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The global battery management system market is estimated to witness a CAGR of 20.2% during the forecast period 2023-2030. Battery Management System manages and monitors the state of health and state of charge of a multicell battery string. The system is responsible for safe operation, performance, and battery life under diverse environmental and charge-discharge conditions. The process includes collecting data and communicating it to the elements that balance or control its environment.
The substantial market growth is attributed to various factors such as increasing demand for e-vehicles, stringent government regulations on CO2 emission boost the shift from fossil-based energy to renewable form which further boosts the battery adoption and increasing deployment of battery management systems in automotive and telecom enables end-user to monitor and analyze battery data. Whereas, the cost of deployment and maintenance of battery management systems at a large scale is majorly hindering the market growth.
The battery management system market leverages the trend of cloud-connected systems. The cloud-connected battery management system offers online monitoring and analysis of battery data, estimates the precise state of health (SOH), state of charge (SOC) and helps with critical failures at an early stage.
The global battery management system market is segmented on the basis of battery, connectivity, type, and end-user. These major market segments are further categorized into various sub-segments to study the market in detail.
Geographically, the global battery management system market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. As per the studies, Europe dominated the battery management system market in the year 2019, owing to the presence of key battery manufacturers in the region such as FIAMM (Italy) and Saft (France). Also, the demand for battery management systems is attributed to the presence of major automotive manufacturers such as Daimler (Germany), the BMW Group (Germany), and Volkswagen (Germany).
Key Players Insights
Eberspaecher Vecture, Johnson Matthey PLC, Nuvation Engineering, Valence Technology, Inc., and Linear Technology Corporation, Leclanche, Lithium Balance, and Storage Battery Systems among others are some major players included in the research study of the global battery management system market. Companies are adopting various strategies to withhold majority of the market share; product launches, partnerships, joint ventures, and acquisition are some crucial strategies focused on by companies in the past few years. For instance, in July 2019, Robert Bosch GmbH, an engineering firm launched a new service ‘battery in the cloud’ with a focus to extend the life of electric car batteries by 20%.
Research the on the Global Battery Management System Market Include: