Battery Management System Market worth $22.0 billion by 2029 - Exclusive Report by MarketsandMarkets™

Jun 27, 2024, 12:34 ET

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CHICAGO, June 27, 2024 /PRNewswire/ -- The global battery management system (BMS) market is poised for substantial growth, forecasted to surge from USD 9.1 billion in 2024 to USD 22.0 billion by 2029, reflecting a CAGR of 19.3% according to a new report by MarketsandMarkets™. A battery management system (BMS) serves as a crucial electronic device responsible for overseeing and regulating the operations of rechargeable batteries.

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Battery Management System Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 9.1 billion

Estimated Value by 2029

$ 22.0 billion

Growth Rate

Poised to grow at a CAGR of 19.3%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Type, Battery Type, Topology, Application & Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Fluctuating performances due to external factors

Key Market Opportunities

Rising government initiatives for developing EV infrastructure

Key Market Drivers

Growing demand for efficient battery monitoring in renewable energy sector

Key functionalities of a battery management system include managing power output, providing real-time status updates on battery charging and discharging, implementing critical safety measures to safeguard batteries from potential damage, and optimizing battery lifespan and efficiency. These systems are primarily integrated with high-energy battery variants such as lithium-ion, advanced lead-acid, flow, and nickel-based batteries. Among these, lithium-ion batteries stand out as the most widely utilized battery type in conjunction with battery management systems within various business sectors.

The Lithium-ion battery segment to hold largest market share during the forecast period.

Lithium-ion batteries stand out as top-performing rechargeable battery technology, surpassing others in key metrics such as usable capacity, charging speed, and lifespan. Leveraging lithium, renowned for its lightweight properties and exceptional electrochemical potential, these batteries offer the highest energy density per unit volume and weight. However, due to lithium-ion's inherent instability, careful management during charging and discharging is imperative. Adhering to specified precautions ensures that lithium-ion batteries deliver unparalleled advantages over alternative chemistries. Thus, the pivotal role of battery management systems emerges as a critical driver facilitating the widespread adoption and expansion of the lithium-ion battery market within various business sectors.

Distributed topology segment projected to grow at a significant growth rate during the forecast period.

In a distributed battery management system configuration, every cell within the battery pack is equipped with its dedicated slave board, responsible for monitoring and managing individual cell performance. These slave boards are interconnected via a single communication cable linking the battery to the central controller. Each cell is linked to voltage signals, a temperature sensor, and both internal and external communication cables. Compared to centralized BMS setups, distributed topologies offer simpler installation and heightened reliability. However, challenges such as the necessity for numerous mini circuit boards and difficulties in mounting these boards on certain cell types may arise. Moreover, for battery packs comprising numerous cells, the overall cost of implementing a distributed system could outweigh that of a centralized alternative.

The industrial segment is expected to grow at a significant CAGR during the forecast period.

In both commercial and industrial sectors, there's a growing demand for uninterrupted, high-quality power supply and contingency plans. Automated guided vehicles (AGVs) are robotic platforms commonly deployed in industrial settings to facilitate material transportation within manufacturing facilities or warehouses. AGVs navigate their routes through various means, including floor-installed wires/markers or advanced vision and laser systems. Widely adopted in the manufacturing industry, AGVs significantly enhance material handling efficiency. These vehicles predominantly rely on integrated advanced lead-acid batteries, prized for their reliability and cost-effectiveness compared to alternative battery chemistries. However, for optimal performance and prolonged lifespan, it's imperative to safeguard lead-acid batteries against over-discharge and insufficient charging. In such instances, the implementation of a robust battery management system is paramount, ensuring enhanced battery operations and prolonged shelf life.

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North America to hold a significant market share 2029.

The North American battery management system industry is experiencing growth propelled by the automotive sector and increasing demand from the renewable energy industry. Major automotive manufacturers like General Motors (US) and Ford Motor Company (US) are driving the need for battery management systems in the region. Moreover, there's a notable surge in the adoption of lithium-ion batteries for renewable energy storage, particularly in wind and solar energy applications across the US. Automotive, renewable energy storage systems, and telecommunications are identified as sectors with the most significant growth potential within North America's battery management system market.

The major players in battery management system companies include Sensate Technologies, Inc. (Japan), Eberspächer (Germany), Panasonic Holdings Corporation (Japan), and LG Energy Solution. (South Korea), AVL (Austria), FICOSA International SA (Spain), Leclanché SA (Switzerland), Elithion (US), BMS PowerSafe (France), PowerTech Systems (France).

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