Wilmington, Delaware, United States, Aug. 31, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Battery management systems are widely used in ensuring operational safety and stability of battery packs in automotive systems and consumer electronics. Over the years, cutting-edge battery management systems for lithium-ion battery packs have evoked enormous research, and unlocked massive lucrative avenue in the battery management system market. The size of battery management system market is estimated to reach US$ 45.70 Bn by 2031.
Some of the world's most advanced battery management systems are being designed for high-powered automotive systems such as in electric vehicles. Industry players in battery management system market are focusing on maximizing operating range, shelf-life of the battery packs, and safety and reliability. A case in point is introduction and increased commercialization scope of wireless battery monitoring systems.
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Key Findings of Battery Management System Market Study
- Rising Deployment of Li-ion Battery Packs in Consumer Electronics Presents Abundant Opportunities: Proliferating deployment of lithium-ion battery packs in consumer electronics and automotive electronics has spurred advancement in battery management system. Of note, the Li-ion battery segment held a leading share of 42.5% in the battery management system market in 2021. Battery manufacturers are geared toward improving the performance of Li-ion packs. They are tapping into the colossal revenue streams arising out of enormous demand for Li-ion batteries in consumer electronics in Europe and China.
- Growing Preference of Renewable Energy Systems Spurring Demand: Renewable energy systems pivot an incredible avenue for need for cutting-edge battery technology to make these more useful and adaptable in overall sustainable battery solutions. The need for reducing costs and improving efficiency of battery packs for EVs and hybrid EVs has nudged small and medium-sized manufacturers in battery management system to slash production costs. This will expand the avenue for technologically advanced battery management systems.
- Adoption of Distributed BMS to Rise: Battery manufacturers are leaning on modular battery packs to address design challenges of battery management systems for EVs and hybrid vehicles, which will pave the way to promising future business opportunities in battery management system market. Pioneers and leaders are also growing R&D for development of distributed battery management system (BMS). The study found that the segment will expand at a CAGR of 22.6% during the forecast period.
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Battery Management System Market: Key Drivers
- Rapid expansion of the consumer electronics industry will impel the need for development of advanced battery management systems. Prevalent use of Li-ion battery packs for several of consumer electronics applications will drive the growth of the battery management system market.
- Rising share of renewable energy in the overall energy mix has a direct correlation with rise in demand for battery management systems in various end-use industries.
- Emphasis of governments on the electrification of transportation sector is a key driver of battery management system market.
Battery Management System Market: Regional Dynamics
- North America held a major share of the global battery management system market in 2021. Extensive R&D on battery packs, rapid pace of commercialization of electric vehicles in transportation sector, and constant urge of key global players to develop cutting-edge technologies are fueling the prospects of the regional market.
- Asia Pacific held a key share of 25.29% in 2021. Massive demand for battery packs from consumer electronics industry will propel the adoption of battery management system. Indeed, a buoyant industry has propelled the revenue streams in regional market.
Battery Management System Market: Key Players
Prominent presence of large-scale and small-scale vendors renders the competition landscape highly fragmented.
Some of the key 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
- Battery
- Lithium-ion
- Lead-acid
- Nickel
- Flow Battery
- Topology
- Centralized
- Distributed
- Modular
- Application
- Electric Vehicles
- Computing Devices
- Renewable Energy Systems
- UPS (Uninterrupted Power Supply)
- Industrial Systems
- Others (Personal Mobility Instruments, Robotic Boats & ROVs, etc.)
- End-use Industry
- Automotive & Transportation
- Military & Defense
- Energy & Utility
- Healthcare
- Consumer Electronics
- Telecommunications
- Others (Industrial, Marine, etc.)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- China
- Japan
- India
- GCC
- South Africa
- Brazil
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