Global Battery Management ICs Market to Reach US$8.8 Billion by the Year 2026

Battery management systems are electronic systems that play an essential role in monitoring and ensuring the safe and efficient operation of rechargeable batteries, such as lithium-ion cells or battery packs, by protecting the battery cells from operating outside their safe conditions, monitoring their state, measuring secondary data, reporting this data, controlling their environment, enabling battery authentication, and keeping the battery pack balanced. A rechargeable battery pack with an in-built battery management system and an external data bus for communication between the battery and charger is known as a smart battery pack. Battery management systems manage the batteries by monitoring, analyzing, and controlling various parameters relevant to batteries, including cell voltage, voltage of periodic taps, or total voltage; cell temperatures, coolant output temperatures, coolant intake temperatures, or average temperatures; the flow rate of the coolant in case of fluid- or air-cooled batteries; and the current entering or leaving the battery pack. Amid the COVID-19 crisis, the global market for Battery Management ICs estimated at US$6.8 Billion in the year 2020, is projected to reach a revised size of US$8.8 Billion by 2026, growing at a CAGR of 4.5% over the analysis period. Fuel Gauge ICs, one of the segments analyzed in the report, is projected to grow at a 5% CAGR to reach US$4.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Battery Charger ICs segment is readjusted to a revised 4.4% CAGR for the next 7-year period. This segment currently accounts for a 39.8% share of the global Battery Management ICs market.

The U.S. Market is Estimated at $1 Billion in 2021, While China is Forecast to Reach $2.2 Billion by 2026

The Battery Management ICs market in the U.S. is estimated at US$1 Billion in the year 2021. The country currently accounts for a 15.82% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$2.2 Billion in the year 2026 trailing a CAGR of 5.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.3% and 4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR while Rest of European market (as defined in the study) will reach US$2.4 Billion by the close of the analysis period.

Arrival of numerous power hungry consumer electronic devices is spelling opportunities for efficient and long-lasting batteries. Going forward, the market will continue to grow at a rapid pace, fueled by the development of technologically advanced products, such as 3D TVs, smart remotes, tablets, and mobile phones. For instance, 3D TVs uses glasses powered by batteries to provide consumers with 3D experience without the hassle of cables. Rapid adoption of this technology in the coming years is expected to increase the demand for batteries to power 3D experience. Similarly, smart remotes which execute connectivity between devices require frequent battery replacements as a result of their heavy-duty nature. In addition, smartphones are also continuing to increase in penetration rates. The remarkable claim lies in the inexorable union of voice, vision, and the Internet, making smartphones an indispensable, and multifunctional tool.

Authentication ICs Segment to Reach $868.4 Million by 2026

In the global Authentication ICs segment, USA, Canada, Japan, China and Europe will drive the 2.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$490.1 Million in the year 2020 will reach a projected size of US$589 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$267.5 Million by the year 2026.