The global battery control technology market is expected to witness significant growth over the forecast period. Advancement in the sector was achieved through a system approach including smart microcontroller batteries chargers, advanced batteries and power conditioners. These batteries are used to accumulate and transport electrical energy.
Changing needs in consumer and commercial electronics market, electrical power generation market and transport industry are the basic driving factors for battery control technology market. Functions of power portability and power storage makes these batteries very essential for today’s consumer and industrial oriented purposes.
Worldwide drives by many organizations towards limiting the use of fossil fuels have been successful in changing the mindsets of people to use more of rechargeable batteries, creating a demand for this product globally.
Technological advancements in the automobile industry in electric cars segment helped to push the boundaries which increased application of battery control technology in this industry making it a primary driving factor.
According to International Energy Agency (IEA), electrical vehicles sales doubled between 2011 and 2012 and it is estimated that there would be 20 million electric vehicles on road by 2020. The core competency of the electrical vehicle is the improved battery system. This has a direct positive impact on the battery control system market.
Battery control technologies are predominantly used in automated material handling systems. Material handling automation is expected to grow at an estimated CAGR of over 8% over the forecast period, which is in turn expected to drive the battery control technology market over next seven years.
Importance of sophisticated battery systems has increased over the time in the usage for material transport system and logistics automation in automotive, paper & print, electronic, food & beverage, machine tools, wood & furniture and pharmaceutical industries making it a potential market in the non-consumer segment.
Rising application of battery control systems in various industries and required increase in the performance of the battery systems both in consumer and commercial segments is expected to create new growth opportunities in the industry.
Commercialization of microprocessor controlled chargers has led to increased performance in these systems which is expected to increase demand for the same. There is a huge opportunity in the consumer applications segment due to extension of battery life and life cycle.
Portable products and stationary powered applications which includes uninterrupted emergency power supply equipment’s, computers and cellular phones mostly use rechargeable batteries which needs battery control technology. Increasing use of home and commercial inverters and UPS devices is expected to create an opportunity in this segment.
High installation and initial cost is anticipated to restrain the consumer end which may limit the rechargeable battery usage. The automotive application segment has technically evolved to a large extent and has a very strong market potential. However, increased initial cost of battery powered vehicles is expected to restrain the market growth.
High R&D costs and investment requirements involved in developing sophisticated technology is anticipated to limit the industry growth. Use of non-environment friendly chemicals such as mercury, led and cadmium may limit the industry due to legislation issues in some countries and this is the major restraint for the market participants.
On the basis of products, market can be segmented as smart batteries, chargers and conditioners. Chargers hold the maximum share in the battery control technology accounting for over 55% of the market. Smart battery segment is estimated to possess huge growth potential over the forecast period.
On the basis of region, market can be segmented as North America, Central & South America, Europe, Middle East & Africa and Asia pacific. The U.S., Australia, Japan, China and Germany having the highest usage of these batteries makes them a potential target market. Strict pollution norms and environmental awareness in these nations is creating a need from shifting from conventional combustion engines driven vehicles to electrical vehicles.
Countries where the economy is driven by manufacturing sector have a high scope in future to be a potential market due to the advantages of these secondary batteries. Medical and other important equipment which needs undisturbed electric supply are presently using mechanical systems to store the energy which takes huge space which can be replaced to rechargeable batteries for better functioning.
Key players operating in the industry include A123 systems LLC., Ford Motor Co., GE Energy LCC., Toyota Motor Corp., Sony Electronic Inc., Samsung SID Co. Ltd., Sanyo electric Co. Ltd., Panasonic Corp., L.G Chem LTD., Honda Motor Co. Ltd.
Many of the key players operating in the industry have a competitive advantage as they are well established players in the automobile and electrical & electronic industries. Industry participants like Toyota, Ford and Honda are prominent players in the automobile sector, while GE, Sony, Samsung etc. are established players in electrical & electronic industry. This leads to increased threat to new entrant as new firm needs to compete with the well-established market players.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now
"The quality of research they have done for us has been excellent."