Technological Advancements Fueling Battery Management System Market, Anticipated to Reach $18.4 Billion by 2028

Posted May 11, 2023 by avinashgogawale14

The Battery Management System (BMS) Market is projected to grow from USD 7.8 billion in 2023 to USD 18.4 billion by 2028, with a CAGR of 18.7%.
The global Battery Management System (BMS) Market is anticipated to increase significantly over the next few years. According to the analysis, the market is anticipated to rise from USD 7.8 billion in 2023 to USD 18.4 billion by 2028, for a CAGR of 18.7% over the forecast period.

Based on type, battery type, topology, application, and geography, the battery management system market is divided into subgroups. The motive battery and stationary battery segments of the market are separated based on type. Electric vehicles (EVs) frequently use motive batteries, whereas energy storage systems employ stationary batteries. The market offers a variety of battery types, including lithium-ion, lead-acid, nickel-based, solid-state, and flow batteries. Because of their high energy density and lengthy cycle life, lithium-ion batteries are widely utilised in portable gadgets and electric vehicles. The market is further divided into centralised, distributed, and modular systems based on topology. A single control unit controls the entire battery system in a centralised BMS, whereas many control units share control in a distributed BMS. A modular BMS consists of several modules that can be added or withdrawn depending on the situation.

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An vital electronic component known as a battery management system (BMS) is responsible for monitoring and managing the operation of rechargeable batteries. Its main duties include controlling power output, giving details about the battery pack's charging and discharging status, putting in place vital safeguards to protect the batteries from potential harm, and extending battery life and efficiency. Battery management systems are typically integrated with high-energy batteries, particularly lithium-ion batteries, as well as other advanced types such as lead-acid, flow, and nickel-based batteries. The majority of battery management programmes, however, are created especially for use with lithium-ion batteries. The key purpose of a battery management system is to optimize the performance and safety of the battery pack. It makes sure that the power output is properly controlled, preventing the batteries from being overcharged or discharged, which can result in deterioration and pose risks. The BMS actively monitors the battery's charging and discharging status and gives users access to real-time information so they can decide how to use the battery. A battery management system also includes a number of safety features to safeguard the battery pack and eliminate any hazards. To keep the battery within safe operating parameters, these precautions include temperature monitoring, voltage management, and current limitation. This safeguards the battery's security while also safeguarding the systems and devices in the immediate vicinity.

The Lithium-ion battery segment is expected to grow at the highest CAGR during the forecast period

During the forecast period, the lithium-ion battery segment is anticipated to have the highest compound annual growth rate (CAGR). Lithium-ion batteries are widely recognized for their exceptional performance compared to other rechargeable battery technologies, offering advantages in terms of usable capacity, charging time, and life cycle. One of the lightest metals, lithium has an exceptional electrochemical potential. Because of their ability to deliver a significant amount of energy per volume and weight, lithium-ion batteries are highly desirable for a variety of applications. However, because lithium is inherently unstable, it is essential to manage the charging and discharging processes carefully. Lithium-ion battery safety and performance are greatly enhanced by battery management systems. By following specific safeguards when charging and discharging, the dangers connected with lithium-ion batteries can be efficiently mitigated. Monitoring the battery's temperature, voltage levels, and current flow are just a few of the precautions that must be taken, along with measures to prevent overcharging or overdischarging. When compared to other battery chemistries, lithium-ion batteries provide unmatched advantages despite the requirement for careful management. They are highly sought-after for a variety of applications, including consumer electronics, electric vehicles, renewable energy storage, and more, due to their high energy density, quick charging capabilities, and long cycle life.

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The distributed topology segment is expected to grow at a significant CAGR during the forecast period

The distributed battery management system (BMS) topology is predicted to enjoy significant growth at a compound annual growth rate (CAGR) during the projection period. In this topology, each battery pack cell has a specific slave board that controls and manages the specific cell. These slave boards are interconnected using a single communication cable linking the battery to the controller. The distributed BMS offers various advantages over the centralized BMS topology. Firstly, it is relatively easier to install due to its simpler design. Moreover, it delivers a better level of reliability as each cell is monitored and managed independently, decreasing the impact of a single cell failure on the entire battery pack.

The industrial segment is expected to grow at a significant CAGR during the forecast period

There is a growing need for continuous and high-quality power supply and emergency backup in both commercial and industrial segments. Automated guided vehicles (AGVs) are mobile robots that are typically used in the industrial sector to transfer materials in a manufacturing facility or a warehouse. AGVs are guided via wires or markers installed on the floor or through vision and lasers. These are widely used to improve material handling efficiency in the manufacturing industry. AGVs mostly use integrated advanced lead-acid batteries, which are highly reliable and available at a lower cost than other battery chemistries. The lead-acid battery technology is the most efficient if it is protected from over-discharging and insufficient charging. In such a scenario, a battery management system becomes very crucial, improving battery operations and shelf life

North America to account for a significant share of the battery management system market in 2028

The automotive sector and growing demand from the renewable energy sector drive the growth of the North American battery management system market. The presence of major automotive manufacturers, such as General Motors (US) and Ford Motor Company (US), is driving the demand for battery management systems. The US has also witnessed a rapid rise in the implementation of lithium-ion batteries for renewable energy storage through wind and solar energy. Applications such as automotive, renewable energy storage systems, and telecommunications have the highest growth potential in North America’s battery management system market.

The major players include Sensata Technologies, Inc. (Japan), Eberspächer (Germany), Panasonic Holdings Corporation (Japan), and LG Energy Solution, Ltd. (South Korea).

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Last Updated May 11, 2023