The Global Battery Management System Market, by Topologies (Distributed, Modular, and Centralized), by Components (Battery Management Unit and Communication Unit), and by Verticals (Automotive (E-Vehicles (EVs, HEVs, PHEVs, BEV, Racing vehicles and Electric Heavy Vehicles), Golf Cart, Medical Mobility Vehicles, E-Recreational Vehicles and Segways), Telecom, Energy (Grid, solar, wind, portable battery packs, energy storage systems, UPS), Drones, Consumer/Handheld (Power tools, vacuum cleaners, portable medical equipment and others)), and by Region (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2030”, is expected to grow at a CAGR of 21.5% during the forecast period (2023-2030), as published by Coherent Market Insights.
Market Overview
A battery management system (BMS) is any electronic system that maintains the optimal health of the rechargeable battery. This is done by monitoring the battery state, controlling the load environment, and balancing and charging accordingly. Generally, a BMS is comprised of various functional blocks such as a fuel-gauge monitor, cell voltage balance, temperature monitor, real-time clock, and state machine. The battery management system offers various advantages including prolonged battery life, prevention of battery damage due to voltage fluctuation and overcharging, supervising optimal state of charging for the battery, and interfacing with the host application to provide real-time information regarding battery health. Moreover, it offers cell balancing, monitoring, protection, and control. The global battery management system (BMS) market was valued at US$ 7.47 Bn in 2022 and is expected to grow at a CAGR of 21.5% during the forecasted period (2023-2030)
Market Driver
Growing adoption of rechargeable batteries
Rechargeable batteries find extensive applications in various industries such as automotive and telecom. It is also majorly used in the electronics sector for operating power tools, portable medical tools, garden tools, portable battery packs, etc. Moreover, the growing acceptance of BMS in emerging economies such as Asia is expected to boost market growth in the near future. For instance, the global portable medical equipment market is expected to exhibit a CAGR of 7-9% during the forecast period. Moreover, the global portable battery pack market is expected to witness a CAGR of 15-17% over the forecast period. This is owing to the high demand for power tools and garden tools.
Market Opportunity
Large storage requirements in data centers have increased the demand for BMS, which is expected to offer excellent growth opportunity for market players
A data center is an assigned space within the building that is used to house computer systems for backup components, environmental controls, security devices, and infrastructure of power supply. Generally, data centers use modern-day lithium-ion batteries, while some still use lead-acid battery cells. As the data center is comprised of numerous electronic devices, operators must maintain an uninterrupted supply of electricity with no voltage fluctuations and regulated temperature. A battery management system prevents the battery from voltage fluctuations and overcharging and also monitors temperature. Thus, growing demand from data centers for BMS is expected to offer lucrative growth opportunities.
Market Restraint
Lack of regulated policies for developing battery management system is expected to restrain growth of the global battery management system (BMS) market over the forecast period
There are no set standardized regulatory policies for the development of battery management systems. Lack of standardization can lead to the production of an inferior battery management system, eventually posing risk to equipment connected to batteries. This, in turn, is expected to restrain the growth of the global battery management system (BMS) market over the forecast period.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/battery-management-system-market-3153
Browse 27 market data tables* and 22 figures* on "Global Battery Management System Market”- Global forecast to 2030.
Key Takeaways of the Market:
- Asia Pacific Trend
Asia Pacific region dominated the global battery management system market in 2022, accounting for 40.7% share in terms of value, followed by North America and Europe, respectively. Owing to its competitive nature, the prominent players are concentrating more on international and local players. These key players focus on the joint venture in order to expand their geographical presence. For instance, in November 2018, China-based GCL System Integration Technology Co Ltd has formed a joint venture with U.S.-based Powin Energy Corp to expand its energy storage business in the Asia Pacific region. The new company will be called G-Powin Energy Solution. The new company will provide a G-Powin Solution system which contains the battery management system (BMS), DC collection/protection, DC battery racks, energy management systems (EMS) and power control system integration.
- North America Trend
Key companies in the regional market are adopting advanced technologies, in order to enhance their product portfolio. For instance, in December 2019, Rimac Automobili, a Croatian car manufacturer has selected Analog Devices (ADI) to source precision battery management system (BMS) in a high performance electric vehicle
Market Trends:
Increasing sales of electric vehicles is a major trend in the market
Electric cars have witnessed significant demand in the recent past, owing to growing air pollution, increasing fuel costs, and rising awareness among consumers regarding the benefits of electric vehicles. For instance, according to Edison Electric Institute (EEI), in the U.S., over 61,000 electric vehicles were sold in the first quarter of 2019. This is around 10% increase over first quarter sales of 2018.
Growing need for efficient electric grid management
Maintenance and management of the electric grid is a challenging job. It consists of generating stations, electrical substations, high-voltage transmission lines, and distribution lines. Batteries have enabled the storage of electrical energy, during peak production and peak demand. These batteries require efficient management, which can be done with the help of a battery management system.
Competitive Section
Key companies operating in the global battery management system (BMS) market are AVL, Cummins, Inc., Johnson Matthey Battery Systems, L&T Technology Services, Lithium Balance Corporation, Merlin Equipment Ltd., Navitas System, LLC, Nuvation Engineering, The Ventec Company, Toshiba Corporation, TWS (Technology with Spirit), and Vecture Inc.
Key Developments:
- In June 2022, KORE Power announced that it has purchased a 4.2% share in ZEVx, a company that helps ICE vehicles install electric vehicle conversion kits. In addition, ZEVx offers battery management technologies that are integrated into its hardware and software kit. KORE Power for the clean energy sectors, produces energy storage, electric vehicles, microgrids, utilities, and e-mobility solutions.
- In June 2022, Maritime Energy Solutions Company EST- - for the hybrid ship being built by Hagland, a maritime company, Floattech will develop a battery management system. Maritime Energy Solutions delivers heating oil, K-1, diesel, and propane across Midcoast Maine. It is a full-service, locally owned family energy company.
- In May 2022, Endurance Technologies acquired a majority stake in Maxwell Energy Systems, which includes the vital part of its battery management system division. Endurance Technologies is a renowned producer of vehicle parts. They offer total solutions for suspension, brake systems, and die-casting of aluminium.
