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Battery Management System (BMS) Market to be Driven by Rising Applications in Smartphones, Electric Vehicles & Renewable Energy Systems By 2023 | Radiant Insights, IncSAN FRANCISCO, Oct. 28, 2019 /PRNewswire/ -- Global Battery Management System (BMS) Market is expected to grow at a significant CAGR of 11.6% by 2023 as the scope and its applications are rising enormously across the globe. Battery management system (BMS) is an electronic system that controls and manages a discharging and charging of rechargeable batteries. It also controls and monitors 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. The factors that are playing a major role in the growth of battery management system (BMS) market are the application of battery management system in smartphones, rising use of battery management system in 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. Battery management system (BMS) market is segmented based on battery type, component, topology, application, and region. Flow batteries, lithium-ion based-batteries, nickel-based batteries, advanced lead-acid batteries, and other battery types could be explored in the battery management system (BMS) in the forecast period. Software and hardware are the components that could be explored in the battery management system (BMS) in the forecast period. Hardware sector comprises CAN bus, battery control unit, communication channel, and power management IC. Distributed, centralized, and modular is the topology that could be explored in battery management system (BMS) in the forecast period. The market may be categorized based on applications like UPS (uninterrupted power supply), automotive, renewable energy systems, military, telecommunication, portable device, and others that could be explored in the forecast period. Portable device sector comprises a portable battery pack, consumer electronics (laptops/smartphones), and power tools. Automotive sector comprises automated guided vehicles, electric vehicles, and e-bikes. Download PDF to know more details about "Global Battery Management System (BMS) Market" Report 2023. Battery management system (BMS) market is segmented geographically into Americas (North America, South Aerica), Europe (Eastern Europe, Western Europe), Asia Pacific (India, China, Japan, New Zealand, and Australia), Middle East (UAE, Saudi, and Qatar) and Africa (South Africa). Globally, North America may account for the substantial market share of battery management system (BMS) and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be high demand for automated guided vehicles, battery-powered electric vehicles, and e-bikes. The United States is a major consumer of the battery management system (BMS) in this region. Europe and the Asia Pacific battery management system (BMS) market are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The key players of 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. Global battery management system (BMS) market is anticipated to grow at a CAGR of 11.6% by 2023, according to a new report published by Gen Consulting Company. The report segments the market and forecasts its size, by volume and value, on the basis of application, by products, and by geography (North America, Europe, Asia-Pacific, MEA and South America). The Global Market for battery management system (BMS) to 2023 offers detailed coverage of battery management system industry and presents main market trends. The market research gives historical and forecast market size, demand and production forecasts, end-use demand details, price trends, and company shares of the leading battery management system producers to provide exhaustive coverage of the battery management system. Access 119 page research report with TOC on "Global Battery Management System (BMS) Market" available with Radiant Insights, Inc. @: https://www.radiantinsights.com/research/global-battery-management-system-bms-market-outlook-2018-2023 Market Segmentation:
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