Battery Management Systems Market to Grow at CAGR of
Wilmington, Delaware, USA, August 31, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – Battery management systems are widely used to ensure operational safety and stability of batteries in automotive systems and consumer electronics. Over the years, advanced battery management systems for lithium-ion batteries have spurred enormous research and opened up a massive lucrative avenue in the battery management system market. The battery management systems market size is estimated to reach US$45.70 billion by 2031.
Some of the most advanced battery management systems in the world are designed for high power automotive systems such as electric vehicles. Industry players in the battery management system market focus on maximizing operating range, battery shelf life, safety, and reliability. An example of this is the introduction and increased market reach of wireless battery monitoring systems.
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Key Findings from the Battery Management System Market Research
- Growing deployment of Li-ion Batteries in consumer electronics present many opportunities: The proliferating deployment of lithium-ion batteries in consumer electronics and automotive electronics has spurred advancements in battery management system. It should be noted that the Li-ion battery segment held a 42.5% market share in the battery management system market in 2021. Battery manufacturers are geared towards improving the performance of Li-ion packs. ion. They are tapping into the colossal revenue streams resulting from the huge demand for Li-ion batteries in consumer electronics in Europe and China.
- Growing preference for renewable energy systems is driving demand: Renewable energy systems are an incredible avenue for the need for advanced battery technologies to make them more useful and adaptable in overall sustainable battery solutions. The need to reduce costs and improve the efficiency of batteries for electric vehicles and hybrid electric vehicles has driven small and medium manufacturers of battery management systems to significantly reduce production costs. This will broaden the path for technologically advanced battery management systems.
- Adoption of distributed BMS to increase: Battery manufacturers are relying on modular batteries to address the design challenges of battery management systems for electric vehicles and hybrid vehicles, which will pave the way for promising future business opportunities in the management systems market. of battery. Pioneers and leaders are also developing R&D for the development of distributed battery management systems (BMS). The study revealed that the segment will grow at a CAGR of 22.6% during the forecast period.
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Battery Management System Market: Key Drivers
- The rapid expansion of the consumer electronics industry will necessitate the development of advanced battery management systems. The widespread use of Li-ion batteries for several consumer electronics applications will drive the growth of the battery management systems market.
- The growing share of renewable energy in the overall energy mix has a direct correlation with the increase in demand for battery management systems in various end-use industries.
- A key driver for the battery management systems market is the government’s focus on electrification of the transportation sector.
Battery Management System Market: Regional Dynamics
- North America held a significant share of the global battery management systems market in 2021. Extensive R&D on batteries, the rapid pace of commercialization of electric vehicles in the transportation sector and the constant push from major global players to develop cutting-edge technologies are fueling regional market prospects.
- Asia-Pacific held a key share of 25.29% in 2021. Massive demand for batteries from consumer electronics industry will propel the adoption of battery management system. Indeed, a vibrant industry has propelled revenue streams into the regional market.
Battery Management System Market: Key Players
The predominant presence of large and small-scale providers makes the competition landscape very fragmented.
Some of the major market players are Texas Instruments, Sedemac, Panasonic Industry Co., Ltd., Nuvation Energy, Nidec Motor Corporation, Navitas System, LLC, Leclanché SA, Johnson Matthey, Elithion Inc., and Analog Devices.
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Battery Management System Market Segmentation
- Flow battery
- Electric vehicles
- Computer peripherals
- Renewable energy systems
- UPS (Uninterrupted Power Supply)
- Industrial systems
- Others (personal mobility instruments, robotic boats and ROVs, etc.)
- End-use industry
- Automotive and Transportation
- Military & Defense
- Energy and Utilities
- Health care
- Consumer electronics
- Others (Industrial, Marine, etc.)
- North America
- Asia Pacific
- Middle East and Africa
- South America
- South Africa
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