Battery management systems deals with various issues of rechargeable batteries, such as monitoring battery state, measuring secondary data, controlling battery environment, and protecting battery from functioning out of its safe operating area. Escalating popularity of electric vehicles & renewable energy storage systems are expected to stimulate the expansion of battery management systems market in the near future.
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In addition, battery management systems help in monitoring the battery state represented by state of health, current, voltage, coolant flow, state of charge, state of power, and temperature. Introduction of new technologies across the automotive sector including electric vehicles are likely to drive the growth of battery management systems industry.
Lithium-ion batteries, flow batteries, nickel-based batteries, and advanced lead-acid batteries are few of the key rechargeable batteries that find application in the battery management systems. Escalating requirement of modular topology across energy storage systems, industrial UPS, drones, and electric vehicles is likely to drive the business space. The large-scale application of unmanned vehicles such as drones in defense sector and burgeoning demand for durable batteries for mobiles & laptops is likely to spur the scope of battery management systems market.
Rampant usage of battery-operated devices such as portable equipment and electric bikes are likely to further upswing the growth curve of battery management systems market over the coming years. Rising IoT & digitization trends along with large-scale application of cloud computing has steered up the demand for uninterruptible power supply systems. This, in turn, is forecast to positively leverage the growth of battery management systems industry size in the near future.
Mergers & acquisitions have always been lucratively influencing the progression of battery management systems industry. In February this year, Indian-based energy startup firm ION Energy acquired French battery management firm Freemens SAS in a cash & equity agreement. Sources cite that after the acquisition, Freemens Engineering & sales team will join the main team of ION Energy. Reportedly, the buyout is likely to help ION expand its customer base across U.S., India, and many other countries of the EU.