Battery Management System Market Overview:
The Battery Management System Market is projected to grow from USD 6.22 Billion in 2021 to USD 45.70 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 22.2% during the forecast period (2024-2030). 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.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Battery Management System Market Trends
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Growing adoption of rechargeable batteries across multiple end-use industries to boost market growth
Governments of both developed and developing countries have implemented stringent regulations and policies to reduce carbon dioxide emissions. To maintain compliance with these regulations, end-use industries are switching from traditional fossil fuels to batteries and renewable energy sources. Industries such as automotive, telecom, and consumer electronics use rechargeable batteries extensively. The last few years have witnessed increase in adoption of electronic gadgets such as garden tools, power tools, portable battery packs, and portable medical tools across countries in emerging markets such as Asia. Moreover, to effectively control several functions critical to safe and proper operation of batteries, battery management system monitors batteries against functions such as voltage and current, temperature, battery performance, and maintenance scheduling to check whether the battery is overcharged or undercharged. In addition, battery management system also monitors conditions of individual cells in a battery pack. Further, rechargeable batteries also find wide application in industrial products such as vacuum pumps and power tools and a rapid increase in these products boosts the battery management system market.
Additionally, Governments across the globe have implemented stringent regulations and policies, such as Kyoto protocol, to reduce Greenhouse Gas (GHG) emissions. In addition, rise in awareness regarding harmful effects of petrol and diesel-fuelled vehicles on the environment has led to innovations in the automotive industry in the form of electric and hybrid vehicles. Moreover, growth in consumer demand to maximize vehicle efficiency and minimize fuel costs have led to consistent technological advancements in electric and hybrid electric vehicles. The need to optimize utilization of battery storage capacity in electric vehicles and to prevent dangers caused by overheating of battery in electric and hybrid electric vehicles, manufacturers have started to integrate battery management systems in vehicles. Batteries in electric vehicles can be used only in specified conditions, therefore, battery management system (BMS) is necessary to monitor battery state and ensure safety of operations
Battery Management System Market Segment Insights:
Battery Management System Battery Type Insights
The global Battery Management System market segmentation, based on Battery Type, includes Lithium-Ion Based Batteries, Advanced Lead-Acid Batteries, Nickel-Based Batteries, and Flow Batteries. the lithium-ion battery holds the largest part of the battery management system market share, among others. As reinstated by the International Energy Agency (IEA) statement, 2020 saw a 50% increase in the energy storage market, with 5GW being the capacity we and China led, both of which added approximately 1.5GW in capacity each. The majority of the capacity added was using lithium-ion batteries. According to the IEA, lithium-ion batteries in China are favored over the traditional nickel manganese cobalt batteries due to lower costs, being safer in nature, and offering more stability in general. Hence, with overall increasing storage capacities for batteries, such as the 18650 battery, the need for economical and energy-saving battery management systems and battery monitoring systems will develop.
Battery Management System Topology Insights
The global Battery Management System market segmentation, based on Topology, includes Centralized, Modular, and Distributed. the modular topology is destined to grow at the highest rate. The main advantage of using the modular type is that they can be further connected in series or parallel circuits to each other, thereby increasing the power/voltage output with the added advantage of lower maintenance costs.
Battery Management System Application Insights
The global Battery Management System market data has been bifurcated by Application into automotive has the highest market share, followed by consumer electronics. The reason for this is the emergence of various products in both segments. According to the IEA, the overall sale of electric vehicles doubled in 2021 to 6.6 million units. According to industry reports, the consumer goods segment achieved over USD 1002.64 billion in 2020. Thus, with increasing sales of both main segments, there will be further requirements for battery management systems
Figure 2: Battery Management System Market, by Surgery, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Additionally, in comparison to open spine surgery, minimally invasive surgery is faster, safer, and needs less recovery time. Rising potential benefits such as less blood loss from surgery, lower chance of muscle injury and infection, less postoperative discomfort, and faster recovery from degenerative disc disease, lumbar spinal stenosis, and ruptured disc surgery are likely to drive sector growth throughout the projection period.
Battery Management System Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific and Rest of the World. In order to curb the changing climatic conditions, the U.S is planning to add new renewable capacities in the coming years. For instance, Texas, Lowa, and Illinois are planning to add wind power capacities of more than 6 GW in the year 2019 as reported by U.S Energy Information Administration. Owing to the growth of the renewable industry in North America, the battery management system market is expected to grow at a decent pace in the near future
Figure 3: Battery Management System Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Europe region has witnessed significant growth in the sales of electric vehicles in the recent past. Owing to this, the automotive industry in the region is expected to witness an appreciable growth in the coming years. The growth of the automotive industry in Europe is likely to drive the growth of the battery management system market in the region. Latin America region is focused on adding new renewable capacities to meet the energy demands in the region. Owing to the growth of the renewable industry in Latin America, the battery management system market is expected to grow at significant rates in the coming years. Increasing renewable solar capacities in South Africa and GCC countries is expected to boost the energy storage and renewable industry growth in the Middle East and Africa region. Owing to this, the battery management system market is expected to gain traction over the forecast period in the Middle East and Africa
Asia Pacific region is focused on increasing the electric vehicle fleet owing to the growing concern for CO2 emissions. The Telecom industry in the region is also reported to have decent growth in the recent past. Owing to the growth of the electric vehicle market and the telecom industry, the battery management system market is expected to witness healthy growth in the region.
Battery Management System Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Battery Management System market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Battery Management System industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global Battery Management System industry to benefit clients and expand the Battery Management System market sector is to manufacture locally to reduce operating costs. In recent years, Battery Management System has provided medicine with some of the most significant benefits.
Leclanché offers multiple battery management system (BMS) technologies. BMS are an integral part of Leclanché’s high voltage (e-Transport, Stationary) and low voltage systems solutions. Leclanché develops its own in-house BMS, in partnership with a hardware company. All BMS are either master-slave or single board architecture. BMS commonly provides software and hardware safety for overcharge/ deep discharge, over/under voltage, over current, over/under temperature, pre-charge, short circuit and other protection. They have built-in technology and specific algorithms such as SOC, SOH, cell/ module balancing and real time control over charge/ discharge current. They also have the capability to indicate performance and monitor control parameters. A user-friendly Graphical User Interface (GUI) provides system performance and diagnostics for the system. BMS provides CAN and RS485 communication ports to connect to the host/ higher layer system.
Also, Nuvation Energy’s battery management systems are field deployed in over 130 energy storage systems worldwide. These highly flexible battery management solutions can be configured for most battery chemistries, modules and stack designs, and used in any storage application. Our high- and low-voltage BMS modules are designed for long-term reliability and are UL 1973 Recognized for functional safety.
Key Companies in the Battery Management System market includes
- Leclanche
- Nuvation
- Eberspächer
- Texas Instruments Inc
- Toshiba Corporation
- Robert Bosch GmbH
- Panasonic Corporation
- Midtronics Inc. (US)
- ST Microelectronics
- Deutz AG,
Battery Management System Industry Developments
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In June 2022, Xing Mobility will launch its immersion-cooled battery system at a conference in Germany. The new battery management system is developed to work under rigorous circumstances such as extreme temperatures and poor road conditions.
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In June 2022, maritime energy solutions company EST - Floattech will be developing a battery management system for the hybrid ship built by the shipping company, Hagland.
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In May 2022, Endurance Technologies acquired a majority stake in Maxwell Energy Systems, which comes with the key component of its battery management system unit.
Battery Management System Market Segmentation:
Battery Management System Battery Type Outlook
- Lithium-Ion Based Batteries
- Advanced Lead-Acid Batteries
- Nickel-Based Batteries
- Flow Batteries
Battery Management System Topology Outlook
- Centralized
- Modular
- Distributed
Battery Management System Application Outlook
- Automotive
- Military & Defense
- Medical
- Portable Device
- and others
Battery Management System Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
| Report Attribute/Metric |
Details |
| Market Size 2021 |
USD 6.22 billion |
| Market Size 2022 |
USD 11.02 billion |
| Market Size 2030 |
USD 45.70 billion |
| Compound Annual Growth Rate (CAGR) |
22.2% (2024-2030) |
| Base Year |
2023 |
| Forecast Period |
2024-2030 |
| Historical Data |
2021 & 2022 |
| Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Battery Type, Topology, and Application, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Leclanche, Nuvation, Eberspächer, Texas Instruments Inc, Toshiba Corporation, Robert Bosch GmbH, Panasonic Corporation, Midtronics Inc. (US), ST Microelectronics, Deutz AG, |
| Key Market Opportunities |
Increase in adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs) |
| Key Market Dynamics |
Growing adoption of rechargeable batteries across multiple end-use industries |
Frequently Asked Questions (FAQ) :
The global Battery Management System market size was valued at USD 6.22 Billion in 2021.
The global market is projected to grow at a CAGR of 22.2% during the forecast period, 2024-2030.
North America had the largest share in the global Battery Management System market
Leclanche, Nuvation, Eberspächer, Texas Instruments Inc, Toshiba Corporation, Robert Bosch GmbH, Panasonic Corporation, Midtronics Inc. (US), ST Microelectronics, Deutz AG,
The lithium-ion battery category dominated the market in 2021
The Modular topology segment is lead the market in 2021
cell voltage measurement and control.
The automotive segment is dominated the market in 2021.
