As rechargeable batteries manufacturers are discovering attractive opportunities in consumer electronics industry, exponential growth of the latter is most likely to encourage battery management system (BMS) sales.
Escalating innovation and sales of powered tools such as portable medical tools, battery packs, and garden tools are cited as one of the key factors driving revenue growth of battery management system market.
Attributed to superiority of BMS over PCM (protection circuit module) in terms of reliability, performance, efficient energy consumption, and safety associated with limited battery pack heating, the former continues to witness extensive adoption, prominently in electronics and automotive applications.
A new study by Future Market Insights projects healthy revenue growth for global battery management system market in the years to come.
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- Increasing acceptance for EVs and hybrid EVs points to excellent application prospects for battery management systems
- Established battery management system manufacturers augmenting investments in R&D to achieve BMS multi-functionality
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- Intelligent battery management system (iBMS) is trending owing to the thriving EV and HEV segments
Breakthrough Innovations by Global Giants Triggering Market Growth
One of the best in industry, Tesla‘s batteries are especially notable owing to electric cars and top notch electric storage products. While the brand adheres to continuous evolution strategy through technological advancements, a recent patent publication (by Tesla) signifies the widening expanse of their battery management systems to dynamic redundancy. Tesla’s this particular patent is likely to boost innovation of a brand new generation of battery packs and battery management systems in years to come. Breakthrough innovations by leading companies active in battery management system market are more likely to create a favorable scenario for growth of battery management system market.
China’s leading manufacturer of lithium-ion batteries, CATL (Contemporary Amperex Technology Co., Limited) recently unleashed the delivery of China’s largest and the world’s first-ever BESS (battery energy storage system) that has a multi-functional, centralized energy power station with an integrated energy storage system. The cost efficiency and technical reliability of this battery management system is projected to emerge as a vehicle for a host of applications in the renewable energy sector.
South Carolina-based RELiON, a globally recognized battery storage innovator, launched the next-generation InSight Series of lithium battery products that is specifically designed to cater to demands of deep cycle applications. The company also introduced this invention with a SuperSmart BMS that unlike conventional battery management system boosts performance of battery to maximum without presence of any additional hardware or MasterBMR.
Fuel Efficiency Demands Pushing Battery Management System Adoption
Adapting to the fuel efficient and emission-free vehicles trend, leading automakers and OEMs are focusing on vehicular size and weight reduction by opting for lightweight materials. The criticality of preventing potential battery malfunctioning instances in such cases demands electrification of mechanical components including battery. This is providing a strong impetus to adoption of battery management system. Similarly, surging uptake of lightweight materials by consumer electronics manufacturers is likely to favor adoption of BMS, bolstering revenue growth of battery management system market in coming years.
Cost-sensitive Regional Markets Witnessing Intensifying Competition
While the global battery management system market is a highly fragmented landscape, pricing factor majorly governs the competition. A rising number of stakeholders in battery management system market is bolstering competition, subsequently creating a pricing pressure among the players operating in battery management system marketplace.
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In cost-sensitive Asian markets, especially ASEAN countries and India, battery management system manufacturers often face low profit margins, as leading OEMs serving telecom and automotive industries generally have the bargaining power that enables them to play a decisive role in determining prices of battery management systems. This will reportedly remain a vital factor restricting rapid growth of battery management system market in developing regions.