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Battery Management System Market To Hit 20.5% CAGR

02 Jun 2016 - Battery Management System
The battery management system market (BMS) is expected to grow at a CAGR of 20.5% between 2016 and 2022 to reach $7.25 billion by 2022 and dominated by the North America region with the largest market shares driven by growing need for battery management in electric vehicles and hybrid electric vehicles.

The BMS market for lithium-ion-based battery is expected to witness the highest growth rate during the forecast period. The high demand for battery management systems (BMS) from the renewable energy storage system applications and growing trend of battery-driven public transport is also drives the growth of the market. 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 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.