Battery developers across the world are creating cloud-connected battery management systems to enhance the life of the battery. This system offers advantages such as online monitoring and analysis of the battery data, identifying the possible critical failures at an initial stage, and estimating the state of health (SOH) and state of charge (SOC).
For example, in July 2019, Robert Bosch GmbH introduced a new service, "battery in the cloud", to extend the life of electric car batteries by 20%. Thus, the spurring demand for electric vehicles (EVs) will drive the battery management system market at a CAGR of 14.5% during the forecast period (2020–2030). The increasing adoption of EVs is an outcome of the high pollution levels, growing scarcity of fuel, and favorable government policies that support the production and adoption of such vehicles.
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Moreover, For instance, in 2018, New Zealand joined the EV initiative and launched a program to become a net-zero-emission economy by 2050. On account of this factor, the value of the market is projected to escalate from $5.1 billion in 2019 to $22.3 billion by 2030. Moreover, the requirement for battery management systems has surged due to the rising demand for renewable energy, globally.
All the sources of renewable energy require lithium-ion (li-ion)- or lead–acid-battery-based storage systems, owing to their variable and, often unreliable, output. Moreover, these energy storage systems require battery management systems for controlling and monitoring their operations. In recent years, the adoption of renewable energy has escalated quickly, on account of the spiking pollution levels, global warming, and amplifying government support, in the form of incentives and subsidies.
This market research report provides a comprehensive overview of the market
* Future potential of the market through its forecast for the period 2020– 2030
* Major factors driving the market and their impact during the short, medium, and long terms
* Market restraints and their impact during the short, medium, and long terms
* Recent trends and evolving opportunities for the market participants
* Historical and the present size of the market segments and understand their comparative future potential
* Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings