Dublin, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The "Global Battery Management System (BMS) Market" report has been added to ResearchAndMarkets.com's offering.
The global battery management system (BMS) market is expected to grow from USD 7.8 billion in 2023 to USD 18.4 billion by 2028, at a CAGR of 18.7% from 2023 to 2028
The battery management system is implemented to manage high-energy batteries efficiently. The functions of the battery management system may vary according to the properties and requirements of the battery it is incorporated into.
The battery management system market based on battery type has been segmented into lithium-ion, lead-acid, nickel-based batteries, and others. Most end-users choose the most suitable battery type according to their requirements and the nature of the application. Lithium-ion is a widely used battery in applications such as automobiles and renewable energy systems.
Renewable energy application to hold a significant share of battery management system market in 2028
Both on-grid and off-grid renewable energy deployments are witnessing steady growth, with batteries being used for energy storage applications for many years. However, battery storage technology has gained greater traction and supports higher electricity generation levels from renewable energy - particularly wind and solar.
The rapid fall in battery cost has increased the popularity of battery storage as an option for storing electricity from renewable sources at the household, business, and community levels. These batteries need battery management systems for efficient operations, tracking battery voltage, the amount of power consumed, the state of charge of the battery, etc. In addition, the battery management system in renewable energy is required for PV time shift, peak shaving, and grid support.
Europe is expected to grow at an impressive CAGR during the forecast period
Germany, France, and the UK are among the major European economies. These countries are technologically developed and are also major manufacturing hubs for the automotive and aerospace & defense verticals.
Five countries, Germany, France, the Netherlands, Sweden, and Belgium, accounted for more than three-quarters of all electrically chargeable cars in the EU. As there is a growing trend of adoption for electric vehicles in Europe, the requirement for battery management systems is also expected to increase to effectively manage batteries in electric vehicles.
Major players profiled in this report are: Sensata Technologies, Inc. (Japan), Eberspacher (Germany), Panasonic Holdings Corporation (Japan), and LG Energy Solution, Ltd. (South Korea).
Key Metrics
| Report Attribute | Details |
| No. of Pages | 227 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $7.8 Billion |
| Forecasted Market Value (USD) by 2028 | $18.4 Billion |
| Compound Annual Growth Rate | 18.7% |
| Regions Covered | Global |
Premium Insights
- Growing Electric Vehicle Market to Fuel Demand for Battery Management Systems During Forecast Period
- Motive Batteries to Account for Largest Market Share by 2028
- Lithium-Ion to Surpass Other Battery Type Segments During Forecast Period
- Modular Segment to Command Leading Position Between 2023 to 2028
- Automotive to Register Highest CAGR During Forecast Period
- Automotive and US to be Largest Shareholders in North America
- China and Germany to Exhibit Highest CAGR in Battery Management System Market by 2028
Market Dynamics
Drivers
- Growing Penetration of Electric Vehicles
- High Demand for Battery Monitoring Solutions in Renewable Energy Sector
- Need for Effective Power Grid Management
Restraints
- Lack of Standardization in Battery Management Solutions
Opportunities
- Increasing Electrification of Public Transportation
- Rising Demand from Data Centers
- Supportive Government Initiatives for Electric Vehicles
- Advantages of Wireless Battery Management Systems
Challenges
- Complex Designing Process
- Impact of External Factors on Performance
Value Chain Analysis
- Ecosystem Analysis
- Pricing Analysis
- Trends/Disruptions Impacting Customer Businesses
Technology Analysis
- Artificial Intelligence
- Digital Twin
Case Study Analysis
- Case Study 1: State-of-the-Art PRT System to Tackle Public Transport Issues
- Case Study 2: Lead Batteries and Battery Management Systems to Manage Microgrid
- Case Study 3: Designing Reliable Battery Management Systems to Overcome Common Errors
Company Profiles
Key Players
- Eberspacher
- Panasonic Holdings Corporation
- Renesas Electronics Corporation
- Sensata Technologies, Inc.
- Texas Instruments
- Analog Devices, Inc.
- Infineon Technologies AG
- LG Energy Solution, Ltd.
- NXP Semiconductors N.V.
- STMicroelectronics
Other Important Players
- Contemporary Amperex Technology Co. Limited
- BYD Company Limited
- SK Innovation Co. Ltd.
- Other Players
- AMP
- AVL List GmbH
- BMS Powersafe
- Elithion, Inc.
- Ewert Energy Systems, Inc.
- Exponential Power, Inc.
- Ficosa Group
- Futavis GmbH
- Hangzhou Xieneng Technology Co. Ltd.
- Leclanche SA
- Nuvation Engineering
- Powertech Systems
- Ricardo
- Roboteq
- Tronico
- Xing Mobility
For more information about this report visit https://www.researchandmarkets.com/r/ddk44z-battery?w=12
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