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Global Battery Management System Market Size, Share, Trends, Covid-19 Impact & Growth Forecast Report - Segmented By Battery Type (Lithium Ion, Advanced Lead-Acid), Type( Motive Battery, Stationary Battery), Topology (Centralized, Modular, Distributed), Application (Automotive, Electric Vehicles, E-Bikes, Automated Guided Vehicles, Military, Telecommunications, Renewable Energy Systems, Ups (Uninterrupted Power Supply), Marine, Medical Devices), And Region (North America, Europe, APAC, Latin America, Middle East And Africa) – Industry Analysis From 2023 To 2028

Published: March, 2023
ID: 9134
Pages: 123
Formats: report pdf report excel report power bi report ppt

Global Battery Management System Market Size (2023 to 2028)

The global battery management system market size is expected to be worth USD 5.60 Billion in 2023. It is expected to grow at a CAGR of 19.5% during the forecast period and reach a value of USD 13.65 Billion by 2028.

Global Battery Management System Market Drivers:

The increasing demand for lithium-ion batteries from various industries is fuelling the battery management system market. Factors such as rising electric vehicles and hybrid electric vehicles, increasing use of rechargeable batteries across various sectors, the rising demand for renewable energy, e-bikes, e-scooters, and cloud-connected battery management systems are boosting the global BMS market growth. Strict laws and policies related to the use of electric vehicles have been implemented by several nations, which has expanded the potential for the market to expand globally. For example, the Kyoto Protocol that aims to lower greenhouse gas emissions has raised demand for the availability of green fuel vehicles worldwide. Likewise, there is growing awareness of the environmental effects of petrol and diesel vehicles. Also, due to rising fuel prices and regional conflicts, the sale of EVs worldwide.

The ability to integrate with other vehicle systems like onboard computers or the motor controller is elevating the demand for battery management systems. This could allow more seamless vehicle operation, improved efficiency, performance, and overall user experience. The development of an AI-powered cloud-connected battery management system for electric vehicles will create new opportunities in the battery management system market. Batteries can also be tracked in real-time by cloud-based BMS systems enabling remote access and management of battery performance. AI-based battery management systems can optimize charging, discharging, and balancing procedures in real-time which might greatly increase the efficiency and lifespan of EV batteries. Apart from this, semiconductor manufacturers created a way to link cloud computing technologies to BMS so that real-time monitoring is possible.

The next-generation battery management system will have state-of-the-art features such as enhanced safety protocols, better integration with other vehicle systems, and predictive analytics for more performance optimization. Predictive analytics uses machine learning algorithms and historical data for future predictions. And to predict the battery's future state of charge or general health in terms of BMS. As a result, this helps improve the electric vehicle’s efficiency and battery life by proactive battery management. Also, more advanced predicting methods and preventing battery problems could become part of enhanced safety regulations. So, this would demand a higher level of algorithms for identifying abnormalities that will indicate a potential problem in addition to more accurate tracking of the battery's state.

Global Battery Management System Market Restraints:

Cell voltages are one of the primary obstacles to the battery management system market due to aging and production constraints. As a result, the battery management system must properly balance the cells to enable the restoration of the damaged ones and preserve the healthy ones to extend the battery's life. Therefore, cell simulation is essential for creating a battery management system because it saves time, eliminates the need for costly, sluggish, and hazardous real batteries, and guarantees safe tests in system testing. In addition to this, production limitations cause variations in cell aging which in turn produces variations in voltage. Before deep discharge, a cell must stop discharging if its voltage exceeds a critical point. All these factors are decreasing the pace of battery management system market growth.

Reusing batteries presents a new problem for the battery management system market. Modern BMS algorithms rely significantly on earlier laboratory-based characterization. As such, they work best when using batteries for the first time. Another challenge is the state of charge estimation. The coulomb counting method is used to calculate the state of charge, but it is affected by multiple errors like initial SOC, current measurement, current integration, uncertain battery capacity, and timing oscillator errors. Furthermore, the real-time state of health estimation of the battery cannot be predicted precisely by current battery management system technology. So, only two options are there either wait for an explicit failure to occur or replace the battery early.

Impact of COVID-19 on the battery management system market:

The lithium battery sector was severely affected by COVID-19. The sale of electronic vehicles dropped sharply during COVID-19. For instance, in the first quarter of 2020, monthly electric vehicle sales in China decreased by 39 percent. Also, many key lithium-ion battery manufacturers reduced their output due to a shortage of labor and raw materials. Despite the drop in sales the investment in research and development activities and technological advancements in the energy industry carried on. During COVID-19, there has been a significant shift in public transport behaviors. It was noted that roughly 20 percent of people might favor lithium-battery-powered electric small-scale mobility devices because of the potential of getting infected in enclosed spaces like public buses or metros.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 to 2028

Base Year

2022

Forecast Period

2023 to 2028

CAGR

19.5%

Segments Covered

By Battery Type, Type, Topology, Application, & Region

Various Analyses Covered

Global, Regional, and country-level analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This research report on the global battery management system market has been segmented and sub-segmented into the following categories.

Battery Management System Market - By Battery Type:

  • Lithium Ion
  • Advanced Lead-Acid
  • Others

The lithium-ion segment is anticipated to propel further with a higher market growth rate in the coming years. An organized battery recycling sector is required due to the growing demand for Li-ion batteries. The surge in demand is also because of the rapid adoption of smartphones, laptops, electric vehicles, and other consumer electronics and the need for environment-friendly energy storage solutions. As a result of its outstanding energy density, power-to-weight ratio, and low self-discharge, lithium-ion batteries are the preferred option for electric vehicles.

Battery Management System Market - By Type:

  • Motive Battery
  • Stationary Battery

The motive battery segment is anticipated to expand at the fastest growth rate during the forecast period. The rising popularity of electric cars and the speedy growth of renewable energy facilities are the main causes of the development. These batteries are mostly installed in passenger cars, industrial vehicles, and commercial vehicles. In addition to this, both motive batteries and effective battery management systems are required for green and sustainable transportation. The demand for high power density, extended range, and quick recharge times defines the motive battery market.

Battery Management System Market - By Topology:

  • Centralized
  • Modular
  • Distributed

The centralized segment is the leading segment under this category, with a significant share of the battery management system market because of its integrated system control, interoperability, small size, ease of use, and affordability. For applications requiring less sophisticated wiring and communication infrastructure, this design is popular because it works well with smaller battery packs. Furthermore, it provides sophisticated optimization and control methods at the system level, making it appropriate for battery management applications.

Battery Management System Market - By Application:

  • Automotive
  • Electric Vehicles
  • E-Bikes
  • Automated Guided Vehicles
  • Military
  • Telecommunications
  • Renewable Energy Systems
  • UPS (Uninterrupted Power Supply)
  • Others
  • Marine
  • Medical Devices

The automotive segment is by far the biggest segment under this category and is expected to grow at a faster rate during the forecast period. This is due to the use of electric vehicles, technological developments, range optimization, battery pack health monitoring, safety and performance of batteries, and regulatory norms and criteria. BMS is crucial for controlling performance, efficiency, and safety in battery electric vehicles, and plug-in hybrid electric vehicles depend on large-capacity battery packs for energy storage.

Battery Management System Market - By Region:

  • North America 
  • Europe 
  • Asia Pacific
  • Latin America
  • Middle East & Africa 

North American battery management system market is the largest in terms of market share and will continue to drive the global market. The growing popularity of electric vehicles, improvements in renewable energy installations, and the existence of significant BMS manufacturers are driving the battery management system market in North America. Also, the presence of established infrastructure for energy storage systems and growing emphasis on electric vehicle charging stations have increased demand for BMS solutions. Furthermore, government programs to promote sustainable transportation and clean energy, like tax breaks, subsidies, and regulations, have boosted the battery management system market.

The European battery management system market is projected to have an upward trend in the market share. The aerospace industry in the region is growing rapidly due to advancements in electric and hybrid aircraft. Therefore, the demand for battery management systems for managing batteries will create a new market segment in the region. Furthermore, Western Europe’s smart grid projects emphasize the modernization of the electrical grid and incorporation of renewable energy sources, which offers an ideal setting for BMS technology to sustain grid stability and guarantee efficient energy management.

The Asia Pacific battery management system market is estimated to grow at an elevated pace during the forecast period. Due to the presence of key battery and electric car manufacturers, including China, Japan, and South Korea, Asia Pacific is a significant market for battery management systems. We are seeing a significant increase in demand for battery management systems from the automotive industry for e-bikes, automated guided vehicles, and electric automobiles. They use energy-density lithium-ion batteries made up of cells stacked in a series. For instance, China's automotive manufacturing hub and leading electronic device producer drive the battery management system market growth due to increased vehicle and battery production.

The Latin American battery management system market is accelerating forward at a steady pace. The COVID-19 had an adverse effect on the market. The market is currently back to levels prior to the pandemic. The growing popularity of electric cars, reliable charging infrastructure, and emphasis on improving battery efficiency are anticipated to propel the market in the near future.

Middle East and Africa battery management system market is likely to grow a considerable pace in the years to come. Because of the increasing emphasis on energy storage, renewable energy projects, and electric vehicles, the demand for BMS has been boosted in the region. Due to its geographical location, solar energy and rising renewable energy facilities are providing excellent conditions for the widespread use of BMS.

KEY MARKET PLAYERS:

Leclanche (Switzerland), Lithium Balance (Denmark), Nuvation Engineering (US, Eberspaecher Vecture (Canada), Storage Battery Systems (US) and Johnson Matthey (UK) are some of the major companies in the global battery management systems market.

RECENT HAPPENINGS IN THE MARKET:

  • Bombardier Transportation selected Leclanche, a Switzerland-based company that is popular around the globe for its battery management systems and a global provider of battery systems to power railway transportation. The collaboration of Leclanche and Bombardier Transportation will reduce the industry's dependence on IC engines and lead to the reduction of greenhouse gas emissions with the help of their batteries.
  • ION Energy, an Indian-based company whose products are accessible globally, is offering a solution to many battery problems through a unique electronic platform PaaS (Platform-as-a-Service), which uses AI (Artificial Intelligence) and software analytics to detect and improve the battery health.

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FAQ's

1. What are the primary functions of a Battery Management System?

BMS functions include monitoring battery state, balancing cell voltages, controlling charging and discharging, protecting against overcharging and over-discharging, and providing real-time data for performance analysis.

2. What types of batteries do BMS support?

BMS can support various types of batteries, including lithium-ion, lead-acid, nickel-cadmium, and others. The specific features and requirements may vary based on the battery chemistry.

3. What challenges does the BMS market face?

Challenges include standardization, adapting to different battery chemistries, addressing thermal management concerns, and developing BMS solutions that can handle modern applications' increasing power and energy demands.

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