The global market for electronic battery management systems is expected to grow at a CAGR of 11.6% through 2023, according to a study by Radiant Insights. Battery management systems control and manage charging and discharging of rechargeable batteries. They also control and monitor coolant temperature and flow for air or liquid cooling, main power voltage, battery and cell health, battery or cell voltage, and temperatures of the batteries or cells.
According to the firm, the market is being driven by applications in smartphones, electric vehicles, and high demand in renewable energy systems. However, the lack of standards for the development of the battery management system may restrain overall market growth in the years to come.
Globally, North America is expected to be the largest market for battery management systems, due to high demand for automated guided vehicles, battery-powered electric vehicles, and e-bikes.
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The firm noted that Europe and the Asia Pacific market will also impact future market growth. Europe is presently the second largest region, but the Asia Pacific region is estimated to grow at the highest CAGR in the forecast period.
According to the study, key players in the battery management system (BMS) market are Vantec SAS, Intersil Corporation, Valence Technology, Inc., Linear Technology Corp., Nuvation Engineering, NXP Semiconductors N.V., Lithium Balance A/S, Texas Instruments Inc. and Johnson Matthey Plc. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.