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USA, 5 June 2023: The global battery monitoring IC market is expected to reach USD 4.8bn by 2031, according to a new report by Transparency Market Research. The market is projected to grow at a CAGR of 11.3% during the forecast period from 2022 to 2031.
Battery Monitoring IC market
The growth of the battery monitoring IC market is being driven by the increasing demand for battery-powered devices and equipment in various end-use industries, such as consumer electronics, automotive, and energy & utility. The rising adoption of electric vehicles (EVs) is also expected to boost the demand for battery monitoring ICs in the coming years.
The market for battery monitoring ICs is segmented by battery type, type, number of cells, application, end-use industry, and region. By battery type, the market is segmented into lithium-ion-based, lead-ion-based, nickel-based, flow batteries, and others. The lithium-ion-based battery segment is expected to dominate the market during the forecast period, owing to the increasing demand for lithium-ion batteries in various applications, such as EVs, consumer electronics, and energy storage systems.
Market Segmentation
By type, the market is segmented into battery protection IC, cell balancing IC, cutoff FETs, battery fuel gauge ICs, battery chargers IC, and others. The battery protection IC segment is expected to be the largest segment during the forecast period, as it is used to protect batteries from overcharging, over-discharging, and short-circuiting.
By number of cells, the market is segmented into up to 2 cells, 2-4 cells, 4-10 cells, 10-16 cells, and above 16 cells. The up to 2 cells segment is expected to be the largest segment during the forecast period, as it is the most common configuration for batteries used in consumer electronics and other portable devices.
By application, the market is segmented into power tools, UPS systems, home appliances, e-bikes, EVs, energy storage systems (solar, grid, telecom equipment, etc.), personal electronics and appliances, and others. The energy storage systems segment is expected to be the fastest-growing segment during the forecast period, owing to the increasing demand for energy storage systems in the solar, wind, and grid sectors.
By end-use industry, the market is segmented into automotive, consumer electronics, energy & utility, IT & telecom, and others (industrial, marine, etc.). The automotive segment is expected to be the largest segment during the forecast period, as the demand for EVs is increasing globally.
By region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to be the fastest-growing region during the forecast period, due to the increasing demand for battery-powered devices and equipment in the region.
Key Players
The key players in the battery monitoring IC market are Texas Instruments Incorporated, Analog Devices, Inc, Maxim Integrated, NXP Semiconductors, Renesas Electronics Corporation, Monolithic Power Systems, Inc, Microchip Technology Inc, STMicroelectronics, Panasonic, Diodes Incorporated, Nisshinbo Micro Devices Inc, ROHM Co. Ltd, and Infineon Technologies AG. These players are focusing on developing innovative products and expanding their product portfolio to gain a competitive edge in the market.
The battery monitoring IC market is a rapidly growing market, and the demand for battery monitoring ICs is expected to increase in the coming years. The growth of the market is being driven by the increasing demand for battery-powered devices and equipment in various end-use industries. The rising adoption of EVs is also expected to boost the demand for battery monitoring ICs in the coming years.
