Battery Management ICs Market Size, Growth Strategy, Trends And Global Forecast (2023 – 2033) With a CAGR of 18.9% | PMR
Battery Management ICs Market is expected to reach US$ 7.38 Bn by 2032, expanding at a CAGR of 5.1% between 2022 and 2032 – Exclusive Report by PMR
NEW YORK, NEW YORK, UNITED STATES OF AMERICA, January 5, 2023 /EINPresswire.com/ — 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.
“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.
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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.
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.
Key Players :
STMicroelectronics
Infineon Technologies
Texas Instruments
Maxim Integrated
Microchip Technology
Diodes Incorporated
Panasonic Industry Co. Ltd.
Analog Devices
Eutech Microelectronics
Rohm Semiconductor
Renesas Electronics
LAPIS Technology Co., Ltd.
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Key Segments of Battery Management ICs Industry Research
Battery Management ICs Market by IC Type:
Battery ICs
Battery Authentication ICs
Battery Fuel Gauge ICs
Battery Protector ICs
Others
Battery Management ICs Market by Application:
Automotive
Industrial Equipment
Medical Devices
Consumer Electronics
Others
Battery Management ICs Market by Region:
North America Battery Management ICs Market
Latin America Battery Management ICs Market
Europe Battery Management ICs Market
East Asia Battery Management ICs Market
South Asia & Pacific Battery Management ICs Market
Middle East and Africa (MEA) Battery Management ICs Market
About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
About us:
Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
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