Analog devices, Inc. ADI is making strong efforts to bolster presence in the automotive market on the back of robust Battery Management System (BMS) platform.
The company’s latest introduction of ASIL-D functional safety and innovative new low-power features that strengthened BMS offerings is a testament to the aforesaid fact.
The new BMS products consisting of zero-Cobalt LFP (lithium iron phosphate) are applied in electric vehicles and energy storage systems.
The new products with their advanced features and multiple battery configurations support help in continuous battery monitoring even when the vehicle is turned off.
In addition, the BMS products ensure recycling and reusable of batteries in energy storage systems.
We note that the latest move is likely to boost the adoption rate of the company’s BMS products. Further, it is expected to expand its reach in the electric vehicle space.
Analog Devices, Inc. Price and Consensus
Analog Devices, Inc. price-consensus-chart | Analog Devices, Inc. Quote
BMS Market Prospects
The BMS market has been rapidly growing in recent times due to increased adoption of electric vehicles and rechargeable batteries.
According to the Prescient & Strategic Intelligence report, this particular market is projected to witness a CAGR of 15% between 2021 and 2030.
In addition, the EMR report indicates that the global BMS market is expected to reach $15 billion by 2026, registering a CAGR of 20% during the period 2021-2026.
We believe Analog Devices’ expanding BMS portfolio will help it in capitalizing on the existing prospects in the booming BMS market.
Apart from the recent move, Analog Devices introduced BMS circuit and automotive audio bus in Volvo’s fully-electric SUV to ensure emission-free safe driving experience.
The recent move bodes well for the company’s growing efforts toward strengthening its product portfolio.
Analog Devices also introduced an ASIC-based radio platform with advanced features for 5G O-RAN to enable improved performance across carrier networks.
We note that the company’s robust product portfolio comprising sensors, data converters, amplifiers and other signal processing products will continue to shape its growth trajectory and sustain momentum in the semiconductor industry.
Moreover, expanding key offerings are likely to drive Analog Devices’ customer momentum, which in turn will drive top-line growth.
Zacks Rank & Other Stocks to Consider
Currently, Analog Devices carries a Zacks Rank #2 (Buy).
Other top-ranked stocks in the broader technology sector include ASML Holding N.V. ASML, Canon, Inc. CAJ and Cambium Networks Corporation CMBM, each carrying a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rates for ASML Holding, Canon and Cambium Networks are currently projected at 29.8%, 1%, and 20%, respectively.
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