$22 Billion Global Battery Management Systems Market Outlook

Dublin, July 05, 2024 (GLOBE NEWSWIRE) — The report “Global Battery Management Systems Market by Type (Motor and Stationary Batteries), Battery Type (Lithium-ion, Lead-acid, Nickel, Solid-State, Flow), Topology (Central, Distributed, and Modular), Application, and Region – Forecast to 2029” has been added to Research & Marketing.com offering.

The global battery management systems (BMS) market is expected to witness a dynamic growth, from USD 9.1 billion in 2024 to a staggering USD 22 billion in 2029, at an impressive compound annual growth rate (CAGR) of 19.3% during the forecast period.

This growing market is categorized by battery type, including lithium-ion, lead-acid, nickel-based, and other variants. End users typically choose the battery type that best suits their unique needs and application requirements. Remarkably, lithium-ion batteries are enjoying widespread acceptance in various sectors, such as automotive and renewable energy systems, due to their favorable features and reliable performance.

The renewable energy segment will have a significant share of the battery management systems market in 2029.

The renewable energy sector is expected to have a significant impact on the battery management system (BMS) market by 2029 due to several key factors. First, governments around the world are intensifying their efforts to reduce carbon dioxide emissions, leading to increased adoption of solar and wind energy. This requires robust energy storage solutions, where BMS plays a crucial role in optimizing and extending battery life.

As the energy landscape shifts towards decentralization, Energy Storage Systems (ESS) are gaining popularity, with BMSs playing an essential role in managing the battery charging and discharging processes to increase efficiency. Technological advancements, especially in lithium-ion batteries, are further strengthening the feasibility of renewable energy storage. Government incentives and policies are driving the adoption of renewable energy, as well as falling costs, which increases competitiveness over traditional power generation. Together, these factors indicate a significant presence of the renewable energy sector in driving the BMS market by 2029.

Lithium-ion battery will have the highest CAGR during the forecast period

Lithium-ion (Li-ion) batteries are expected to register the highest CAGR in the battery management system (BMS) market during the forecast period. This growth is supported by several key factors. Li-ion batteries have gained significant popularity due to their higher energy density, longer life, and lower maintenance requirements compared to traditional battery technologies. As companies increasingly prioritize energy efficiency and sustainability, Li-ion batteries are becoming the preferred choice in various applications, from consumer electronics to electric vehicles and renewable energy storage solutions.

Continuous advancements in lithium-ion battery technology, including improvements in energy density, safety features, and cost-effectiveness, are driving their widespread adoption across industries. Moreover, supportive government policies and initiatives to promote clean energy and electric transportation are further driving the demand for lithium-ion batteries, thereby fueling the growth of the BMS market. The combination of technological advancements, favorable features, and regulatory support is positioning lithium-ion batteries for further dominance and expansion in the BMS market landscape.

Asia Pacific region is expected to grow at the highest CAGR during the forecast period

Asia Pacific is expected to witness the highest CAGR in the battery management system (BMS) market as rapid industrialization and urbanization in the region have fueled increased demand for electric vehicles (EVs), renewable energy solutions, and consumer electronics, which require efficient energy storage solutions. Hence, there is a growing demand for BMS to effectively manage and optimize battery performance.

Government initiatives promoting clean energy and electric mobility are further boosting BMS adoption across the region. The presence of key players and the emergence of cutting-edge technologies, particularly in China, Japan, and South Korea, are contributing significantly to the market expansion. The thriving manufacturing sector in countries like China enables the production of BMS components at competitive costs, which is driving further market growth. The Asia Pacific region is well-positioned for significant growth in the BMS market, supported by favorable market conditions, supportive government policies, technological advancements, and solid industry development.

Scope of research

This report provides a detailed look at the Battery Management System market, segmented based on type, battery type, topology, application, and region. The type segment includes mobile battery and stationary battery type. The battery types include lithium-ion, lead-acid, nickel-based, and others. The topology segment includes centralized, modular, and distributed topologies. Further, this report discusses the applications of battery management systems in automotive, industrial, renewable energy, telecommunications, military and defense, and others. The market is also segmented into four regions – North America, Asia Pacific, Europe, and RoW.

The key players featured in the report are: Sensata Technologies, Inc. (Japan), Eberspacher (Germany), Ficosa Internacional SA (Spain), AVL (Austria) and LG Energy Solution (South Korea).

Key Features

Report Attribute	Details
number of pages	299
Forecast period	2024-2029
Estimated Market Value (USD) 2024	$9.1 billion
Projected Market Value (USD) to 2029	$22 billion
Compound Annual Growth Rate	19.3%
Regions covered	Global

Premium Insight

• High demand for batteries in the renewable energy industry creates lucrative opportunities for market participants
• The propulsion battery segment will have a larger share of the battery management systems market in 2029.
• The lithium-ion segment will have the largest share of the battery management systems market in 2029.
• The modular segment will have the largest share in the battery management systems market in 2029.
• The automotive segment will have the largest share in the battery management systems market in 2029.
• China and the automotive segment will hold the largest market share for battery management systems in the Asia-Pacific region in 2029.
• China to show highest CAGR in battery management system market from 2024 to 2029

Market dynamics

• Drivers
  • Growing sales of electric vehicles (EVs)
  • High demand for battery monitoring solutions in renewable energy industry
  • Growing need for efficient energy grid management
  • Growing demand for portable electronics
• Limitations
  • High costs associated with integrating BMS with the battery pack
• Possibilities
  • Electrification of public transport
  • Growing demand for BMS in data centers
  • Government initiatives to increase electric vehicle adoption
  • Advantages of Wireless BMS over Conventional BMS
  • Increased research and development (R&D) on battery technology
• Challenges
  • Complex design process
  • The influence of external factors on BMS performance
  • Cybersecurity Threats
  • Lack of standardization in BMS production

Value Chain Analysis

• Latest developments and trends shaping the battery management system value chain
  • Declining price trend for lithium-ion batteries
  • Rising raw material prices and adoption of alternative battery chemicals
  • BMS Development by EV OEMs
  • Cell management system and impact
  • Battery Passport and Impact on the Battery Value Chain

Main functions of BMS

• Mapping Key BMS Semiconductor Suppliers by Function
  • Battery management
  • Cell Balancing
  • Temperature management
  • State of Charge (SoC)
  • State of Health (SoH)

Price analysis

• Indicative price trend of key players by application
• Average Selling Price (ASP) Trend
• Average Selling Price (ASP) Trend by Region

Technology Analysis

• Key technologies
  • Solid State Batteries (SSB)
  • Artificial Intelligence (AI)
  • Digital twin
• Complementary technologies
  • Thermal management systems
  • Power electronics
• Neighboring technologies
  • Vehicle-to-Grid (V2G) Technology
  • Cloud computing

Case Study Analysis

• Tata ELXSI partners with Renesas Electronics to establish Next Generation Electric Vehicle Innovation Center (NEVIC)
• Tesla developed a distributed BMS design, including regional sub-modules and a centralized controller
• Tesla Powerwall is an example of efficient energy storage in homes thanks to its advanced BMS system
• Nissan has launched strategic initiatives to alleviate concerns about battery wear

Trade Analysis

• Import scenario
• Export scenario

Featured companies

• Eberspacher
• Sensata Technologies, Inc.
• LG Energy Solution
• AVL
• Ficosa International SA
• Panasonic Holdings Corporation
• Renesas Electronics Corporation
• Texas Instruments Incorporated
• Analog Devices, Inc.
• Infineon Technologies AG
• NXP Semiconductors
• STMicroelectronics
• Contemporary Amperex Technology Co. Limited
• BYD Limited Liability Company
• SK Innovation Co. Ltd
• BMS Powersafe
• Elithion, Inc.
• Ewert Energy Systems, Inc.
• Exponential power
• Futavis GmbH
• Hangzhou Xieneng Technology Co. Ltd.
• Leclanche S.A.
• Nuvation Energy
• Powertech Systems
• Richard
• Nidec Motor Corporation
• Tronic
• Xing Mobility

For more information on this report, please visit https://www.researchandmarkets.com/r/wvchwh

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• Global Battery Management Systems Market