Wilmington, Delaware, United States, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global battery energy management system market is projected to flourish at a CAGR of 21.8% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 33.9 billion is anticipated for the market in 2031. As of 2023, the demand for battery energy management system is expected to close at US$ 8.3 billion.
The growing use of renewable energy sources has increased the requirement for effective energy storage solutions, making BEMS a crucial technology for grid stability and dependability. The electrification of transportation and the integration of energy storage in numerous sectors enhance BEMS usage. These factors are anticipated to propel the battery energy management system industry growth at a rapid pace in the near future.
The increasing use of energy storage systems, including lithium-ion batteries, in various applications such as grid energy storage, electric vehicles, and residential energy storage is boosting the demand for BEMS. BEMS supports worldwide efforts to cut carbon emissions and prevent climate change. BEMS helps a more sustainable and resilient energy infrastructure by increasing the efficiency and flexibility of energy storage.
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Competitive Landscape
Prominent companies follow the latest battery energy management system market trends and adopt a range of strategies to maintain and expand their presence in the global market. According to the latest market analysis, the landscape is healthy, with several opportunities for growth and innovation.
- Analog Devices Inc.
- Infineon Technologies AG
- NXP Semiconductors
- Texas Instruments
- Eberspaecher Vecture Inc.
- Elithion Inc.
- Infineon Technologies AG
- Johnson Matthey Battery Systems
- Nuvation Energy
- Renesas Electronics Corporation
- STMicroelectronics
- Sensata Technologies Inc.
- Saft
- Siemens AG
- LG Innotek
- Marelli Holdings Co. Ltd.
- PREH Gmbh
Increased awareness about environmental issues, as well as the demand for dependable energy solutions, are estimated to positively impact the battery energy management system market forecast in the next few years.
Key Takeaways from the Market Study
- As of 2022, the battery energy management system market was valued at US$ 6.8 billion
- Based on application, the electric vehicle segment dominated the global battery energy management system market during the forecast period.
- By battery type, lithium-ion batteries segment to account for high revenue in the market.
Battery Energy Management System Market: Key Trends and Opportunistic Frontiers
- Ongoing advancements in battery technology, automation, and data analytics are improving the performance and efficiency of BEMS, making them more attractive to consumers and businesses.
- The electrification of transportation, including electric vehicles (EVs) and e-mobility solutions, drives the demand for BEMS to manage vehicle charging and support grid stability.
- Increasing awareness of environmental issues and a growing focus on reducing greenhouse gas emissions are encouraging the deployment of BEMS to optimize energy use and reduce the carbon footprint.
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Battery Energy Management System Market- Regional Analysis
- North America is expected to rise rapidly during the forecast period due to the growing demand for energy-efficient solutions and the presence of significant competitors in the region. The United States is expected to be the largest market in the region.
- Increasing demand for renewable energy sources and the implementation of stringent regulations to reduce carbon emissions in Europe are projected to fuel the battery energy management system market progress in the region. Germany, France, and the United Kingdom are anticipated to be notable regional markets.
Key Developments in the Battery Energy Management System Market
- Siemens AG is a major player in the BEMS market, offering comprehensive solutions for grid management, energy storage, and building management. Their systems provide real-time monitoring and control of battery systems for various applications.
- ABB Ltd is known for its energy management solutions, including BEMS, which help optimize the performance and efficiency of energy storage systems. They offer solutions for both grid-connected and off-grid applications.
- Schneider Electric provides BEMS solutions for commercial and industrial applications. Their systems offer real-time monitoring, predictive analytics, and energy optimization to enhance the performance of energy storage system
Battery Energy Management System Market in India Market – Key Segments
By Topology
- Distributed
- Centralized
- Modular
By Component
- Hardware
- Battery Monitoring Unit
- Battery Control Unit
- Communication Network
- Others
- Software
- Supervisory Control and Data Acquisition
- Advance Distribution Management Solution
- Outage Management System
- Generation Management System
- Others
By Battery Type
- Lithium-ion Batteries
- Lead Acid Batteries
- Nickel Cadmium Batteries
- Sodium Sulfur Batteries
- Sodium-ion Batteries
- Flow Batteries
- others
By Application
- Electric Vehicle
- Backup Power
- Peak Shaving
- Grid Stabilization
- Micro Grids
- Telecommunication Tower
- Aviation Ground System
- Renewable Energy
- Standalone Solar
- Solar Diesel Hybrid
- Wind Energy
- Solar Wind Hybrid
- Others
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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