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May 25, 2021 (Market Insight Reports) —
Selbyville, Delaware, According to the research report titled ‘Global Battery Control Technology Market Size study, by Type, by Application, by Sales Channel and Regional Forecasts 2020-2027′, available with Market Study Report LLC, global battery control technology market is projected to showcase an appreciable growth during 2020-2027.
Increasing deployment of batteries in energy & utilities sector and surging demand of technologically advanced battery systems in electric vehicles are primarily driving global battery control technology market growth, claims the study.
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According to the International Energy Agency (IEA), sales of electric vehicles nearly doubled between 2011 and 2012, and by 2020, about 20 million electric vehicles are expected to be on the road. Likewise, as per the Bloomberg New Energy Finance (BNEF) report 2019, global electric vehicle sales are expected to hit nearly 54 million by 2040, accounting for roughly 32% of all passenger vehicles. Therefore, increasing sales of electric vehicle is augmenting the demand in worldwide battery control technology industry, as the technology can add to the performance of electric mobility.
Notably, battery technology is an important component of the advanced energy storage system market and can be widely used in rechargeable battery to protect and manage the optimal amount of energy that resides in the battery to prevent load on batteries. Thus, the battery control technology finds widespread application in power & energy generation sector, further enhancing the overall market outlook.
On the downside, safety issues associated with the technology, along with hefty initial investment and high cost are likely to negatively impact the industry remuneration.
Leading firms in global battery control technology market sphere are Honda Motor Co. Ltd., L.G. Chem Ltd., Panasonic Corp., Sanyo Electric Co. Ltd., Samsung Electronics Co. Ltd., Sony Electronics Inc., Toyota Motor Corp., GE Energy, Ford Motor Co., and A123 Systems LLC.
Regionally, Asia Pacific holds significant portion of global battery control technology market share, owing to presence of considerable number of industry vendors and surging product demand from marine and aviation sector. Rapid urbanization and industrialization in developing economies like India and China, coupled with rising utility of on-road electric vehicles are also boosting the regional market growth.
North America battery control technology industry is likely to gain considerable traction with United States being a major contributor. In fact, the Center for Climate and Energy Solution cites the United States is a dominant nation in terms of renewable energy production, with a growth rate of 100% from 2000 to 2018. In 2018, renewable energy accounted for over 17% of net electricity production, with major share coming from wind power (6.6%) and hydropower (7%). Hence, the demand for effective solutions to store renewable energy is expanding the remuneration scope in the nation.
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