LONDON, April 5, 2023 /PRNewswire/ -- The Global Battery Management System Market is anticipated to amass a valuation of ~USD 14 billion by 2028, registering a CAGR of +14% over the forecast duration of 2022-2029.
A battery management system, known as a BMS, is an intricate electronic system crafted to oversee and regulate the performance of rechargeable batteries. Its predominant use is found in electric vehicles, renewable energy systems, and other applications that involve the utilization of rechargeable batteries. The principal purpose of a BMS is to ensure that the battery operates in a safe and efficient manner by scrutinizing its state of charge, state of health, and various other parameters such as voltage, current, and temperature. The BMS bears the responsibility of preserving the battery from destructive conditions that could reduce its lifespan or even cause it to malfunction, such as over-discharging or overcharging.
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Global Battery Management System Market Outlook (2022-2029)
The escalating demand for proper battery monitoring in the renewable energy sector and influx of emerging technologies into these systems are primarily aiding the expansion of this business sphere.
Moreover, increasing adoption of electric vehicles, stringent emission regulations across numerous nations, and the rising disposable income levels of the masses are creating lucrative opportunities for this marketplace to prosper.
Alongside, rising government investments in the renewable energy sector and the booming consumer electronics sector are adding momentum to the development of this industry vertical.
On the contrary, fluctuating performance of these systems which is influenced by numerous external factors is hindering the remuneration scope of this market.
Competitive Hierarchy
The prominent players defining the competitive terrain of the Global Battery Management System Market are Texas Instruments, NXP Semiconductors, Renesas Electronics, Analog Devices Inc., Johnson Matthey PLC, Lithium Balance A/S, Nuvation Engineering, LLC, Eberspaecher Vecture Inc., Navitas Systems LLC, AVL List GmbH, and Valence Technology, Inc.
Segmental Outlook
By Type
- Lithium-Ion Based Batteries
- Advanced Lead-Acid Batteries
- Nickel-Based Batteries
- Flow Batteries
By Topology
- Centralized
- Modular
- Distributed
By Application
- Automotive
- Military & Defense
- Medical
- Portable Device
- others
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Region-Wise Outlook
Which is the leading region in the Global Battery Management System Market?
Asia Pacific is reckoned to gain significant returns over the assessment timeframe of 2022-2029. This is due to the booming consumer electronics industry, technological advancements in this sector, along with rising R&D investments in the field.
Category-Wise Outlook
Which is the most dominant type segment in this business sphere?
The lithium-ion based batteries segment is slated to dominate the industry in terms of volume share since these batteries have a higher energy density, longer cycle life, and faster charging times compared to other types of batteries, making them ideal for use in various applications.
Which is the top performing topology segment in this industry?
The modular topology segment is witnessing the fastest growth over the stipulated timeline. This is attributable to the increasing adoption of electric vehicles and renewable energy systems has led to the development of larger and more complex battery packs, which require a more flexible and scalable approach to battery management.
Which is the rapidly evolving application segment in this marketplace?
The automotive segment is one of the rapidly evolving application segments in this industry. This is credited to the escalating demand for EVs and stringent emission regulations worldwide.
Comparing the historical outlook and ongoing trends of this market
The Global Battery Management System Market is expected to garner significant returns over the assessment timeframe of 2022-2029.
There has been a growing adoption of electric vehicles across the globe. Stringent emission regulations, rising environmental cognizance among the masses, and increasing disposable income levels are the major factors contributing to the elevating demand for EVs worldwide. Battery management systems are an integral part of EVs since they ensure that the electric battery integrated in the vehicle is with safe operating parameters. These systems regulate the temperature while monitoring the state of health of the battery, collecting required data, and controlling external environmental factors which might affect battery performance. This in turn is stimulating the overall dynamics of this market sphere.
he widespread use of portable electronic devices such as smartphones, tablets, and laptops has also contributed to the growth of the battery management system market. BMS helps optimize the battery life of these devices, allowing them to run longer on a single charge. As the demand for more powerful and efficient portable devices grows, the need for advanced battery management systems will also increase.
Battery management systems are also used in renewable energy storage systems such as solar panels and wind turbines. These systems help store the excess energy generated during peak hours and release it during off-peak hours when the demand is higher. As more people turn to renewable energy sources, the demand for battery management systems is likely to increase.
On Special Requirement Battery Management System Market Report is also available for below region:
- U.S, Canada
- Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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Major Developments
In 2021, Battery Resourcers, a battery recycling and manufacturing startup, acquired Easymile's battery management system technology. The acquisition allows Battery Resourcers to enhance its battery recycling capabilities and develop more sustainable battery solutions.
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