Batteries are widely used as a major energy sources for several applications. Battery systems use several technologies, with chemistries demonstrating varied challenges and benefits. Technology limitations and cost are the major issues which remain priority concerns for automakers and consumers. However, with growth in adoption of Electric Vehicles (EVs) and increase in manufacturing capacity, companies are coming up with new innovations to drive EV battery technology in the future period. Technological advancements include increased focus on sustainable and responsible mineral sourcing, new vehicle-to-grid (V2G) applications, improved safety measures for advanced battery technologies and declining battery costs.
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The EV battery is expanding at substantial growth rate and is anticipated to reach ~US$85 Mn by the end of the year 2025. The U.S. Advanced Battery Consortium (USABC) and U.S. Council for Automotive Research (USCAR) have set minimum goals for battery characteristics considering long-term commercialization of advanced batteries in hybrid electric vehicles (HEVs) and EVs. Safety and reliability are the top concerns when considering future growth of the EVs and HEVs. Battery management systems play a vital role in optimizing vehicle operation in a safe and reliable manner, improve battery performance and acts as a connector between battery and the vehicle. Hence, witnessing a rapid growth of the HEV and EV market, the development of mature and comprehensive battery management system becomes a need of an hour.
The automotive segment of the global battery management system market is estimated to grow at a substantial growth rate and will hold the dominant position amongst other segments such as military, renewable energy systems, telecommunication Uninterrupted Power Supply (UPS) and others.
Battery Management System Industry
The global battery management system market is estimated to witness a CAGR of more than 17% during the forecast period 2020-2025. Key factors driving the growth of the battery management system market are rising need for battery monitoring in renewable energy systems and management of power grids, stringent government regulations on CO2 emission, rising trend of smart homes and others. While, high cost in deployment and maintenance of battery management systems majorly impedes the market growth over the forecast period.
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 key players of the global battery management system market. Companies are adopting various competitive strategies to withhold majority of the market share in the global marketplace.
Europe and North America: A Tussle to Grab Majority in the Global Market Share
Presence of major key players in US and Canada coupled with high penetration of EVs create a large share of North America in the global battery management system market. Government support to boost the adoption of EVs ad HEVs in the region further drives the regional market growth. For instance, the U.S. American Recovery and Reinvestment Act provides funding to produce HEVs by government and private agencies. These factors create opportunities for the battery management system industry in North America at large-scale. For instance, in January 2018, Maxim Integrated launched an advanced battery management system for developing smart car in the future.
Europe will also register a healthy growth rate in the battery management system industry owing to high penetration rate of EVs in the Netherlands and being an attractive production site for battery manufacturer. Europe offers positive business case with lowest risk in supportive and predictable political environments, smooth permitting and licensing processes, access to skilled labor, strong commitment at most levels of government to transition to a lower-carbon system and financial incentives with good access to international raw-materials markets coupled with well-connected ports and developed infrastructure. These factors cumulatively influence the growth of the Europe battery management system market.
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