Further, application landscape of battery management system is expanding, thereby encouraging OEMs to broaden their product offerings of medium to high voltage battery management systems, particularly for electric vehicles as well as renewable energy and load balancing applications.
Battery Management Systems to Become the Cornerstone of Electric Vehicles
The highly embraced lithium ion battery in electric vehicles carries its own challenge of instability in case of over or under charged circumstances. As the electric vehicle momentum is picking up, auto manufacturers are vying to develop electric car technology that delivers assurance to customers. Disruptive innovations in battery technology and battery management system have bridged the initial energy gap due to which EVs failed to flourish in the beginning.
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Huge investments are underway to develop battery management system with smart microcontrollers that precisely monitors vital battery parameters. While efforts are underway to increase battery capacity to meet performance demand, a need for an efficient battery monitoring device has increased investments in battery management systems in the EV landscape.
Fleet Owners Leverage Battery Management Systems to Enhance Operational Efficiency
The material handling equipment landscape has adopted multiple advanced technologies to address frequent downtimes of equipment. While predictive maintenance is being integrated in fleet management to mitigate the impacts of downtime, fleet owners are incorporating battery management systems in a bid to minimize fleet running cost and enhance operational efficiency.
As poor battery maintenance results in shorter battery life and run times, warehouse and fleet owners are embracing installations of battery management systems that deliver effective battery management, reduced downtime and significant savings that were spent on changing the malfunctioned batteries. Additional advantages of battery management system installation includes saving of warehouse space that was previously devoted to battery charging and safe charging regimes.
Well aware of these benefits, fleet owners and retailers that own warehouses are actively adopting battery management systems to optimize battery performance and increase overall operational efficiency.
Growing Reliance on UPS to Boost Battery Management System Application
Power consumption is rising at an exponential rate against the backdrop of urbanization, digitalization and increasing reliance of businesses on IT infrastructure. To ensure a continuous power supply, demand for an uninterrupted power source or UPS has witnessed a meteoric rise in the past decade. Further, an uninformed power cut can cause a significant monetary loss to a business, in turn underlining importance of UPS that allows shift to a standby power supply or gives time for proper shut down of critical equipment.
Lithium ion batteries have replaced traditional batteries to a greater extent in UPS and are meeting the demand for high power capacity in the electronic battery operated devices. With the rising adoption of UPS and battery-operated devices, sales of batter management services are set to rise in the coming years.
Limitations of Circuit Protection in High Power Applications – A Major Challenge for Battery Management System Manufacturers
The battery industry has witnessed development of high voltage batteries on the back of emergence of electric vehicles. In addition, increasing numbers of electric components in automobiles have generated the need for higher voltage batteries. While automotive industry is exploring lithium ion batteries for high power demand, circuit protection remains highly critical as its failure can lead to thermal incidence or contact with car’s metal framework resulting in an accident.
While designers seek to avoid these complexities, the current battery management system lacks a single solution which accommodates circuit protection need of the entire high voltage battery system. Current applications include combination approaches wherein new architectures or new voltage classes are introduced to maximize economies of scale. Lack of a standard application-specific solution in battery management system remains a major challenge wherein a significant investments are being utilized.
Battery Management System Market - Competitive Landscape
The competitive landscape section of the battery management system market report delivers vital information regarding future and present competition scenario. A dashboard view of all the key players in the battery management system market can be found in the section. Further, important information such as product offerings, business development, relative market size and global market footprints of all the key players in the battery management system market can be found in the competitive landscape section.
Few of the key players profiled in the battery management system market include Eberspaecher Vecture Inc., Toshiba Corporation, Larsen & Turbo Technology Services, AVL List GmbH, Lithium Balance A/S, Johnson Matthey Plc., Texas Instrument Inc., NXP Semiconductors NV, Nuvation Engineering, and Merlin Equipment Ltd.
Prominent business strategies observed in the battery management system marketplace are merger, acquisition and collaboration. For instance, ION Energy, a US-based clean tech startup has acquired Freemens SAS, a French battery management system provider in February, 2018.
In February 2018, Lithium Werks, a rapidly growing Li-ion battery and portable power solution provider announced acquisition of Valence Technology, Inc., a provider of battery modules and packs. With the acquisition Lithium Werks intends to distribute Valence’s high quality battery modules and battery management system.
In January 2018, Cummins, a power industry giant acquired Johnson Matthey’s Automotive Battery Systems Business with an aim to expand Cummins’ electrification and energy storage capacities.
In September 2018, Maxim Integrated Products, Inc. announced that company’s single-chip, ASIL D-rated battery monitoring IC is being integrated in new Nissan LEAF, a zero-emission electric vehicles. Maxim’s battery management system delivers highest safety standards, supports ISO 26262 and ASIL D requirements and reduces bill of material cost and failure in time rates.
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In July 2018, AKASOL, a German Li-Ion battery system provider announced that the company will begin the production of second generation lithium ion battery system for Mercedez-Benz’ eCITARO.
Battery Management System Market - Definitions
Battery management system (BMS) refers to monitoring devices that monitor real-time power changes in the battery. With the accurate monitoring of battery power capacity, battery management system increases performance, safety, reliability and lifespan of batteries.
Battery Management System Market - About the Report
MRRSE has complied a study on battery management system market and published a report titled, "Battery Management System Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2018 to 2027." The battery management system market report provides actionable insights that are backed by in-depth analysis of market dynamics such as market drivers, restraints, trends and future opportunities.
The battery management system market report covers study of the market for the historical period 2013-2017 and forecast period 2018-2027. Along with the study of battery management system market, the report also includes analysis of associated industry developments.
Battery Management System Market Structure
The battery management system market is thoroughly studied to derive a viable market structure. Based on an in-depth assessment, the battery management system market is segmented based on topology, components, application and region.
Based on topology, the battery management system market is sub-segmented into centralized, modular and distributed types of topologies. With respect to components, the battery management system market is sub-segmented into battery management unit and communication unit.
The battery management system market is also categorized based on applications that includes automotive, energy, telecommunication and consumer handheld. The battery management system market is studied for key regions including North America, Latin America, Europe, Japan, APEJ and MEA.
The regional analysis is backed by a thorough country-wise analysis and forms the basis of the global forecast of the battery management system market.
Battery Management System Market - Additional Questions Answered
In addition to the aforementioned insights, the battery management system market report covers all the important facets of the market that hold significant influence on the growth of the battery management system market. A thorough analysis as such can provide answers to some of the bemusing questions of the business professionals interested in the battery management system market.
- Which application is expected to register highest revenues in the battery management system market in 2019?
- What will be the size of the battery management system market in 2019?
- What is the influence of associated industry developments on the future growth of the battery management system market?
- Which region is projected to register highest revenues in the battery management system market in the coming years?
Battery Management System Market - Research Methodology
The battery management system market report also provides an elaborated information of the robust research methodology used to study the battery management system market. The research methodology is discussed systematically to cover minute details of the battery management system market analysis.
The research methodology section of the battery management system market report also includes information of the primary and secondary research carried out to derive industry data. Primary research includes interviews with industry savants and industry-specific analysts. Secondary research includes study of already published data of the industry, press releases and other sources of industry validated information.
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