Battery Control Technology Market is valued at approximately USD $$billion in 2019 and is anticipated to grow with a healthy growth rate of more than $$% over the forecast period 2020-2027.
The battery technology market is a key component of the advanced energy storage system market; therefore, the market is witnessing to have a considerable growth rate all over the world. The battery control technology can be extensively used in rechargeable battery to manage and protect the optimal amount of energy reside in battery, which can avoid load on batteries. Therefore, the battery control technology finds extensive application in power and energy generation sector, which may act as one of the prime factors for driving the market growth, as power can be efficiently stored in the batteries.
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According to the Center for Climate and Energy Solution, it is assessed that the U.S. is a dominant country in terms of renewable energy generation, increasing at a growth rate of 100% from 2000 to 2018. Renewable made up more than 17% of generation of net electricity in 2018, with the huge share obtaining from hydropower (7%) and wind power (6.6%).
Furthermore, the rising demand of technologically advanced battery systems in electric vehicles, along with the increasing deployment of batteries in energy & utilities sector are the few factors responsible for the high CAGR of the market during the forecast period. For instance, the International Energy Agency (IEA) estimated that the sales of electrical vehicles grew to almost doubled in the period
million by the year 2040, which is about 32% of the world’s passenger vehicles. Therefore, the robust growing sales of electric vehicles creating a huge demand for battery control technology as it can improve the efficiency of electric mobility because of their technological developments, resulting in higher growth of the market over the forecast period. However, the high installation and initial cost , coupled with the safety issues associated with the technology are the few major factors inhibiting the market growth over the forecast period of 2020-2027.
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The regional analysis of the global Battery Control Technology market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Asia-pacific is the leading/significant region across the world in terms of market share owing to the rise in demand from marine and aviation sector, and the presence of a significant number of market vendors in the region.
Whereas Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rise in utility in on-road electric vehicles and the increasing rate of industrialization & urbanization in developing countries, such as China and India, would create lucrative growth prospects for the battery control technology market across the Asia-Pacific region.
Major market player included in this report are:
A123 systems LLC.
Ford Motor Co.
GE Energy LCC.
Toyota Motor Corp.
Sony Electronic Inc.
Samsung SID Co. Ltd.
Sanyo electric Co. Ltd.
L.G Chem LTD.
Honda Motor Co. Ltd.
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
Traction, Marine and Aviation
Stationary (UPS, Emergency, Remote)
On-road Electric Vehicles
By Sales Channel:
Original Equipment Manufacturer
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Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Battery Control Technology Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
The global market is forecast to witness a rapid growth, owing to increasing demand for technological advancements from end-users. Moreover, increasing investments in research and development activities, launches, partnerships, and other strategic initiatives will benefit the market. Furthermore, the growing focus of authorities towards increasing urbanization and industrialization is forecast to drive the market growth.
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COVID-19 Impact Analysis
The COVID-19 pandemic has affected almost every industry. The market witnessed a significant decline in investments, mainly in the energy and power sector. According to the estimations by the International Energy Agency, investments in the energy and power domain are projected to decrease by 10% in 2020 as compared to the pre-pandemic statistics. This indicate the condition of global marketplace along with severe challenges faced during pandemic.
Asia-Pacific market is forecast to emerge as rapidly growing region in global market, owing to governments’ initiatives towards increasing urbanization and growing population leading to increasing demand of energy-based products and services. Also, North America is forecast to grow rapidly because of high energy consumption in the region and technological advancements across the sector. Energy consumption has been increasing in the region, mainly in the US; the primary energy consumption is segmented on the basis of nuclear electric power, petroleum, coal, renewable energy, and natural gas. The petroleum and natural gas segment is dominating the overall sector. In the mix of energy sources, petroleum accounts for around 35% of the overall consumption, whereas natural gas accounts for 34%.
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What is the key information extracted from the report?
Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter’s Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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