Battery Management System Market Size, Share, Emerging Trends, Analysis and Forecasts to 2027
[170 Pages Report] Battery Management System Market research report categorizes the global market by Topology (Centralized, Modular, Distributed), By Components (Battery Management Unit, Communication Unit), by Application (Automotive, Energy, Telecommunication, Consumer Handheld), & by Region (North America, Latin America, Europe, Japan, APEJ, MEA).
[USPRwire, Wed Sep 25 2019]
End-user preference for reliable battery management services explains dominant share of Tier 1 players who are original equipment manufacturers. Battery management systems used in healthcare devices such as heart monitor; defense radio and mobile unmanned devices are required to provide services that are critical in nature. Manufacturer of these devices prefer services of a certified providers who deliver proven and reliable battery management systems.
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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.
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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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.
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