance throughout the forecast period. Rising demand for rechargeable battery in plug-in hybrid vehicles and hybrid electric vehicles is fostering the market demand. Technological advancements in electric vehicles to minimize the fuel costs and maximize vehicle efficiency is contributing significantly to the battery management system market growth.
Linear Technology Corporation, Lithium Balance A/S, Johnson Matthey PLC, Elithion, Inc., AVL List, Toshiba, Panasonic, Texas Instruments, Inc., Valence Technology, Inc., Ventec SAS are the leading players operating in global battery management system market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several battery management system manufacturers are coming up with their technologically advanced offerings.
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“Stringent government policies around the world to reduce the carbon footprint and promotion of electric vehicles to reduce the carbon emissions is driving the battery management system market. Adoption of renewable energy and environment-friendly resources by automotive manufacturers and telecom operators to take the benefits of tax relaxations and subsidies is boosting the battery management market across the globe. Integration of emerging technologies such as artificial intelligence, machine learning, internet of thigs with battery management systems is expected to propel the market growth until 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Battery Management System Market By Battery Type (Lithium-Ion, Lead-Acid, Nickel based, Others), By Topology (Centralized, Distributed, Modular), By Type (Stationary Battery, Motive Battery), By Component (Hardware, Software), By Application (Automotive, UPS, Telecommunications, Renewable Energy Systems, Military and Others), By Company, By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of global battery management system market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global battery management system market.
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