Battery Management System Market Is Set To Hit USD 26,797 Million by 2030

For overcharge discharge, under/over current, under/over voltage, under/ over temperature, and short circuit protection, battery management systems are utilized. They come in master-slave and single-board configurations.

Specific algorithms, such as cell/module balance, SOC, SOH, and real-time charge/discharge current management, are used in these systems. These systems are used in commercial and industrial buildings, utility grid support systems, specialized vehicles, and residential energy storage.

By 2030, it is predicted that the market for battery management systems will surpass a value of USD 26,797 million, as per P&S Intelligence. This is mostly related to the expanding popularity of rechargeable batteries in consumer gadgets and the growing demand for EVs.

The government constantly places a focus on hybrid and electric vehicles in order to reduce carbon dioxide emissions, both in industrialized nations like North America and in developing ones, such as the Asia Pacific market.

Public transportation has undergone a technological change as a result of the increase in air pollution. All the industrial players are converting to renewable energy sources in order to comply with government regulations. Batteries are widely used in the consumer electronics, communications, and automobile industries.

One of the best options for a sustainable environment is EVs. The use of EVs is increasing as environmental preservation is given more attention. R&D efforts are being prioritized by automakers to enhance the performance of EVs.

Wireless EV battery management solutions are increasingly preferred over traditional battery management systems because of their greater flexibility, cheaper price, and reduced complexity.

An electronic circuit known as the battery management system is specifically created for EVs to guarantee the stability and safety of their battery packs. Several elements, including battery life and health, safety, cell voltage, and charging-discharging rates, have an impact on how well EVs operate.

Lithium-Ion Battery Management Systems Are Popular in Consumer Electronics and EVs

Because lithium-ion (Li-ion) batteries have various advantages over other battery types, including a longer life cycle, higher energy density, lower maintenance required, and superior resilience, Li-ion batteries retained the greatest share of the market.

In addition, such batteries are environmentally beneficial because they have comparatively lower quantities of hazardous heavy metals than other battery types like lead-acid and nickel-cadmium batteries.

Additionally, the rapid growth of the automotive and consumer electronics industries in China and other European countries is promoting the usage of BMS. Li-ion batteries have drawbacks despite having a higher energy density, notably in terms of safety.

In 2022, Asia-Pacific accounted for the largest share in the market. The increase in need for battery management from automobile applications like electric cars, e-bikes, and automated guided vehicles is to blame for this. Hundreds of cells stacked in parallel high-energy-density lithium-ion batteries are used in such applications.

These cells need to be maintained and managed to prevent vehicle failure, making the system a crucial element in the design of EVs. The battery's performance, safety, and utilization are determined by the system.

China also dominates the APAC market because it is a significant center for the production of automobiles. A surge in the production of cars and the batteries used in them is boosting the nation's market.

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Increasing EV Sales Accelerating Automotive Battery Management System Adoption

A battery management system (BMS) is an intrinsic component of an automobile as it maintains the battery in operational condition, predicts battery life, and protects the storage units from damage. The system performs these tasks by controlling the charging process, protecting and balancing the cells, storing and monitoring historical operational data, and determining the state of health (SOH), remaining useful life (RUL), and state of charge (SOC) of the battery. This system aims to optimize the run-time per discharge cycle and the number of life cycles that can be attained by the battery during its lifetime.

This system is integrated into electric vehicles (EVs) and hybrid electric vehicles (HEVs) to improve the battery life and protect it from any damage. With the increasing environmental concerns, the sales of these vehicles have witnessed a significant spike in recent years. According to the International Energy Agency (IEA), more than 10.2 million EVs were in operation across the world in 2020. The surging adoption of these new-energy vehicles will thus support the automotive battery management system market growth in the coming years. 

Resultingly, according to P&S Intelligence, Asia-Pacific (APAC) dominates the automotive battery management system market, wherein China is the leading procurer of such solutions. The dominance of APAC can be credited to the favorable initiatives and policies supporting the production of EVs in China. Apart from China, Japan and India are expected to procure automotive BMSs in abundance. Among many initiatives, the increasing attempts by governments to end the production and sales of diesel- and gasoline-powered vehicles will support the adoption of such systems, by amplifying EV sales.

Thus, the surging EV sales on account of the escalating environmental concerns and strong government support will boost the adoption of automotive BMSs in the foreseeable future.

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Coronavirus Business Impact – Battery Management System Market In-depth Analysis of the Industry with Future Estimations

The rising demand for electric vehicles (EVs) across the globe, on account of the increasing government policies and measures supporting the deployment of eco-friendly vehicles, is one of the major factors powering the sale of battery management systems (BMS) throughout the world. For instance, New Zealand joined the global EV initiative in 2018 that has put the country alongside the top electric vehicle markets.

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Additionally, the country plans to transition from fossil-fuel-powered transport to that running on clean and renewable electrical energy, over the next few decades. As a result, the battery management system market is expected to progress at a CAGR of 14.5% during the forecast period (2020–2030), at which its revenue would increase from $5.1 billion in 2019 to $22.3 billion by 2030.

The surging demand for renewable energy due to global warming is another important factor propelling the uptake of battery management systems across the world. As per the International Energy Agency (IEA), renewable sources of energy currently make up nearly 26% of the global electricity consumption, and it is set to touch 30% by 2024, which is driving the sale of lead–acid and lithium-ion batteries.

A BMS helps prolong the life of the battery by making sure it doesn’t operate above the maximum voltage and current, collecting and analyzing operational data, and monitoring its health. Lithium-ion (Li-ion), lead–acid, and nickel batteries are widely used across the world.

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Amongst these, the integration of BMSs was recorded to be the highest in Li-ion batteries in 2019. This is primarily ascribed to the burgeoning adoption of Li-ion batteries, on account of their numerous advantages, such as higher density, longer life cycle, and stronger resilience. These batteries are also predicted to register the fastest growth in BMS integration during the forecast period.

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How will Electric Vehicles Initiative Boost Global Battery Management System Market?

The rising demand for electric vehicles (EVs) across the globe, on account of the increasing government policies and measures supporting the deployment of eco-friendly vehicles, is one of the major factors powering the sale of battery management systems (BMS) throughout the world. For instance, New Zealand joined the global EV initiative in 2018 that has put the country alongside the top electric vehicle markets.

Additionally, the country plans to transition from fossil-fuel-powered transport to that running on clean and renewable electrical energy, over the next few decades. As a result, the global battery management system market is expected to progress at a CAGR of 14.5% during the forecast period (2020–2030), at which its revenue would increase from $5.1 billion in 2019 to $22.3 billion by 2030.

The surging demand for renewable energy due to global warming is another important factor propelling the uptake of battery management systems across the world. As per the International Energy Agency (IEA), renewable sources of energy currently make up nearly 26% of the global electricity consumption, and it is set to touch 30% by 2024, which is driving the sale of lead–acid and lithium-ion batteries.

A BMS helps prolong the life of the battery by making sure it doesn’t operate above the maximum voltage and current, collecting and analyzing operational data, and monitoring its health. Lithium-ion (Li-ion), lead–acid, and nickel batteries are widely used across the world.

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Amongst these, the integration of BMSs was recorded to be the highest in Li-ion batteries in 2019. This is primarily ascribed to the burgeoning adoption of Li-ion batteries, on account of their numerous advantages, such as higher density, longer life cycle, and stronger resilience. These batteries are also predicted to register the fastest growth in BMS integration during the forecast period. 

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Rising Demand for Electric Vehicles Driving the Growth of Battery Management System Market

In 2019, the global battery management system market generated $5.1 billion and is expected to reach $22.3 billion in 2030, advancing at a 14.5% CAGR during the forecast period (2020–2030). 

An electronic system which controls and monitors the charging and discharging of rechargeable battery is called BMS. The system is utilized for calculating the battery data, monitoring the state of the battery, and balancing the cells of the battery. When battery type is taken into consideration, the battery management system market is divided into lead-acid, lithium-ion, nickel, and other (which include sodium-sulfur and flow). 

Out of these, the Li-ion battery type dominated the market during the historical period (2014–2019), both in terms of value and volume, and is expected to account for the major share of the market during the forecast period as well. 

In terms of vertical, the battery management system market is categorized into telecommunications, automotive, aerospace & defense, industrial, consumer electronics, and others (which include infrastructure, marine, and medical). 

Out of these, the automotive sector held the largest value share of the market during the historical pried and is expected to retain its position during the forecast period. This is because of the increasing demand for electric vehicles, primarily in Turkey, China, India, and Canada. The sector is further projected to grow at the fastest pace during the forecast period.

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The rising demand for EVs, which is attributed to the increasing consumption of fuel in traditional vehicles and surging pollution levels, is a key driving factor of the battery management system market. The adoption of EVs thus is increasing to take care of the surging vehicular pollution in various countries. 

For example, New Zealand joined the EV initiative in 2018 and is focusing on the transition to a net-zero emissions economy by 2050. BMSs are utilized in EVs to control the cells’ voltages and to optimize the performance of the battery.

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