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Artificial Intelligence (AI) in Battery Management Market Overview
The global AI in battery management market is projected to witness considerable growth during the forecast period. Major factors contributing to the market growth include increased adoption of electronic rickshaws and bikes, rising awareness toward intelligent battery management systems, rising need for utilization of AI and machine learning (ML) technologies in enhancing shelf-life and performance of batteries, and introduction of battery intelligence solutions, particularly for electric vehicles (EVs) and energy storage systems (ESSs).
On the basis of component, the AI in battery management market has been bifurcated into solutions and services. The solutions category has been classified into lifecycle management, analytics, and others. Battery lifecycle management solutions assist in the management of all stages of battery lifecycle, such as monitoring and diagnostics, control of charge cycle, and predicted replacement of batteries.
On the basis of industry, the AI in battery management market has been classified into consumer electronics, automotive, medical, military, and others, wherein others include ESSs and security systems. Among these, the automotive category is expected to witness significant growth during the forecast period. This is attributed to the increasing requirement for automated battery management operations, optimize battery performance, reduced cell ageing, and increasing demand for hybrid vehicles. In addition, the consumer electronics category is also projected to exhibit rapid growth in the coming years, due to surging number of consumer applications and growing use of portable electronic devices.
Globally, APAC is projected to be one of the most lucrative markets for intelligent battery management systems, owing to factors such as increasing demand for battery operated EVs, awareness among populace toward harmful emissions, and rising focus of governments toward the introduction of laws to reduce emissions, which would increase the demand for EVs and in turn boost the AI in battery management market growth.
AI in Battery Management Market Dynamics
Introduction of intelligent battery management platforms is one of the key drivers in the AI in battery management market. AI-integrated battery management platforms enable real-time visualization, provide recommendations related to battery’s current usage, and deliver predictive alerts related to excessive charging, unused batteries, and high temperature. Players operating in the market are increasingly focusing on the launch of intelligent battery management systems for EV makers and electric fleet managers, in order to improve battery performance and achieve better return on investment (ROI).
For instance, in September 2019, ION Energy Pvt. Ltd. launched Edison Analytics, a cloud-based battery management platform. It uses ML and AI that support in enhancing the performance of batteries and extend the battery life up to 40%. The platform would help automotive original equipment manufacturers (OEMs) by providing automated suggestions through implementation of technologies, such as ML and AI, which would result in collection of real-time insights, thereby supporting in reducing total cost of ownership (TCO) and better user experience. Thus, increasing number of AI-integrate battery management platforms is likely to propel the AI in battery management market growth in the coming years.
AI in Battery Management Market Competitive Landscape
Players in the AI in battery management market are focusing on business strategies, including product launches, merger and acquisitions, client wins, partnerships, and other developments, in order to increase their presence in the market and enhance their product offerings to capture larger customer base. For instance, in April 2019, Advanced Charging Technologies (ACT) launched ACTfirst, an industrial battery room management system. It utilizes best one first out (BOFO) algorithm, which selects the best battery to use based on temperature, cool downtime, and state of charge (SOC) at end of charge cycle.
Some of the major players in the global AI in battery management market include Robert Bosch GmbH, ION Energy Pvt. Ltd., Advanced Charging Technologies (ACT), Texas Instruments Incorporated, Moixa Energy Holdings Ltd., Voltaiq, Nuvation Energy, Headsun Technology Co. Ltd., Energsoft Inc., and Schneider Electric SE.
The report will cover country-wise AI in battery management market analysis. Some of the major countries covered in the report include the U.S., Canada, France, Germany, the U.K., Italy, Spain, China, Japan, India, South Korea, Australia, Brazil, Mexico, South Africa, Turkey, Saudi Arabia, and the U.A.E.
AI in Battery Management Market Segmentation
Market Segmentation by Component
Market Segmentation by Deployment
Market Segmentation by Application
Market Segmentation by Region