A battery management system is an electronic device that receives data from a battery or battery pack and analyzes it to guarantee optimum performance and increased longevity. It manages a rechargeable battery and provides the necessary electric management protection from operating beyond its safe operating zone.
In 2021, the market for battery management systems was worth USD 6.41 billion, and by 2030 it will reach USD 35.79 billion, growing at a 21.2% CAGR during the forecast period.
Market growth is driven by rising government measures to promote electric vehicles, rising consumer electronics rechargeable battery use, and rising energy storage system demand. Furthermore, during the forecast period, market growth will be driven by government programs that support electric vehicles and the growing electrification of public transit. The need for standardized battery management systems and EV development infrastructure in emerging markets limits this market’s expansion.
Market Dynamics
Drivers
The rapidly expanding automotive industry is one of the major factors boosting the growth of the battery management system market. Innovation and the creation of electronic vehicles are fueled by these factors, as well as increasing environmental concerns and a decrease in the use of fossil fuels. The global market for battery management systems is rising due to the increase in demand for these systems to reduce greenhouse gas pollution. Sales of electric vehicles will be boosted by lower taxes and higher subsidies in developing nations like China and India, which will help fuel the market trend for battery management systems.
Restraints
The lack of experienced laborers qualified to install battery management systems in several emerging nations will hinder the global market for battery management systems.
Opportunity
Companies are expanding their R&D divisions in response to the advancement of technology toward the creation of more effective systems. For instance, Infineon is creating a Wireless Battery Management System that will use radio signals to connect the cells, reducing the weight of the car and the number of electrical connections while increasing the system’s efficiency. Amazon invested USD 2 billion in ION Energy, a startup that creates battery management systems for mobile apps and the automotive industry. The investment seeks to develop carbon neutrality solutions that Amazon’s transportation fleet can use to meet its objectives.
Market Segmentation
By Battery Type
On the basis of battery type, the battery management system market is segmented into flow batteries, lithium-ion, and advanced lead acid.
The lithium-ion segment ruled the entire market in 2022 with a significant revenue share. Lithium-ion batteries have numerous benefits, like greater energy density, longer shelf life, less maintenance requirement, and greater resilience. Lithium-ion batteries are a great alternative for electric car batteries as they are eco-friendly and have less level of toxic heavy metals as compared to other battery types.
By Topology
On the basis of topology, the market is segmented into centralized, modular, and distributed.
The modular topology segment will be the fastest-growing market during the forecast period. Many manufacturers prefer modular topology as it doesn’t need extensive wire harnesses and has excellent computational capacity in energy storage systems, commercial drones, medical mobility vehicles, and electric car components.
By Application
On the basis of application, the battery management system market is segment into military and defense, energy storage, consumer electronics, healthcare, automotive, telecommunication, and renewable energy system.
The automotive segment will expand rapidly during the forecast period due to the rising adoption of electric vehicles worldwide. Governments globally are launching new policies to encourage the manufacturing and utilization of electric vehicles.
Regional Analysis
Asia Pacific was the leading regional market with a significant revenue share in 2022. The market is stimulate by the rise in investment from the region’s most significant businesses in the production of electric scooters for shorter distances. Increased demand for consumer electronics will increase demand for battery management systems because battery management systems are being integrate into consumer electronics more frequently for safety reasons.
Utilization of BMSs can prompt a striking ascent in the last expense of an item or application, which might bring about diminished interest for enormous, cost-delicate buyers because of its significant expense, deterring item producers from utilizing BMSs regardless of their demonstrated advantages. Besides, the absence of talented work fit for executing or testing battery the executives frameworks in a few arising economies could go about as a restriction for the battery the board framework market. Furthermore, motivations for assembling HEVs are suppose to increment ventures from public and confidential financial backers, which, thus, is expect to expand the infiltration of HEVs.
Key Players
- Leclanche (Switzerland)
- Toshiba Corporation (Japan)
- Panasonic Corporation (Japan)
- Midtronics Inc. (US)
- Texas Instruments Inc (USA)
- Deutz AG ( Germany)
- Nuvation (US)
- Robert Bosch GmbH (Germany)
- ST Microelectronics
- Eberspächer (Germany)
- Elithion Inc (USA)
In 2021, the market for battery management systems was worth USD 6.41 billion. And by 2030 it will reach USD 35.79 billion, growing at a 21.2% CAGR during the forecast period. The market expansion is drive by rising government measures to encourage the utilization of electric vehicles. Rising consumer electronics rechargeable battery use, and rising energy storage system demand. In addition, market growth will be drive in the future. Due to government programs that support electric cars and the growing electrification of public transportation.
Nonetheless, lithium-particle batteries fizzle assuming. They are work external their protected temperature window, cheated, or totally released. Consequently, to guarantee wellbeing and delayed life, they need exceptional consideration and utilization of dependable BMS. Particularly in high-voltage battery packs utilized in business applications, like EVs. For successfully controlling the few capabilities basic to the protect and legitimate activity of batteries, BMSs screen batteries against capabilities. Like voltages and flows, temperatures, battery execution, and support booking, to check whether the battery is cheat or undercharge. A portion of the other essential elements of a BMS incorporate safeguarding the battery from harm. Shielding cells from out of resilience conditions, and observing the charge and release condition of each and every cell.
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