Market Study on Battery Management ICs: East Asia Largest Market; South Asia & Pacific Fastest-Growing Market
New York, July 06, 2022 (GLOBE NEWSWIRE) — According to the battery management ICs market analysis done by Persistence Market Research, demand registered in the market is predicted to increase at a steady CAGR of around 5.1% from 2022-2032. The report states that the market is expected to reach a valuation of US$ 4.47 Bn in 2022. Surge in demand for hybrid electric vehicles is expected to drive demand growth of battery management ICs over the coming years.
Rise in the incorporation of battery management ICs in battery management systems stems from increasing stringent government regulations w.r.t to carbon emissions from traditional fuel vehicles with rising demand for renewable energy storage systems. Moreover, several industries are inclining toward the adoption of battery management ICs for overcharging prevention, thermal management, and controlling and optimization of charging cycles.
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Key Takeaways from Market Study
By IC type, battery charger ICs accounted for a leading share in the global market in 2021 and the segment is estimated to expand at a robust CAGR of 5.4% through 2032.
By application, the automotive segment is anticipated to increase at a CAGR of 6.7% between 2022 and 2032.
East Asia dominates the battery management ICs market, followed by North America. South Asia & Pacific is expected to be the fastest-growing regional marker.
The market in the U.S. is expected to progress at a CAGR of 6.1% during the forecast period.
In India, the battery management ICs market is expected to grow 2.4X by 2032.
The market in China is estimated to witness an absolute opportunity of US$ 292.9 Mn over the decade.
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“To meet the increasing demand for technologically-advanced renewable products, organizations need to adopt energy-efficient battery systems, thereby lead to increased investments and awareness about battery management ICs,” says a Persistence Market Research analyst.
Rise in Number of Data Centers Fueling Demand for Battery Management ICs
Demand for data center infrastructure is growing exponentially with the rise in data consumption, cloud adoption, and ever-increasing digital users. Increasing requirement for power optimization in existing and new data centers with rapid growth in tier-4 type data is augmenting market growth. Efficient battery optimization under safe operating conditions with cost optimization is a prominent driver for market growth.
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Rising demand for data centers to enjoy enormous uninterrupted power supply with nearly 100% uptime and reduced material and technology cost will also add to the demand growth of battery management ICs.
More Valuable Insights on Offer
Persistence Market Research’s report on the battery management ICs market is segmented into three major sections – IC type (battery charger ICs, battery authentication ICs, battery fuel gauge ICs, battery protector ICs, and others) application (automotive, industrial equipment, medical devices, consumer electronics, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa).
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