Redding, California, March 15, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Battery Management Systems Market by Component (Hardware, Software), Topology (Centralized BMS, Modular BMS), Battery Types (Li-ion Battery, Lead-acid Battery), Application (Automotive, Industrial), and Geography - Global Forecast to 2030,’ the battery management systems market is projected to reach $34.8 billion by 2030, at a CAGR of 20.5% during the forecast period.
Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5486
Battery management system (BMS) monitors and manages a rechargeable battery and is majorly used in various applications, such as electric vehicles, UPS systems, and solar energy storage systems. It protects the battery from operating outside its safe limits, maximizing its lifespan and providing accurate information about its state of charge and current capacity.
The growth of this market is driven by the growing government initiatives to encourage the adoption of electric mobility, growing consumption of rechargeable batteries in consumer electronics, and increasing demand for energy storage systems. Furthermore, supportive government initiatives for electric vehicles and increasing electrification of public transportation are expected to create market growth opportunities. However, the lack of infrastructure in emerging economies for the development of EVs and the lack of standardization in battery management solutions restrain the growth of this market.
The complex design & manufacturing process is a major challenge for the players operating in this market. Additionally, electricity generation from renewable energy sources is a major trend in the battery management systems market.
The battery management systems market is segmented by component (hardware (battery control units, communication systems, power management systems, and other hardware) and software), topology (centralized BMS, modular BMS, primary/subordinate BMS, and distributed BMS), battery type (li-ion battery, lead-acid battery, nickel battery, and other batteries) application (automotive (passenger cars(traditional fuel vehicles and electric vehicles) trucks & buses, and utility vehicles) industrial, renewable energy, telecommunication, military & defense, consumer electronics, and other applications), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5486
Based on component, the battery management systems market is segmented into hardware and software. The hardware segment is further segmented into battery control units, communication systems, power management systems, and other hardware. In 2023, the hardware segment is expected to account for the larger share of the global battery management systems market. The large market share of this segment is attributed to the growing use of battery management systems in automotive, military & defense, and consumer electronics applications, among others. This segment is also projected to register the highest CAGR during the forecast period.
Based on topology, the battery management systems market is segmented into centralized BMS, modular BMS, primary/subordinate BMS, and distributed BMS. In 2023, the centralized BMS segment is expected to account for the largest share of the global battery management systems market. The large market share of this segment is attributed to its wider usage in medium-power applications such as e-bikes, portable devices, portable medical equipment, and home appliances, among others. Centralized topology offers the best computational power and is the most economical topology. However, the modular BMS segment is projected to register the highest CAGR during the forecast period. BMS can be further connected in series or parallel circuits to each other, increasing the power/voltage output with the added advantage of lower maintenance costs.
Based on battery types, the battery management systems market is segmented into Li-ion battery, lead-acid battery, nickel battery, and other batteries. In 2023, the Li-ion battery segment is expected to account for the largest share of the global battery management systems market. The large market share of this segment is attributed to the high adoption in various industries and its features such as high power density & low self-discharge. However, the nickel battery segment is projected to register the highest CAGR during the forecast period. The nickel battery is a high energy density battery and uses environmentally friendly metals, which contributes to the growth of this segment. Additionally, nickel batteries perform well under rigorous working conditions and are relatively low in cost.
Quick Buy – Battery Management Systems Market Research Report: https://www.meticulousresearch.com/Checkout/51665713
Based on application, the battery management systems market is segmented into automotive, industrial, renewable energy, telecommunication, military & defense, consumer electronics and other applications. This segment is further segmented into passenger cars, trucks & buses, and utility vehicles. In 2023, the automotive segment is expected to account for the largest share of the global battery management systems market. The large market share of this segment is attributed to the rising number of vehicles requiring rechargeable batteries, including EVs, hybrid EVs, and plug-in hybrid vehicles. Also, BMS plays a major role in supervising and guaranteeing reliable and safe battery operations in these vehicles. However, the consumer electronics segment is projected to register the highest CAGR during the forecast period.
Based on geography, the global battery management systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the battery management systems market, followed by North America, Europe, Latin America, and the Middle East & Africa. In Asia-Pacific, there’s a huge demand for battery management systems from automotive applications for electric vehicles, e-bikes, and automated guided vehicles. China is expected to witness strong growth due to the rapid growth in the EV market. The rising demand for consumer electronics is likely to add to the demand for BMS, owing to the increasing integration of BMS in consumer electronics for safety purposes.
The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants in the last three to four years. The key players operating in the battery management systems market are Eberspächer (Germany), Panasonic Holding Corporation (Japan), Renesas Electronics Corporation (Japan), Sensata Technologies, Inc. (U.S.), Texas Instruments Incorporated (U.S.), Analog Devices, Inc.(U.S.), Infenion Technologies AG (Germany), LG Energy Solutions, Ltd.(South Korea), NXP Semiconductors N.V.(Netherlands), STMicroelectronics International N.V. (Switzerland), Midtronics Inc.(U.S.), Elithion, Inc. (U.S.), AVL List GmbH (Austria), Ewert Energy Systems, Inc., (U.S.), Exponential Power, Inc., (U.S.), Ficosa International S.A., (Spain), Futavis GmbH(Germany), and Navitas Systems LLC (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/battery-management-systems-market-5486
Scope of the report:
Battery Management Systems Market by Component
- Hardware
- Battery Control Units
- Communication Systems
- Power Management Systems
- Other Hardware
- Software
Battery Management Systems Market, by Topology
- Centralized BMS
- Modular BMS
- Primary/Subordinate BMS
- Distributed BMS
Battery Management Systems Market, by Battery Types
- Li-ion Battery
- Lead-acid Battery
- Nickel Battery
- Other Batteries
Battery Management Systems Market, by Application
- Automotive
- Passenger Cars
- Traditional Fuel Vehicles
- Electric Vehicles
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- Trucks & buses
- Utility Vehicles
- Passenger Cars
- Industrial
- Renewable Energy
- Telecommunication
- Military & Defense
- Consumer Electronics
- Other Applications
Battery Management Systems Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Denmark
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Taiwan
- Singapore
- Thailand
- Indonesia
- Australia & New Zealand
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- Rest of the Middle East & Africa
Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5486
Related Report:
Battery Energy Storage System Market by Battery Type (Lithium-ion Batteries, Nickel-cadmium (Ni-Cd) Batteries), Component, Connection Type, Ownership, Energy Capacity, Application, and Geography —Global Forecast to 2029
https://www.meticulousresearch.com/product/battery-energy-storage-system-market-5336
EV Battery Management Market by Vehicle Type (Electric Cars, LCV, HCV, E-scooters & Motorcycles, and E-bikes), Configuration, Design, Topology, Voltage, Cell Balancing Method, and Geography - Global Forecast to 2029
https://www.meticulousresearch.com/product/ev-battery-management-market-5337
Flow Battery Market by Type (redox flow batteries, hybrid flow batteries), Material (zinc-bromine, vanadium, hydrogen-bromine), Ownership, Application (utilities, commercial & industrial), and Geography - Global Forecast to 2030
https://www.meticulousresearch.com/product/flow-battery-market-5419
Zinc–air Battery Market by Type (Primary Type, Secondary Type), Voltage Type (Up to 12 V, 12 V to 36 V, More than 36 V), Application, and Geography - Global Forecast to 2030
https://www.meticulousresearch.com/product/zinc-air-battery-market-5420
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Content Source: https://www.meticulousresearch.com/pressrelease/709/battery-management-systems-market-2030
