SEATTLE, March 26, 2021 (GLOBE NEWSWIRE) -- A battery management system, in simple terms, is an electronic device that manages a battery. It work by regulating its voltage, monitoring its condition, detecting its current level, comparing it to other data stored in its memory, reporting this data, regulating its environment, balancing it and/or protecting it from damage. In short, a battery management system monitors and regulates how a battery-operated device operates. There are many battery management systems available in the market today for a variety of batteries. Some of the most common include NiCad, Lithium-Ion, Lead Acid, and the new type called deep cycle batteries.
The global battery management system (BMS) market was valued at US$ 3,513.2 Mn in 2018 and is expected to grow at a CAGR of 19.9% during the forecasted period (2019-2027).
Market Drivers:
Increasing penetration of the electric vehicle is primarily fuelling the growth of the battery management system market. Moreover, the growing need for battery monitoring in renewable energy systems coupled with the need for improved electric grid management is again contributing to the growth of the market. These batteries have a high capacity and ability of flow batteries to withstand extremely high temperatures which make them suitable for renewable energy systems and UPS applications. These batteries are widely used in portable devices, electric vehicles, UPS, smart grids, and others.
The growing adoption of rechargeable batteries across various end-user industries is propelling the growth of the battery management system market. The increasing need for telecommunications backup systems is also augmenting the growth of the market. In addition to this, growing focus of manufacturer to develop miniature versions of battery management system which can be integrated with small size electronics devices is again fostering the growth of the market. Furthermore, sectors such as automotive and telecom are adopting environmental-friendly and renewable energy sources which is again encouraging the growth of the market.
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Market Opportunities:
The increasing focus of manufacturers to introduce battery management systems for electric vehicles is projected to provide significant growth opportunities. For instance, in July 2020, Infineon Technologies has launched a new battery management system, called TLE9012AQU, which manages and balances the battery charge of an electric vehicle. It has been specially designed for hybrid and electric car batteries, but it is also suitable for other applications such as energy storage systems and e-bike battery management systems.
Lead-acid batteries based battery management systems are gaining traction in the market as they are more economical than rechargeable batteries. This is expected to serve key growth opportunities over the forecast period. Moreover, lithium-ion is also an emerging segment due to the growing demand for portable electronic device tablets, mobile phones, and Bluetooth devices. Thus high demand for electronic products across emerging economies will favor the growth of the battery management system in the near future.
Market Trends:
E-bikes, portable battery packs, power tools, portable medical equipment, and home appliances incorporate a battery management system. All these devices are gaining attention in the market. E-bikes are attaining high demand due to growing strict environmental regulations on the account of rising environmental pollution level which is creating various respiratory disease. According to the report published by Forbes, E-Bike sales are projected to grow from 3.7 million to 17 Million per year by 2030.
An increasing number of distributing agreements among key manufacturers for expanding business on the global as well as the regional level is one of the emerging trends in the market. For instance, in February 2021, Electric vehicle electronics start-up ION Energy has entered into a partnership with Barcelona-based Ray Electric Motors to supply battery management systems for the latter’s newly launched electric scooter that promises to deliver speeds of up to 125 kilometers per hour. The partnership will expand ION Energy’s supply base.
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Competitive Landscape:
Key companies engaged in the global battery management system (BMS) market are AVL, Cummins, Inc., Johnson Matthey Battery Systems, L&T Technology Services, Lithium Balance Corporation, Merlin Equipment Ltd., Navitas System, LLC, Nuvation Engineering, The Ventec Company, Toshiba Corporation, TWS (Technology with Spirit), and Vecture Inc.
Market segmentation:
Global Battery Management System Market, By Topologies:
- Distributed
- Modular
- Centralized
Global Battery Management System Market, By Components:
- Battery Management Unit
- Communication Unit
Global Battery Management System Market, By Verticals:
- Automotive
- Telecom
- Energy
- Drones
- Consumer/Handheld
Related Market Intelligence Reports:
Automotive Lead Acid Battery Market, By Battery Type (Flooded, Enhanced Flooded, AGM), By Sales Channel (OEM and Aftermarket), By Vehicle Type (Passenger car and Light commercial vehicle)and by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027
Read more: https://www.coherentmarketinsights.com/market-insight/automotive-lead-acid-battery-market-3640
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