SHERIDAN, WYOMING, UNITED STATES, August 2, 2022 /EINPresswire.com/ — According to the latest report by IMARC Group, titled “Battery Management System Market: Global Industry Trends, Share, Growth, Opportunity and Forecast 2022-2027,” the global Battery Management market is expected to exhibit a CAGR of 18.9% during 2022-2027. A battery management system (BMS) is an integral component of a battery pack responsible for the advanced monitoring and management of several battery parameters. It is widely used for protecting the battery pack from getting over-charged or discharged, controlling current and the voltage in the battery, ensuring optimal functioning, and continuously checking for loose connections, breakdowns in wire insulation, and short circuits. It also provides reliable battery operation and safety, enhances battery health, and improves battery life. Besides this, BMS assists in estimating the battery’s operational state and optimizing performance, due to which it is extensively used in automotive, military, healthcare, consumer electronics, and telecommunication systems.
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Global Battery Management System Market Trends:
One of the key factors driving the market growth is the significant growth in the electric vehicle (EV) industry. BMS are widely used in electric vehicles, such as cars, e-bikes, golf carts, and buses, to ensure peak performance, safety, and battery protection. Additionally, the integration of machine learning (ML) to develop smarter BMS that can predict the state of charge (SOC), state of health (SOH), and remaining useful life (RUL) are favoring the market growth. Such advancements help enhance vehicle range and battery life expectancy, thus acting as another growth-inducing factor. Besides this, widespread product utilization in renewable energy systems and increasing adoption of rechargeable batteries across several end-user industries are anticipated to drive the market toward growth.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Navitas Systems LLC (East Penn Manufacturing Company)
NXP Semiconductor N.V.
Storage Battery Systems LLC
Valence Technology Inc.
Lithium Werks B.V.
Breakup by Battery Type:
Breakup by Type:
Breakup by Topology:
Breakup by Application:
Military and Defense
Renewable Energy Systems
Breakup by Region:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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