Battery Control Technology Market Will Witness Significant Growth Owing To Surging Demand Across Various Application Till 2022: Grand View Research, Inc.
April 27, 2016 --
Global battery control technology market is estimated to be over USD 100 billion in 2014 and is expected to grow at a CAGR of 7.5%from 2015 to 2022. 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.
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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.
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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 opportunitiesin the industry.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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