Dublin, July 05, 2024 (GLOBE NEWSWIRE) -- The "Global Battery Management System Market by Type (Motive & Stationary Batteries), Battery Type (Lithium-ion, Lead-acid, Nickel-based, Solid-state, Flow Batteries), Topology (Centralized, Distributed, & Modular), Application & Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global battery management system (BMS) market is anticipated to experience robust growth, projected to surge from USD 9.1 billion in 2024 to a staggering USD 22 billion by 2029, boasting an impressive compound annual growth rate (CAGR) of 19.3% during the forecast period.
This thriving market is categorized by battery type, encompassing lithium-ion, lead-acid, nickel-based batteries, and other variants. End users typically opt for the battery type best suited to their unique needs and application requirements. Notably, lithium-ion batteries enjoy widespread adoption across diverse sectors like automotive and renewable energy systems, owing to their favorable characteristics and reliable performance.
Renewable energy segment to hold a significant share of battery management system market in 2029
By 2029, the renewable energy sector is expected to wield substantial influence over the battery management system (BMS) market due to several key drivers. Firstly, governments worldwide are intensifying efforts to slash carbon emissions, leading to a surge in solar and wind power adoption. This necessitates robust energy storage solutions, where BMS plays an essential role in optimization and extension of battery lifespan.
As the energy landscape shifts towards decentralization, energy storage systems (ESS) gain traction, with BMS serving as indispensable components in managing battery charging and discharging processes for heightened efficiency. Technological advancements, notably in lithium-ion batteries, further bolster the feasibility of storing renewable energy. Government incentives and policies propel renewable energy adoption, alongside declining costs, which enhance competitiveness against traditional power generation. Collectively, these factors indicate the renewable energy sector's substantial presence in propelling the BMS market by 2029.
Lithium-ion battery type to hold highest CAGR in the forecast period
During the forecast period, lithium-ion (Li-ion) batteries are expected to experience the highest CAGR within the battery management system (BMS) market. This surge is underpinned by several key factors. Li-ion batteries have gained significant traction due to their superior energy density, extended lifespan, and reduced maintenance requirements compared to traditional battery technologies. As businesses increasingly prioritize energy efficiency and sustainability, Li-ion batteries emerge as the preferred choice for various applications, spanning from consumer electronics to electric vehicles and renewable energy storage solutions.
Continuous advancements in Li-ion battery technology, including enhancements in energy density, safety features, and cost-effectiveness, drive their widespread adoption across industries. Additionally, supportive governmental policies and initiatives aimed at promoting clean energy and electric transportation further fuel the demand for Li-ion batteries, thereby propelling the growth of the BMS market. The confluence of technological progress, favorable attributes, and regulatory support positions Li-ion batteries for continued dominance and expansion within the BMS market landscape.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
Asia Pacific region expected to grow the highest CAGR within the battery management system (BMS) market, owing to the region's rapid industrialization and urbanization have spurred heightened demand for electric vehicles (EVs), renewable energy solutions, and consumer electronics, necessitating efficient energy storage solutions. Consequently, there is a burgeoning requirement for BMS to effectively manage and optimize battery performance.
Government initiatives promoting clean energy and electric mobility further amplify the adoption of BMS across the region. The presence of key players and the emergence of cutting-edge technologies, particularly in China, Japan, and South Korea, contribute significantly to market expansion. The flourishing manufacturing sector in countries like China enables the production of BMS components at competitive costs, driving further market growth. The Asia-Pacific region is well-positioned for substantial growth in the BMS market, buoyed by favorable market conditions, supportive governmental policies, technological advancements, and robust industrial development.
Research Coverage
This report covers the battery management system market in detail, with segmentation based on type, battery type, topology, application, and region. The type segment includes motive battery and stationary battery type. The battery types include lithium-ion, lead-acid, nickel-based batteries, and others. The topology segment includes centralized, modular, and distributed topologies. Further, automotive, industrial, renewable energy, telecommunications, military & defense, and other applications of battery management systems have been covered in this report. The market has also been segmented into four regions - North America, Asia Pacific, Europe, and RoW.
Major players profiled in this report are Sensata Technologies, Inc. (Japan), Eberspacher (Germany), Ficosa Internacional SA (Spain), AVL (Austria), and LG Energy Solution (South Korea).
Key Attributes
| Report Attribute | Details |
| No. of Pages | 299 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $9.1 Billion |
| Forecasted Market Value (USD) by 2029 | $22 Billion |
| Compound Annual Growth Rate | 19.3% |
| Regions Covered | Global |
Premium Insights
- High Demand for Batteries in Renewable Energy Industry to Create Lucrative Opportunities for Market Players
- Motive Batteries Segment to Account for Larger Share of Battery Management System Market in 2029
- Lithium-Ion Segment to Account for Largest Share of Battery Management System Market in 2029
- Modular Segment to Account for Largest Share of Battery Management System Market in 2029
- Automotive Segment to Account for Largest Share of Battery Management System Market in 2029
- China and Automotive Segment to Hold Largest Shares of Asia-Pacific Battery Management System Market in 2029
- China to Exhibit Highest CAGR in Battery Management System Market Between 2024 and 2029
Market Dynamics
- Drivers
- Growing Electric Vehicle (EV) Sales
- High Demand for Battery Monitoring Solutions in Renewable Energy Industry
- Rising Need for Effective Power Grid Management
- Increasing Demand for Portable Electronics
- Restraints
- High Cost Associated with Integrating BMS into Battery Pack
- Opportunities
- Electrification of Public Transportation
- Rising Demand for BMS in Data Centers
- Government-Led Initiatives for Booting Adoption of EVs
- Advantages of Wireless BMS Over Conventional BMS
- Increased Research and Development (R&D) on Battery Technology
- Challenges
- Complex Designing Process
- Impact of External Factors on Performance of BMS
- Cybersecurity Threats
- Lack of Standardization in BMS Manufacturing
Value Chain Analysis
- Recent Developments and Trends Shaping Battery Management System Value Chain
- Decreasing Pricing Trend of Lithium-Ion Batteries
- Increase in Raw Material Prices and Adoption of Alternative Battery Chemistries
- Development of BMS by EV OEMs
- Cell Management System and Impact
- Battery Passport and Impact on Battery Value Chain
Key Functions of BMS
- Mapping of Key BMS Semiconductor Providers, by Function
- Battery Management
- Cell Balancing
- Thermal Management
- State of Charge (SoC)
- State of Health (SoH)
Pricing Analysis
- Indicative Pricing Trend of Key Players, by Application
- Average Selling Price (ASP) Trend
- Average Selling Price (ASP) Trend, by Region
Technology Analysis
- Key Technologies
- Solid-State Batteries (SSBs)
- Artificial Intelligence (AI)
- Digital Twin
- Complementary Technologies
- Thermal Management Systems
- Power Electronics
- Adjacent Technologies
- Vehicle-To-Grid (V2G) Technology
- Cloud Computing
Case Study Analysis
- Tata ELXSI Collaborated with Renesas Electronics to Establish Next-Generation EV Innovation Center (NEVIC)
- Tesla Developed Distributed BMS Design by Incorporating Regional Slave Modules and Centralized Controller
- Tesla Powerwall Exemplified Effective Residential Energy Storage with Advanced BMS
- Nissan Undertook Strategic Initiatives to Mitigate Battery Deterioration Concerns
Trade Analysis
- Import Scenario
- Export Scenario
Companies Featured
- Eberspaecher
- Sensata Technologies, Inc.
- LG Energy Solution
- AVL
- Ficosa Internacional SA
- Panasonic Holdings Corporation
- Renesas Electronics Corporation
- Texas Instruments Incorporated
- Analog Devices, Inc.
- Infineon Technologies AG
- NXP Semiconductors
- STMicroelectronics
- Contemporary Amperex Technology Co. Limited
- BYD Company Limited
- SK Innovation Co. Ltd.
- BMS Powersafe
- Elithion, Inc.
- Ewert Energy Systems, Inc.
- Exponential Power
- Futavis GmbH
- Hangzhou Xieneng Technology Co. Ltd.
- Leclanché SA
- Nuvation Energy
- Powertech Systems
- Ricardo
- Nidec Motor Corporation
- Tronico
- Xing Mobility
For more information about this report visit https://www.researchandmarkets.com/r/wvchwh
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