Pune, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Market sizing and overview:
The Battery Management System (BMS) Market size was valued at USD 8.37 Billion in 2023. It is estimated to reach USD 40.74 Billion by 2032, growing at a CAGR of 19.26% during 2024-2032.
The battery management system market has demonstrated significant growth due to increasing demand for effective storage options and the wider utilization of EVs, renewable energy systems, portable consumer electronics, and other devices. The BMS is used to monitor and control a variety of factors, such as voltage, current, temperature, and state of charge, among other issues, and ensure that there are no issues, such as overcharging, over-discharging, or overheating. With the increasing popularity of renewable energy sources like solar and wind, there is a growing need for efficient ways to store energy. In the United States, there has been a significant rise in government funding for renewable energy storage, to enhance energy security and sustainability. During the fiscal year 2023, approximately USD 5 billion has been assigned by the Department of Energy (DOE) for projects related to research, development, and demonstration of energy storage. Additionally, a sum of USD 3 billion was allocated towards improving national capacities in battery production and recycling. BMS is essential for ensuring the efficiency and durability of storage systems, especially in large solar and wind energy installations.
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“Regional Development: In-depth analysis of dominating and fastest-growing regions”
Asia-Pacific dominated in 2023 with a 38% market share, because of the quick growth of EV manufacturing and also increased use of renewable energy, especially in China, Japan, and South Korea. China has been the premier location in manufacturing electric vehicles, and companies, such as BYD, CATL, and NIO, invest heavily in BMS technology for both automotive and energy storage applications.
North America is also accounted to have a rapid CAGR during 2024-2032, because of the spread of electric vehicles and the search for renewable energy options along with well-known car companies. The U.S. and Canadian governments’ incentives and tax benefits for EVs are also driving the demand for BMS.
Top Market Players Listed in this Research Report are:
- Sensata Technologies Inc
- NXP Semiconductors
- Renesas Electronics Corporation
- Analog Devices Inc
- Texas Instruments Incorporated
- STMicroelectronics
- Leclanché SA
- Nuvation Energy
- Elithion Inc.
- Eberspacher Gruppe GmbH & Co. KG
- Infineon Technologies AG
- Exponential Power
- Panasonic Holdings Corporation
- LG Energy Solution
- AVL
- FICOSA Internartional SA
- BMS PowerSafe
- PowerTech Systems
Battery Management System (BMS) Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 8.37 Billion |
| Market Size by 2032 | USD 40.74 Billion |
| CAGR | CAGR of 19.26% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Segments | • By Type (Motive Battery, Stationary battery) • By Battery Type (Lithium-ion, Lead-acid, Nicked-based, Others) • By Topology (Centralized, Modular, Distributed) • By Application (Automotive, Industrial, Renewable energy, Telecommunications, Military and Defense, Other) |
| Key Growth Drivers | • The renewable energy sector is seeing an increased need for effective battery monitoring. • The Surge in Electric Vehicle Adoption is Driving Demand for Advanced Battery Management Systems. |
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“Thorough analysis of market segments revealing the main factors influencing the growth of the market.”
By Type
In 2023, the motive battery sector dominated the market with a significant share of 55%. The rapid adoption of electric vehicles (EVs), forklifts, and other industrial equipment requiring effective battery management is driving this growth to ensure top-notch performance and safety. Manufacturers need to allocate resources for dependable battery management systems for motive batteries utilized in mobile applications to enhance battery longevity, avoid overcharging, and oversee real-time performance. For example, Tesla uses BMS in their electric cars to monitor large lithium-ion battery packs.
By Battery Type
Lithium-ion batteries held the largest market share in 2023, accounting for more than 40%, primarily because of their high energy density, lightweight design, and extended cycle longevity. An important player utilizing lithium-ion technology in their Automotive electronics is Panasonic, for instance. Similarly, Tesla's electric vehicles and energy storage choices, such as the Powerwall, make use of advanced lithium-ion batteries for excellent performance and lasting quality.
By Topology
In 2023, centralized topology BMS dominated the market with a 45% market share. This centralized approach allows for the efficient gathering of data and standardized management of battery characteristics such as voltage, temperature, and charge/discharge cycles. For instance, LG Chem utilizes centralized systems in its broad range of energy storage solutions to streamline management and regulation.
Recent Developments:
- In August 2024, Hyundai Motor and Kia announced their new features to ensure more safety of their vehicles through hardware and software development. The firms introduced the safer battery management system which is based on their 15 years of experience, as well as the focused research and development efforts.
- In June 2024, UK-based battery management software provider Eatron Technologies unveiled a system-on-chip battery management solution with the assistance of US-based edge artificial intelligence semiconductor provider Syntiant.
- In May 2024, Infineon announced a new, highly integrated, high voltage-tolerant MCU, which was manufactured to lead and enhance automotive battery management, power technology reported.
Key Takeaways:
- Extensive understanding of the market dynamics for the Battery Management System Market, including factors like market size and growth patterns.
- Thorough evaluation of market segments including the most dominant and rapidly growing product categories.
- Recent launches and innovations by top companies are highlighted to demonstrate market trends and advancements.
- The client's strategic recommendations in the report suggest ways to capitalize on different market opportunities and address the challenges.
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TABLE OF CONTENTS – Analysis of Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Battery Management System Production Volumes, by Region (2023)
5.2 Battery Management System Design Trends (Historic and Future)
5.3 Battery Management System Capacity Utilization (2023)
5.4 Supply Chain Metrics for BMS
6. Competitive Landscape
7. Battery Management System Market Segmentation, by Type
7.1 Chapter Overview
7.2 Motive Battery
7.2.1 Motive Battery Market Trends Analysis (2020-2032)
7.2.2 Motive Battery Market Size Estimates and Forecasts to 2032 (USD Million)
7.3 Stationary battery
7.3.1 Stationary Battery Market Trends Analysis (2020-2032)
7.3.2 Stationary Battery Market Size Estimates and Forecasts to 2032 (USD Million)
8. Battery Management System Market Segmentation, by Battery Type
8.1 Chapter Overview
8.2 Lithium-ion
8.2.1 Lithium-ion Market Trends Analysis (2020-2032)
8.2.2 Lithium-ion Market Size Estimates and Forecasts to 2032 (USD Million)
8.3 Lead-acid
8.3.1 Lead-acid Market Trends Analysis (2020-2032)
8.3.2 Lead-acid Market Size Estimates and Forecasts to 2032 (USD Million)
8.3 Nickel-based
8.3.1 Nickel-based Market Trends Analysis (2020-2032)
8.3.2 Nickel-based Market Size Estimates and Forecasts to 2032 (USD Million)
8.3 Others
8.3.1 Others Market Trends Analysis (2020-2032)
8.3.2 Others Market Size Estimates and Forecasts to 2032 (USD Million)
9. Battery Management System Market Segmentation, by Topology
9.1 Chapter Overview
9.2 Centralized
9.2.1 Centralized Market Trends Analysis (2020-2032)
9.2.2 Centralized Market Size Estimates and Forecasts to 2032 (USD Million)
9.3 Modular
9.3.1 Modular Market Trends Analysis (2020-2032)
9.3.2 Modular Market Size Estimates and Forecasts to 2032 (USD Million)
9.4 Distributed
9.4.1 Distributed Market Trends Analysis (2020-2032)
9.4.2 Distributed Market Size Estimates and Forecasts to 2032 (USD Million)
10. Battery Management System (BMS) Market Segmentation, By Application
….
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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