Battery Monitoring IC Market Size worth US$ 4.8 Billion by 2031, Notes TMR Review
- The battery monitoring IC market is projected to expand at a CAGR of 11.3% during 2022-2031
- Rise in the demand for EV battery monitoring systems globally is expected to fuel the sales growth in the battery monitoring IC market
- The presence of many key players makes Asia Pacific a dominating market region
WILMINGTON, Del., Oct. 25, 2022 -- The global battery monitoring IC market is expected to reach a value of US$ 4.8 Bn by the end of 2031, according to an assessment by Transparency Market Research (TMR). In addition, the review finds that the market for battery monitoring IC is likely to expand at a CAGR of 11.3% during the forecast period, from 2022 to 2031.
The Asia Pacific battery monitoring IC market is expected to gain sizable growth prospects during the forecast period owing to the presence of many key players in the region and increase in R&Ds focused on power battery management systems. Moreover, the Asia Pacific battery monitoring IC market is being driven by a surge in use of electric vehicles (EVs) and the existence of favorable government initiatives in the region, notes a TMR review that provides key information on best battery monitoring systems available in the market.
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Battery Monitoring IC Market: Key Findings
- The demand for large-scale battery arrays is being rising for backup and carry-through energy storage, according to a TMR analysis that offers important data on the future business opportunities in battery monitoring IC market. Moreover, there has been a surge in the demand for rechargeable batteries in order to provide more power and higher voltages in several applications including hybrid-electric vehicles (HEVs) and EVs, lawn equipment, uninterruptible power supplies, and power tools.
- Some of the key cell parameters used in order to measure effectual management include charge/discharge current, temperature, and terminal voltage. The measuring performance needed for advanced battery packs is considerably high and each cell is required to be measured within a few milliamps (mA), degrees Celsius (°C), and millivolts (mV). Hence, the role of multi-cell ICs is important for the determination of state-of-health (SOH) and battery pack state-of-charge (SOC). This helps in providing key data on how to monitor battery charge and how to monitor lithium battery and determine remaining battery pack capacity (run time) and total life expectancy.
- Companies developing battery control IC are focusing on addressing the issues pertaining to reading a single cell in a series string with precision during unfavorable electrical environment and high CMV. Such ICs can not only offer the basic readings but also resolve several issues such as isolation and timing skew technical problems, notes a TMR study that sheds light on the battery voltage monitoring IC.
- The government authorities of several nations globally are promoting the use of EVs. Moreover, they are taking initiatives in order to spread awareness pertaining to the advantages of such vehicles. These factors are anticipated to drive the growth prospects in the global battery monitoring IC market during the forecast period. Furthermore, the market is being driven by a rise in the R&Ds focused on advancing the performance of EVs.
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Battery Monitoring IC Market: Growth Boosters
- Increase in the use of EV battery monitoring systems across the globe is likely to result into profitable prospects in the battery monitoring IC market
- Surge in the application of multi-cell battery monitoring ICs is creating lucrative avenues in the market
Battery Monitoring IC Market: Key Players
Some of the key players profiled in the report are:
- Analog Devices, Inc.
- Texas Instruments Incorporated.
- NXP Semiconductors.
- Maxim Integrated
- Monolithic Power Systems, Inc.
- Renesas Electronics Corporation.
- Microchip Technology Inc.
- Diodes Incorporated
- ROHM Co. Ltd
- Nisshinbo Micro Devices Inc.
- Infineon Technologies AG
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Battery Monitoring IC Market Segmentation
- Battery Type
- Flow Batteries
- Battery Protection IC
- Cell Balancing IC
- Cutoff FETs
- Battery Fuel Gauge ICs
- Battery Chargers IC
- Number of Cells
- Up to 2
- 2- 4
- 4 - 10
- 10 -16
- Above 16
- Power Tools
- UPS System
- Home Appliances
- Electric Vehicle
- Energy Storages Systems (Solar, Grid, Telecom Equipment's etc.)
- Personal Electronics and Appliances
- End-use Industry
- Consumer Electronics
- Energy and Utility
- IT and Telecom
- Others (Industrial, Marine, etc.)
- North America
- Asia Pacific
- Middle East & Africa
- South America
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
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