CHICAGO, June 27, 2024 /PRNewswire/ -- The global
battery management system (BMS) market is poised for substantial
growth, forecasted to surge from USD 9.1
billion in 2024 to USD 22.0
billion by 2029, reflecting a CAGR of 19.3% according to a
new report by MarketsandMarkets™. A battery management
system (BMS) serves as a crucial electronic device responsible for
overseeing and regulating the operations of rechargeable
batteries.
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Browse in-depth TOC on "Battery Management System
Market" 185 – Tables
77 – Figures
306 – Pages
Battery Management System Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 9.1 billion
|
Estimated Value by
2029
|
$ 22.0 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 19.3%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Type, Battery Type,
Topology, Application & Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Fluctuating
performances due to external factors
|
Key Market
Opportunities
|
Rising government
initiatives for developing EV infrastructure
|
Key Market
Drivers
|
Growing demand for
efficient battery monitoring in renewable energy sector
|
Key functionalities of a battery management system include
managing power output, providing real-time status updates on
battery charging and discharging, implementing critical safety
measures to safeguard batteries from potential damage, and
optimizing battery lifespan and efficiency. These systems are
primarily integrated with high-energy battery variants such as
lithium-ion, advanced lead-acid, flow, and nickel-based batteries.
Among these, lithium-ion batteries stand out as the most widely
utilized battery type in conjunction with battery management
systems within various business sectors.
The Lithium-ion battery segment to hold largest market share
during the forecast period.
Lithium-ion batteries stand out as top-performing rechargeable
battery technology, surpassing others in key metrics such as usable
capacity, charging speed, and lifespan. Leveraging lithium,
renowned for its lightweight properties and exceptional
electrochemical potential, these batteries offer the highest energy
density per unit volume and weight. However, due to lithium-ion's
inherent instability, careful management during charging and
discharging is imperative. Adhering to specified precautions
ensures that lithium-ion batteries deliver unparalleled advantages
over alternative chemistries. Thus, the pivotal role of battery
management systems emerges as a critical driver facilitating the
widespread adoption and expansion of the lithium-ion battery market
within various business sectors.
Distributed topology segment projected to grow at a
significant growth rate during the forecast period.
In a distributed battery management system configuration, every
cell within the battery pack is equipped with its dedicated slave
board, responsible for monitoring and managing individual cell
performance. These slave boards are interconnected via a single
communication cable linking the battery to the central controller.
Each cell is linked to voltage signals, a temperature sensor, and
both internal and external communication cables. Compared to
centralized BMS setups, distributed topologies offer simpler
installation and heightened reliability. However, challenges such
as the necessity for numerous mini circuit boards and difficulties
in mounting these boards on certain cell types may arise. Moreover,
for battery packs comprising numerous cells, the overall cost of
implementing a distributed system could outweigh that of a
centralized alternative.
The industrial segment is expected to grow at a significant
CAGR during the forecast period.
In both commercial and industrial sectors, there's a growing
demand for uninterrupted, high-quality power supply and contingency
plans. Automated guided vehicles (AGVs) are robotic platforms
commonly deployed in industrial settings to facilitate material
transportation within manufacturing facilities or warehouses. AGVs
navigate their routes through various means, including
floor-installed wires/markers or advanced vision and laser systems.
Widely adopted in the manufacturing industry, AGVs significantly
enhance material handling efficiency. These vehicles predominantly
rely on integrated advanced lead-acid batteries, prized for their
reliability and cost-effectiveness compared to alternative battery
chemistries. However, for optimal performance and prolonged
lifespan, it's imperative to safeguard lead-acid batteries against
over-discharge and insufficient charging. In such instances, the
implementation of a robust battery management system is paramount,
ensuring enhanced battery operations and prolonged shelf life.
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North America to hold a
significant market share 2029.
The North American battery management system industry is
experiencing growth propelled by the automotive sector and
increasing demand from the renewable energy industry. Major
automotive manufacturers like General Motors (US) and Ford Motor
Company (US) are driving the need for battery management systems in
the region. Moreover, there's a notable surge in the adoption of
lithium-ion batteries for renewable energy storage, particularly in
wind and solar energy applications across the US. Automotive,
renewable energy storage systems, and telecommunications are
identified as sectors with the most significant growth potential
within North America's battery
management system market.
The major players in battery management system companies include
Sensate Technologies, Inc. (Japan), Eberspächer (Germany), Panasonic Holdings Corporation
(Japan), and LG Energy Solution.
(South Korea), AVL (Austria), FICOSA International SA
(Spain), Leclanché SA
(Switzerland), Elithion (US), BMS
PowerSafe (France), PowerTech
Systems (France).
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