Battery Management System Market is Estimated to Witness High Growth Owing to Growing Demand for Ele
Author : naufan cmi | Published On : 15 Jan 2024
A battery management system (BMS) provides monitoring, protecting, and maximizing performance of rechargeable batteries. It balances charging and discharging battery packs by regulating cell voltages and protecting the battery from over-charging or over-discharging. BMS are increasingly used in electric vehicles, consumer electronics, grid energy storage, medical instruments and electric bikes among others.
The global battery management system market is estimated to be valued at US$ 106.16 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for electric vehicles is a key driver propelling growth of the battery management system market. Electric vehicles need sophisticated battery packs to power the vehicle which require efficient BMS to monitor cell voltages, temperatures, and balances the charging process. According to International Energy Agency, the global electric car stock passed 10 million in 2020 and there were over 3 million new electric car registrations. Further, favorable government policies and expanding charging infrastructure is encouraging adoption of electric mobility which is increasing demand for battery management systems. Additionally, increasing consumption of portable devices such as smartphones, laptops, and power banks along with growing deployment of renewable energy storage systems is also fueling growth of the battery management system market over the forecast period.
SWOT Analysis
Strength: Battery management systems help optimize battery performance and lifespan. They monitor cell balancing, temperature control and state of charge. Accurate monitoring allows for improved safety and reliability of battery operations. BMS also help maximize energy extraction from batteries.
Weakness: BMS add to the overall cost of a battery system. Complex BMS designs require high development costs. Dependence on semiconductor technologies means BMS are susceptible to supply chain disruptions.
Opportunity: Growing electric vehicle market and demand for more powerful portable devices is driving BMS adoption. Advances in battery chemistries require more advanced monitoring and controls. Integration of AI/ML capabilities can improve diagnostics and predictive maintenance of batteries.
Threats: Consolidation among battery and automotive suppliers increases competition. Open-source BMS solutions threaten proprietary systems. Regulations around battery recycling and waste disposal impact product end-of-life handling.
Key Takeaways
The Global Battery Management System Market Size is expected to witness high growth over the forecast periodowing to rising sales of electric vehicles and increasing deployment of smart grids and renewable energy sources which utilize battery storage solutions. The global battery management system market is estimated to be valued at US$ 106.16 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
Regional analysis shows that Asia Pacific currently dominates the market helped by the presence of leading battery and EV manufacturers in countries such as China. China has emerged as a global leader in lithium-ion battery production and electric vehicles. Government initiatives to boost domestic EV industries in major countries will further drive the regional market.
Key players operating in the battery management system market are Croda International, Ashland Global Holdings, Givaudan, BASF SE, Symrise AG, International Flavors & Fragrances Inc. These companies provide customized BMS solutions targeted at key application areas such as consumer electronics, electric vehicles, grid storage, and industrial among others. They are focusing on advancing cell monitoring and balancing capabilities as well as thermal and power management in their BMS products.
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