Research and Markets :Battery Management System (Lithium-Ion, Advanced Lead-Acid, Flow Battery, & Nickle Battery) Market 2016 - Global Trend and Forecast to 2022
Click:1302 2016-06-25
DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Battery Management System Market by Battery Type (Lithium-Ion, Advanced Lead-Acid, Flow Battery, & Nickle Battery), Component, Topology (Centralized, Modular, Distributed), Application, and Geography - Global Trend and Forecast to 2022" report to their offering.
The battery management system market is expected to grow at a CAGR of 20.5% between 2016 and 2022 to reach USD 7.25 billion by 2022
The battery management system market is driven by factors such as the growing need for battery management in electric vehicles and hybrid electric vehicles. Moreover, the high demand for battery management systems from the renewable energy storage system applications and growing trend of battery-driven public transport further drives the market.
BMS for lithium-ion based battery to witness maximum growth during the forecast period
The BMS market for lithium-ion-based battery is expected to witness the highest growth rate during the forecast period. The battery management system is integrated with lithium-ion-based batteries to protect and manage the battery pack. It is also integrated with lithium-ion-based batteries such as lithium polymer and lithium iron-phosphate among others. These lithium-ion batteries are widely used in applications in portable devices, electric vehicles, and renewable energy systems among others. The growth in these applications further drives the growth of the market.
North America expected to hold the largest market share by 2022
North America held the largest share of the global battery management system market in 2015 owing to the rapid adoption of battery management systems in various applications such as portable device, automotive, renewable energy storage system, and telecommunication among others in this region. Also, the growing trend of battery-powered automotive such as electric vehicles, e-bikes, and automated guided vehicle as well as the increasing number of projects in North America related to energy storage through renewable energy storage systems are expected to drive the battery management system market.
