A recent Transparency Market Research report states that global battery management systems market is expected to witness an exceptional growth during the forecast period of 2019 to 2027. According to the report, the market is anticipated to witness 18.5% CAGR during the projected tenure. The growth of the market is attributed to the rapid escalation of the power demand in various part of the globe. Both domestic and industrial domains have massive power consumption and interruption in power supply can disrupt their productivity.
Based on these demands, the industries are investing power back-ups that can sustain power cuts keeping the productivity at a sustainable level. Majority of the time, these back-ups are battery driven and hence it gets crucial for the businesses to have a long lasting battery life. As a result of these demands, the battery manufacturers are developing services that can help businesses to manage their battery consumption. Due to these requirements, the global battery management systems market is expected to witness the projected growth between 2019 and 2027.
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Industrial Applications to Boost the Market to US$ 16.6 Bn
Additionally, the demand for the better running and operations of machines in the manufacturing business also drives this growth. It is noticeable that the global battery management systems market is highly competitive and fragmented. This is because of numerous players that dominate the dynamics of the global battery management systems market.
To withstand this competition, the business dealing this market are planning and conducting strategic mergers and collaborations. This allows the players to accommodate or get access to the resources that can help them achieve a sustainable future in the global battery management systems market.
On the other hand, established players are acquiring various small and medium scale businesses to enhance their dominance in the market. Additionally, research and development is one strategy that allows both new players and veterans to bring innovative solutions in the global battery management systems market. With this strategy they can acquire new clients that can propel their profit in the projected time frame.
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North America Dominates the Regional Front of the Market
On the basis of geographical point of view, North America is expected to remain dominant over other regions of global battery management systems market. This is because players like Tesla, Ford, and General Motors are developing new electric vehicles that can match the performance of conventionally driven cars. Moreover, sheer number of players dealing battery management systems market is also major factor responsible in the growth of North America.
Dominance of Li-ion in Type Category
Li-ion or Lithium ion batteries are most extensively used batteries in the world. These batteries are used from consumer electronics such as smartphones and laptops to electric vehicles. These batteries have better stability than any other batteries that are available in the market. Due to this extensiveness of the applications and benefits such as long life, extended operational time, and ease of availability, players of global battery management systems market are developing new systems that can enhance the performance of these batteries. Due to this the segment is expected to dominate the type categorization of global battery management systems market from 2019 to 2027.
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The study presented here is based on a report by Transparency Market Research (TMR), titled, “Battery Management System Market (Battery: Lithium-ion-based, Lead-acid-based, Nickel-based, Flow Batteries; Tropology: Centralized, Distributed, and Modular; and Application: Automotive, Consumer Electronics, Medical and Healthcare, Military and Defense, Renewable Energy Systems, Telecommunications) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027.”