SAN FRANCISCO, May 22, 2023 /PRNewswire/ -- The global battery management system market size is expected to reach USD 31.27 billion by 2030, growing at a CAGR of 23.4% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The rising adoption of battery management systems (BMS) in applications such as electric vehicles (EVs), power tools, portable battery packs, garden tools, solar energy storage systems, uninterruptible power supply systems, and portable medical equipment, among others is a major driver behind the growth of the battery management system industry. BMS plays a crucial role in these applications by protecting the battery against damage, extending its lifespan, and providing precise information about the battery's condition.
Key Industry Insights & Findings from the report:
- The lithium-ion based segment is anticipated to emerge as the fastest-growing segment over the forecast period. Increasing adoption of lithium-ion EV batteries owing to their benefits such as high efficiency, space-saving and lightweight design, and low cost, among others is attributed to the growth of the segment. BMSs are crucial in managing the performance and safety of lithium-ion batteries by monitoring and controlling their charging and discharging rates, performing critical functions such as overcharge and over-discharge protection, cell balancing, and thermal management.
- The centralized topology segment accounted for the largest market share in 2022. The adoption of centralized BMS is increasing owing to its major benefits such as low cost and compact design.
- The automotive segment is anticipated to emerge as the fastest-growing segment over the forecast period. The increasing development of two and three-wheeled electric vehicles equipped with rechargeable batteries and battery management systems and the growing market for e-bikes/e-scooters in developing countries are expected to boost the segment growth
- Asia Pacific is expected to grow at the highest CAGR from 2023 to 2030 due to the vast presence of EV battery start-ups, significant growth in EV sales in the region, and the growing consumer electronics industry in countries such as China India, and Japan.
Read full market research report, "Battery Management System Market Size, Share, & Trends Analysis Report By Battery Type (Lithium-Ion Based, Lead-Acid Based), By Topology, By Application, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Battery Management System Market Growth & Trends
Increasing demand for wireless BMS in the EV industry owing to its several benefits is boosting the market's growth. Wireless BMSs (wBMS) are revolutionizing the EV industry by offering enhanced safety and reliability, extended drive range, and reduced costs. Additionally, wireless BMS solutions provide more flexibility in battery placement and scalability across different EV platforms. Due to the advantages offered by wireless BMS solutions, numerous automakers are now exploring their use. These solutions eliminate the need for wiring, connectors, and other components, which results in reduced weight.
Furthermore, various companies started producing wireless battery management systems. For instance, in February 2023, LG Innotek, a subsidiary of the South Korean conglomerate LG, developed an 800-volt wireless battery management system for EVs. This innovation is aimed at reducing the size and weight of battery packs. The company plans to commence production of this system in the year 2024.The wireless BMS offers the significant benefit of reducing the weight and volume of a battery pack. As a result, it provides an additional 10 to 15 percent space for expanding the battery pack's capacity.
Increasing use of lithium-ion batteries in several consumer and automotive applications is expected to contribute to the market's growth. Lithium-ion batteries are extensively used owing to their benefits such as long-life, high-energy density, and low self-discharge. In a lithium-ion battery system, BMS is a crucial component. It performs critical functions such as real-time monitoring and control of individual battery cells, communication with external devices, calculation of state of charge (SOC), and measurement of voltage and temperature, among other key.
The outbreak of the COVID-19 pandemic severely impacted several economies. In addition, increased fuel prices owing to the Russia-Ukraine conflict are expected to prompt consumers to adopt electric vehicles considering the lower lifecycle cost of an electric vehicle as compared to internal combustion engine (ICE) vehicles, which is ultimately making more demand for EV batteries with BMS solutions. Furthermore, aggressive investments in innovation and subsequent advances in battery technology are expected to create new opportunities for the growth of the battery management system industry.
Battery Management System Market Segmentation
Grand View Research has segmented the global battery management system market based on battery type, topology, application, and region
Battery Management System Market - Battery Type Outlook (Revenue, USD Million, 2017 - 2030)
- Lithium-Ion Based
- Lead-Acid Based
- Nickel Based
- Flow Batteries
Battery Management System Market - Topology Outlook (Revenue, USD Million, 2017 - 2030)
- Centralized
- Distributed
- Modular
Battery Management System Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
- Automotive
- Consumer Electronics
- Energy
- Defense
Battery Management System Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Netherlands
- Norway
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Brazil
- MEA
- Kingdom of Saudi Arabia
- UAE
- South Africa
List of Key Players of Battery Management System Market
- Elithion, Inc.
- Johnson Matthey PLC
- Analog Devices
- Lithium Balance A/S
- NXP Semiconductor N.V.
- Nuvation Engineering
- Texas Instruments, Inc.
- Leclanché SA
- Eberspaecher Vecture Inc.
- Infineon Technologies AG
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Browse through Grand View Research's Power Generation & Storage Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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