The Battery Management System Market is valued at around USD 7,329.28 million in 2022 and is expected to reach USD 37,715.01 million by 2030, registering a CAGR of 17.8% over the forecast period.
Battery management systems are used for overcharge/deep discharge, over/under voltage, over/under current, over/under temperature, pre-charge, and short circuit protection. They are available in master-slave or single-board form. These systems incorporate particular algorithms, including SOC, SOH, cell/module balancing, and real-time charge/discharge current control. Utility grid support, commercial and industrial buildings, household energy storage, and specialist vehicles all require battery management systems. Marine battery management systems are necessary for the better functioning of e-wakeboards, recreational submarines, and marine batteries.
Battery management system use will be boosted by the increase in demand for electric vehicles.
One of the best options for a sustainable environment is electric vehicles. The popularity of electric vehicles is growing as environmental protection becomes more of a priority. R&D efforts are being prioritised by automakers to enhance the performance of electric vehicles. Due to their higher flexibility, lower cost, and less complexity, wireless Electric Vehicle (EV) battery management systems are becoming more and more popular over conventional battery management systems.
An electronic circuit known as the battery management system is specifically created for electric vehicles (EVs) to guarantee the stability and safety of their battery packs. Several elements, including as cell voltage, battery life and health, safety, and charging-discharging rates, have an impact on how well EVs operate. Through the automobile battery management system, rechargeable batteries in EVs are in some manner related to each of these factors. In order to get the most out of these batteries, it is therefore necessary to keep an eye on and modify a number of their features.
For electric vehicles (EVs), the battery management system is essential for accurate tracking of all battery operations. As a result, the market for battery management systems is growing globally due to the increase in EV usage. The U.S. Energy Information Administration estimates that by 2022, there will be a sharp increase in the demand for electric vehicles in the U.S., where they will make up 3.4% of all light-duty vehicle sales.
Due to the surge in demand for e-bikes and growing awareness of renewable resources, the market for battery management systems is expected to experience an outstanding evolution over the upcoming years. Applications for the battery management system include the automobile, consumer handheld, energy, and telecommunication industries.
The Battery Management System Market – Segmentation
The Battery Management System Market fragrance concentrates market has been sub-classified into battery type, topology, component, application.
On the basis of battery type, the Battery Management System Market is bifurcated into:
• Battery Management System for Lithium Ion Battery
• Battery Management System for Advanced Lead-Acid Battery
On the basis of topologies, the market is segmented into:
• Centralized Battery Management System
• Modular Battery Management System
• Distributed Battery Management System
On the basis of components, the market segmented into:
• Battery control unit
• Battery communications interfaces (CAN bus)
On the basis of end-user, the market segmented into:
• Battery management system in automotive- electric vehicles, e-bikes, others.
• Battery management system in military- military drones, submarines, others.
• Battery management system in consumer/handheld- power tools, home appliances, others.
• Battery management system in telecom- battery management system in energy, grids, wind/solar farms, others
The Battery Management System Market – Key Market players
Global key players of Battery Management System Market include Leclanché SA, Sensata Technologies, Inc, Eberspächer, Renesas Electronics Corporation., Johnson Matthey, Elithion, Inc., BMS PowerSafe, Navitas System, LLC Corporate., Nidec Motor Corporation, Epec, LLC., ANSYS, Inc., SEDEMAC., AVID Technology Limited, Analog Devices, Inc., and Texas Instruments Incorporated, among others.