ID: MRFR/E&P/7105-CR | November 2019 | Region: Global | 165 pages
According to the latest reports, the Global Battery Management System (BMS) Market size is predicted to grow from the valuation of USD 6,221.8 Million in 2021 to USD 32,241.3 Million by the end of 2031. A battery management system (BMS) is an electronic system that is used to manage a rechargeable battery by monitoring its state, controlling its environment, balancing it, calculating the secondary data, protecting the battery from the outside, and reporting that data. A BMS can also monitor the battery state in terms of temperature, depth of discharge, voltage, and state of charge.
The rise in the adoption of BMSs in EVs and the rising need for battery management in the renewable systems of energy are the major factor that is driving the growth of the global battery management system (BMS) market value. The need for EVs rises due to the shortage of energy; fossil fuel depletion and rise in vehicle pollution, along with that rise in the prices of fuels that are used in internal combustion (IC) is also adding fuel to the rise in demand for EVs. Furthermost, electronic vehicles are considered a zero-emission vehicle which is likely to be the future of the transportation system. According to the reports, the international energy agency (IEA), under the EV30@30, the sales of EVs is predicted to reach 44 million vehicles annually by the end of 2030 and according to the Edison Electric Institute (EEI) data, there were about 1.18 million EVs sold in the US. In 2018, the sale of electronic vehicles globally increased by 64% as compared to 2017.
This report contains all the information on the global battery management system (BMS) market analysis and the market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global battery management system (BMS) market growth and forecast to 2025 is also included in the report.
Covid 19 Analysis
The major companies are facing a slowdown due to the outbreak of the covid 19 pandemic because they are not able to initiate projects and execute developments of the products. A Chinese battery producer, BYD, was not able to complete the series of tests of new models of batteries due to the lockdown and hence the company had to reduce the volume of batteries for the European markets.
Likewise, a Belgium company named Umicore, faced huge losses in the automotive segment, the production of the car went down by 25% in the first quarter of FY’2020. The regions suffering the losses are dependent on the respective governments to create opportunities for electronic vehicle packages, renewable sector, and energy storage where GST reduction is included for a specific period of time. This initiative is likely to help the companies to decrease further losses and also alleviate the past losses.
The rise in the automobile sector due to the increase in the sales of electronic vehicles is likely to drive the global battery management system market share. Along with that, the rising concerns about the environment and reduction in fossil fuels lead to the innovation and development of electronic vehicles. The usage of the battery management system in the lithium-ion battery which is used in electric vehicles, the rise in safety concerns related to lithium-ion batteries, and the wide battery management system are applicable in electronic vehicles.
The rise in the sales of electronic vehicles in the developing such as Japan and China, and accordingly Asia pacific is the biggest battery management system market. The rise of demand for the battery management system revenue in order to reduce the greenhouse gas emission and the contentious initiative of the governments is likely to boost the growth of the global BMS.
Several countries around the globe have been focusing on creating and adopting electronic vehicles and governments are taking initiatives on banning fuel-based vehicles to reduce the pollution of vehicles. The battery has numerous advantages including a long life cycle, low emission rates, and high-density energy, which are used as a power source in electronic vehicles.
The reduction in the taxes and rise in the subsidies on electronic vehicles in developing countries such as Norway and China is likely to boost the sales of EVs which ultimately led to the growth path for the battery management system (BMS) market trend.
The final product after using the battery management systems can increase the price and as a result, it decreases the demand from the customers who are cost-sensitive. Furthermost, it can lead towards the discouragement of the product manufacturing for the manufacturer who are using battery management systems in spite of the several demonstrated advantages of the batteries.
The lack of capable labor who are not capable of implementing battery management systems in several developing economies is likely to restraint the global battery management system (BMS) market. Moreover, the encouragement for manufacturing the HEVs is likely to raise the investments from investors of private and public sectors which is ultimate can create hurdle in the BMS.
The rise in the dwindling margins of profits and piece wars due to the increase of the numbers of major key players in the market is likely to create a major challenge in the global battery management system market. The developing countries of Asia Pacific are expected to witness the major challenge in cost-sensitive markets.
Cumulative Growth Analysis
The rise in the demand for the elimination of greenhouse gas emissions and environmental regulations is likely to boost the battery management system (BMS) market outlook. Kyoto Protocol and Paris Agreement have taken initiative to reduce carbon emissions. Governments around the globe are focusing on utilizing renewable sources of energy to generate electricity.
According to the EIA, in the US, renewable energy sources occupy 16.9% of the market total countries’ market shares. By the end of 2050, it is estimated that the total shares of renewable energy sources occupy 30% of the country’s total installed capacity.
The wind generation and the solar generating sources in the utility-scale are predicted to grow by 17% and 14%. Moreover, the government of UAE has introduced a strategy of energy to raise the share of renewable energy by the end of 2050.
Value Chain Analysis
According to the latest reports, the global battery management system (BMS) market industry is segmented on the basis of battery type, component, topography, application, and region. Based on the battery type, the market is segmented into lithium-ion batteries, advanced lead-acid batteries, nickel-based batteries, and flow batteries. The lead-acid battery type is expected to lead the segment in terms of revenue. On the basis of the component, the global battery management system (BMS) market is segmented into hardware and software. On the basis of the topology, the market is segmented into centralized, modular, and distributes. The distributed segments are predicted to register the highest CAGR between 2019 to 2025 due to the controlled flow of energy inside and outside of the battery pack.
Based on the application, the global battery management system (BMS) market is segmented into automotive, military & defense, medical, portable devices, telecommunication, renewable energy systems, uninterrupted power supply, and others. The automotive segment is expected to witness the largest share in the market due to the rise in the demand for batteries in electronic vehicles.
The market is segmented on the basis of the battery type, component, topography, application, and region. The global battery management system (BMS) market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into automotive, military & defense, medical, portable device, telecommunication, renewable energy systems, uninterrupted power supply, and others
Based on the propulsion types, the market is segmented into lithium-ion batteries, advanced lead-acid batteries, nickel-based batteries, and flow batteries
On the basis of the region, the global battery management system (BMS) market is segmented into Europe, North America, Middle East & Africa, Asia Pacific, and South America. Asia Pacific segment is predicted to hold the largest shares in the market during the forecast period, due to the increase in the number of electronic vehicle stores. The rise in the investment from the major key players in the region to provide electric scooters for shorter distances is likely to boost the market.
According to the reports, the OjO electric crop is a light electric vehicle company has announced to launch a new line-up of electric scooter in Singapore in 2019, due to the rise in the advanced technologies.
The major key players of the operating companies, in order to gain competitive landscape advantage, are focusing on launching highly advanced technologies. Cloud-connected battery management has been launched by the major operating companies which are likely to expand the life of EV batteries, this new feature will allow companies to remotely monitor and manage the status of the batteries in order to reduce up to 20% wear and tear on the batteries.
Major Key Players
The following report comprises of
By Battery Type
Frequently Asked Questions (FAQ) :
The global battery management system market is poised to record a market value of USD 8 Billion by 2025.
The global battery management system market is maturing at a whopping 21% CAGR over the review period of 2019 to 2025.
A few significant players of the global battery management system market are LIGOO Reserved ICP (China), Analog Devices, Inc. (US), Panasonic Corporation (Japan), and Amperex Technology Limited (China).
The commercial vehicle segment is expected to drive market growth over the review period.
The developing electric vehicle infrastructure in emerging economies, increasing production, and sales of electric cars is subsequently driving the battery management system market growth.
The hardware segment is likely to witness the highest demand in the battery management system market.