Power Batterry Management System Market Overview
The Power Battery Management System Market is anticipated to grow at 18.59% CAGR during 2022-2030, with increasing demand for developing renewable energy sources being the key growth driver. In other words, the power battery management system is known as the battery packs brain. It has an electronic system that controls and monitors the status of the battery (its charging and discharging) and notifies the users about the status and condition of battery packs. The primary function of the power battery management system is to critically safeguard the battery from damage. These new systems also include functional blocks such as real-time clocks, cell voltage monitors, microcontrollers, temperature monitors, and others. The global power battery management system market trends suggest that there has been an increasing demand for energy efficiency in the manufacturing sector, increasing installation of renewables in the industry, and rising adoption of IoT and cloud-based platforms are driving the power battery management system market globally.
Power Battery Management System Market COVID 19 Analysis
The rapid spread of COVID-19 has left the complete supply chain with unpredictable challenges and issues such as OEM shutdowns, insufficient labor, output reduction, and raw material, which in turn has affected the power battery management system market. To add on, various suppliers operating in the supply chain are witnessing raw material shortages which in turn is impacting the market and there is a continuously growing risk of raw material shortage if the situation continues.
Factors such as growth in the adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs), and a surge in industry preference for use of lithium-ion batteries drive the growth of the battery management system market. In addition, the rise in the adoption of rechargeable batteries across multiple end-use industries propels the market growth. However, growth in overall price of products with the addition of battery management systems hinders growth of the market. Further, growth in adoption of cloud-connected battery management systems, growth in demand for renewable energy, and rise in demand for e-bikes and e-scooters provide remarkable growth opportunities for players operating in the market.
Power Battery Management System Market Dynamics
Governments across the globe have implemented stringent regulations and policies, such as the Kyoto Protocol, to reduce Greenhouse Gas (GHG) emissions. In addition, an increase in awareness regarding the 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, the rise in consumer demand to maximize vehicle efficiency and minimize fuel costs have led to consistent technological advancements in electric and hybrid electric vehicles. With the need to optimize the utilization of battery storage volume in electric vehicles and to prevent dangers caused by overheating of batteries in electric and hybrid electric vehicles, manufacturers have started to integrate battery management systems in vehicles.
However, the disruption in the demand and supply chain mechanism of the market is one of the major issues owing to which the power battery management system market is facing challenges on the path of its growth during the period that ends in 2027.
A battery management system can be defined as the brain behind battery packs. It is an electronic system that controls and regulates charging and discharging of battery and provides notifications about the status and condition of battery packs. In addition, providing a critical safeguard to protect batteries from damage is one of the main functions of the battery management system. One of the issues is that they can be damaged if overcharged and result in overheating flames, or others. In addition, the lithium-ion batteries can also be damaged if discharged below a certain threshold, which is around 5% of the total capacity. If the batteries are allowed to discharge below this level, the battery will get damaged permanently. A battery management system (BMS) is necessary to monitor the battery state and ensure the safety of functioning. The battery management system monitors important operating parameters of batteries such as cell/unit voltage and current; resistance; cell/unit/ambient temperature; electrolyte levels; and more to ensure proper running and health of batteries. In addition, the rise in costs of fuel, coupled with stringent government regulations pertaining to carbon dioxide emissions are pushing the adoption of electric vehicles, hybrid electric vehicles, and plug-in hybrid vehicles in developed regions such as North America, Europe, and Japan. For instance, the U.S. American Recovery and Reinvestment Act grant funds to private and public entities to develop hybrid electric vehicles. An increase in air pollution caused by internal combustion engine cars and the non-renewable nature of oil-based fuels has incited government bodies to encourage the use of hybrid and electric vehicles. Thus, the rise in adoption of electric vehicles and hybrid electric vehicles is anticipated to boost the growth of the power battery management system market in the future.
- To define, describe, and forecast the power management system by module, type, end-user, and region
- To provide a detailed information regarding the major factors influencing the growth of the power battery management system market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the power battery management system market with respect to individual growth trends, future projections, and the contribution of each segment to the market
- To track and analyze competitive developments such as contracts & agreements, new product launches, investments and expansions, mergers & acquisitions, and partnerships and collaborations in the Power Battery Management System Market
- To profile key players and comprehensively analyze their market ranking and core competencies
Power Battery Management System Market Segmentation
Looking at the latest research analysis, the power battery management system market can be bifurcated based on battery type, component, topography, and application. Out of all the segments of this market, the distribution segment will witness tremendous growth during the forecast period and is anticipated to register the highest compound annual growth rate (CAGR) of 4.5%.
The power battery management system market has been segmented based on the following:
- Power Monitoring and Control
- Load Shedding and Management
- Energy Cost Accounting
- Switching and Safety Management
- Power Simulator
- Generator Controls
- Data Historian
- Oil & Gas
- Chemicals and Pharmaceuticals
- Paper and Pulp
- Metals and Mining
- Data Centres
- North America
- Asia Pacific
- South America
- Middle East
If we look at power battery management system market share and other details, this industry is remarkably working in five major regions of the world that is Asia Pacific, Europe, North America, South America, and Middle East & Africa. During the forecast period, the Asia Pacific region will dominate this market as the number of stores selling electronic vehicles is rising day by day. The key players in this market are making massive investments in this region to provide electric scooters for short distances which is another factor that will uplift the growth of this market to great extent.
Based on the data obtained from Power Battery Management System Market analysis, the prominent players in this market are Toshiba Corporation (Japan), Robert Bosch GmbH (Germany), Johnson Matthey (UK), Edition (US), EBERSPÄCHER (Germany), Lithium Balance (Denmark), Microchip Technology, Inc. (US), STARTED Development (France), NXP Semiconductors (Netherlands), Auto Motive Power, Inc. (united states of America), Analog Devices Inc. (US), Merlin Equipment (UK), Texas Instruments Incorporated (US), Panasonic Corporation (Japan), Ricardo (UK), MASTERVOLT (Netherlands), East Penn Manufacturing Company (US), Medtronic’s, Inc. (US), NUVATION (US), DEUTZ AG (Germany), Lithium WERKS (Netherlands), AVL (Austria), and EWERT Energy Systems, Inc. (unites states of America).
- In December 2019, the launch of a new line-up of electric scooters was announced by OJO electric crop (a Singapore-based electric vehicle company) due to the rise in advanced technologies.
- The power battery management system market has been segmented, by end-user, into oil & gas, marine, chemicals and pharmaceuticals, paper and pulp, metals and mining, utilities, data centers, and various elements. The rise in the shipbuilding industry in the Asia Pacific region and Europe is expected to boost the power battery management system market for this segment during the forecast period.
- In January 2021, for electric vehicles, a wireless power battery management system was launched by Texas instruments Inc. This new power battery management system is so flexible that allows controlling and monitoring of better cells which can be established wirelessly and also saves weight & eliminate cabling.
- Power management system companies
- Power system hardware providers
- Engineering, procurement, and construction companies in the transmission and distribution sector
- Government and research organizations
- Investment banks
- Manufacturing companies
- Oil & gas companies
This research study involved the use of extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg Businessweek, Factiva, and OneSource to identify and collect information useful for a technical, market-oriented, and commercial study of the power management system. The main sources are mainly industry experts from the core and related industries, preferred suppliers, manufacturers, distributors, service providers, technology developers, standards and certification organizations of companies, and organizations related to all the segments of this industry’s value chain.