The global battery management system market size was valued at $5.81 billion in 2019, and is projected to reach $24.83 billion by 2027, registering a CAGR of 20.2% from 2020 to 2027. Asia-Pacific accounted for the highest share in the global battery management system market in 2019, in terms of revenue, and LAMEA is anticipated to exhibit remarkable growth rate during the forecast period.
A battery management system can be defined as the brain behind battery packs. It is an electronic system that controls and monitors charging and discharging of battery and provides notifications about the status and condition of battery packs. In addition, providing critical safeguard to protect batteries from damage is one of the primary functions of battery management system. Design of lithium-ion battery has two critical design issues. First issue is that they can be damaged if overcharged and result into overheating, flames, or others. In addition, lithium ion battery can also be damaged if discharged below certain threshold, which is around 5% of the total capacity. If the batteries are allowed to discharge below this level, the battery might get damaged permanently.
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Major Market Players:
- Elithion Inc.
- LiTHIUM BALANCE
- Nuvation Energy
- NXP Semiconductors
- Navitas System LLC
- Renesas Electronics Corporation
- Storage Battery Systems, LLC
- Texas Instruments Incorporated
COVID Impact Analysis: The rapid spread of COVID-19 has left the complete supply chain with unpredictable challenges and issues such as OEM shutdowns, insufficient labor, output reduction, and raw material, which in turn has affected the battery management system market. In addition, various suppliers operating in the supply chain are witnessing raw material shortage which in turn is impacting the market and there is a continuously growing risk of raw material shortage if the situation continues.
Factors such as rise in adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs), and surge in industry preference for use of lithium-ion batteries drives growth of the battery management system market. In addition, growth in adoption of rechargeable batteries across multiple end-use industries propels the market growth. However, rise in overall price of products with addition of battery management system hinders growth of the market. Further, increase in adoption of cloud-connected battery management systems, growth in demand for renewable energy, and rise in demand for e-bikes and e-scooters provide remarkable growth opportunities for players operating in the market.
Key Market Segments
By Battery Type
- Lithium-Ion based
- Lead-Acid based
- Consumer electronics
- North America
- Rest of Europe
Governments across the globe have implemented stringent regulations and policies, such as Kyoto protocol, to reduce Greenhouse Gas (GHG) emissions. In addition, rise in awareness regarding harmful effects of petrol and diesel-fuelled vehicles on the environment has led to innovations in the automotive industry in the form of electric and hybrid vehicles. Moreover, growth in consumer demand to maximize vehicle efficiency and minimize fuel costs have led to consistent technological advancements in electric and hybrid electric vehicles. The need to optimize utilization of battery storage capacity in electric vehicles and to prevent dangers caused by overheating of battery in electric and hybrid electric vehicles, manufacturers have started to integrate battery management systems in vehicles. Batteries in electric vehicles can be used only in specified conditions, therefore, battery management system (BMS) is necessary to monitor battery state and ensure safety of operations. Battery management system monitors vital operating parameters of batteries such as cell/unit voltage and current; resistance; cell/unit/ambient temperature; electrolyte levels; and more to ensure proper running and health of batteries.
Governments of both developed and developing countries have implemented stringent regulations and policies to reduce carbon dioxide emissions. To maintain compliance with these regulations, end-use industries are switching from traditional fossil fuels to batteries and renewable energy sources. Industries such as automotive, telecom, and consumer electronics use rechargeable batteries extensively. The last few years have witnessed increase in adoption of electronic gadgets such as garden tools, power tools, portable battery packs, and portable medical tools across countries in emerging markets such as Asia. Moreover, to effectively control several functions critical to safe and proper operation of batteries, battery management system monitors batteries against functions such as voltage and current, temperature, battery performance, and maintenance scheduling to check whether the battery is overcharged or undercharged. In addition, battery management system also monitors conditions of individual cells in a battery pack. Further, rechargeable batteries also find wide application in industrial products such as vacuum pumps and power tools and a rapid increase in these products boosts the battery management system market.
Key Benefits For Stakeholders
- This study presents analytical depiction of the global battery management system market analysis along with the current trends and future estimations to depict the imminent investment pockets.
- The overall market opportunity is determined by understanding the profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the market with a detailed impact analysis.
- The current battery management system market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers in the battery management system industry.
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