Battery Management System Market Set to Grow at 18.7% CAGR from 2023 to 2028


Posted March 24, 2023 by avinashgogawale14

The Battery Management System (BMS) Market is projected to grow from USD 7.8 billion in 2023 to USD 18.4 billion by 2028, with a CAGR of 18.7%.

 
At a CAGR of 18.7% over the forecast period, the Battery Management System (BMS) Market is expected to experience rapid expansion, reaching USD 18.4 billion by 2028. An essential electrical tool for managing and monitoring the performance of rechargeable batteries is a battery management system. A BMS's main duties include controlling power output, displaying the battery pack's charging and discharging status, protecting the batteries from harm, and extending battery life and efficiency. BMSs are typically combined with high-energy batteries, including flow, nickel-based, advanced lead-acid, and lithium-ion batteries. The most popular battery types among them that are integrated with battery management systems are lithium-ion-based batteries.

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The Lithium-ion battery segment is expected to grow at the highest CAGR during the forecast period

Due to its superior performance in terms of usable capacity, charging time, and life cycle, the lithium-ion battery market is anticipated to have considerable expansion during the forecast period. One of the lightest metals, lithium-ion has the highest electrochemical potential and offers the highest energy density per volume and weight. However because of its innate instability, it's important to control it when charging or discharging. Thus, battery management systems (BMS) are essential in facilitating the market acceptance of lithium-ion batteries. BMS aids in power output management, monitoring the battery pack's charging and discharging status, safeguarding the batteries from harm, and extending battery efficiency and life. BMS is so crucial to guaranteeing the security and effectiveness of lithium-ion batteries, promoting their uptake and development in a variety of markets including automotive, consumer electronics, and renewable energy.

The distributed topology segment is expected to grow at a significant CAGR during the forecast period

It is anticipated that distributed topologies for battery management systems would expand significantly during the forecast period. Each battery cell in a battery pack has a specialised slave board that measures and manages a single cell, which is connected to the controller by a single communication line. The distributed BMS topology provides great reliability and is easier to deploy. One disadvantage is that it can need a lot of tiny circuit boards, and mounting these boards on some types of cells can be difficult. A distributed system may also be more expensive than a centralised system for battery packs with several cells. Despite these difficulties, the distributed topology is anticipated to expand at a sizable CAGR because of its benefits and the rising need for high-performance batteries across a variety of industries.

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The industrial segment is expected to grow at a significant CAGR during the forecast period

Due to the growing demand for emergency backup power and continuous, high-quality power supply in both the commercial and industrial sectors, the industrial segment is expected to develop significantly throughout the forecast period. Automatic guided vehicles (AGVs) are frequently employed in the manufacturing sector to increase material handling productivity, and they typically have integrated sophisticated lead-acid batteries. Although lead-acid battery technology is more affordable and extremely dependable than other battery chemistries, it must be guarded against excessive discharging and insufficient charging. Battery management systems are crucial in this situation because they can enhance battery performance and increase shelf life. As a result, it is anticipated that over the projection period, the demand for battery management systems in the industrial sector will rise significantly.

North America to account for a significant share of the battery management system market in 2028

In 2028, the North American region is anticipated to account for a sizable portion of the market for battery management systems. The automobile and renewable energy industries are the two main factors fueling the region's growth. The demand for battery management systems is being driven by major automakers in the US including General Motors and Ford Motor Company. In the US, the use of lithium-ion batteries for the storage of renewable energy sources like wind and solar energy has also significantly increased. The battery management system market in North America is anticipated to experience the largest development potential in sectors including telecommunications, automotive, and renewable energy storage systems.

The major players include Sensata Technologies, Inc. (Japan), Eberspächer (Germany), Panasonic Holdings Corporation (Japan), and LG Energy Solution, Ltd. (South Korea).

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Last Updated March 24, 2023