Battery management system can be defined as an electronic system, which is used to manage pack of rechargeable batteries by monitoring state, calculating secondary data, protecting the battery, and controlling the battery environment. In addition, almost all batteries may be damaged by excessive heat, overcharging, or improper usage. Thus, battery management systems are essential for monitoring and protecting a battery. Moreover, factors such as temperature, state of charge, state of health, and voltage are monitored and controlled by battery management systems. Many electric vehicle manufacturers have installed lithium-ion batteries for better performance and battery manufacture opened lithium-ion battery manufacturing units along with BMS.
For instance, in April 2023, Log9 Materials, a Bengaluru-based advanced battery technology, and deep-technology startup, established first commercial lithium-ion (Li-ion) cell manufacturing plant in India. Moreover, the company also unveiled its battery management system, Charvik, which is equipped with advanced power control algorithms to manage lithium-ion batteries. In addition, in January 2023, Exicom, a manufacturer of electric car chargers and lithium-ion batteries, signed an agreement with Hero Electric to offer its battery management systems for lithium batteries. Hero Electric has agreed to buy 5 lakh Exicom BMS (Battery Management Systems) every year under the terms of the agreement. Moreover, lithium battery manufacturers offered BMS for their batteries.
For instance, in December 2020, Inverted energy, a lithium-ion battery business, announced the launch of its first advanced battery management system, OJAS BMS. Developments like this are anticipated to propel the growth of the battery management system market for this segment. Distributed type of topology provides improved precision, owing to the presence of dedicated microcontrollers for each cell, and are cheaper in price. In addition, these types of battery management systems are scalable and may be transformed by varying the number of cell boards.
Moreover, this type of BMS is adopted for advanced solutions such as wireless BMS. For instance, in May 2022 Marelli, a prominent global automotive supplier, launched a new state-of-the-art Wireless Distributed Battery Management System (wBMS) and expanded battery management technologies for electric vehicles. This technology removes the requirement for physical connections in battery management systems (BMS) found in other architectures. As a result, it offers improved flexibility, efficiency, dependability, and cost-effectiveness, which are crucial considerations for electric vehicles.
Thus, these advantages drive growth for the distributed topology segment. In recent years, the use of lithium-ion batteries has increased in a variety of industries, including automotive, aerospace, and consumer electronics. This movement in choice is being driven by higher energy density, longer lifespan, and lower environmental impact of lithium-ion batteries as compared to previous battery technologies. As a result, the demand for battery management systems (BMS) to ensure the efficient and safe operation of these batteries has expanded dramatically. However, the BMS market is restricted by the complexity of component design and the challenges associated with installing efficient thermal management systems.Moreover, governments throughout the world invest in the development of EV charging stations and other infrastructure to facilitate the broad adoption of EVs in order to cut carbon emissions and combat climate change.
The increased government spending on EV infrastructure creates a substantial opportunity for the battery management system market. The battery management system market is segmented on the basis of battery type, topology, application, and region. On the basis of battery type, the market is categorized into lithium-ion based, lead-acid based, nickel based, and others. On the basis of topology, it is segregated into centralized, distributed, and modular. On the basis of application, it is fragmented into automotive, telecommunication, consumer electronics, industrial, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Key players profiled in the report include Sensata Technologies, Inc., NXP Semiconductors, Renesas Electronics Corporation., Analog Devices, Inc., Texas Instruments Incorporated, STMicroelectronics, Leclanché SA, Nuvation Energy, Elithion Inc., Eberspächer Gruppe GmbH & Co. KG, Infineon Technologies AG, and Exponential Power.
For instance, in April 2023, Log9 Materials, a Bengaluru-based advanced battery technology, and deep-technology startup, established first commercial lithium-ion (Li-ion) cell manufacturing plant in India. Moreover, the company also unveiled its battery management system, Charvik, which is equipped with advanced power control algorithms to manage lithium-ion batteries. In addition, in January 2023, Exicom, a manufacturer of electric car chargers and lithium-ion batteries, signed an agreement with Hero Electric to offer its battery management systems for lithium batteries. Hero Electric has agreed to buy 5 lakh Exicom BMS (Battery Management Systems) every year under the terms of the agreement. Moreover, lithium battery manufacturers offered BMS for their batteries.
For instance, in December 2020, Inverted energy, a lithium-ion battery business, announced the launch of its first advanced battery management system, OJAS BMS. Developments like this are anticipated to propel the growth of the battery management system market for this segment. Distributed type of topology provides improved precision, owing to the presence of dedicated microcontrollers for each cell, and are cheaper in price. In addition, these types of battery management systems are scalable and may be transformed by varying the number of cell boards.
Moreover, this type of BMS is adopted for advanced solutions such as wireless BMS. For instance, in May 2022 Marelli, a prominent global automotive supplier, launched a new state-of-the-art Wireless Distributed Battery Management System (wBMS) and expanded battery management technologies for electric vehicles. This technology removes the requirement for physical connections in battery management systems (BMS) found in other architectures. As a result, it offers improved flexibility, efficiency, dependability, and cost-effectiveness, which are crucial considerations for electric vehicles.
Thus, these advantages drive growth for the distributed topology segment. In recent years, the use of lithium-ion batteries has increased in a variety of industries, including automotive, aerospace, and consumer electronics. This movement in choice is being driven by higher energy density, longer lifespan, and lower environmental impact of lithium-ion batteries as compared to previous battery technologies. As a result, the demand for battery management systems (BMS) to ensure the efficient and safe operation of these batteries has expanded dramatically. However, the BMS market is restricted by the complexity of component design and the challenges associated with installing efficient thermal management systems.Moreover, governments throughout the world invest in the development of EV charging stations and other infrastructure to facilitate the broad adoption of EVs in order to cut carbon emissions and combat climate change.
The increased government spending on EV infrastructure creates a substantial opportunity for the battery management system market. The battery management system market is segmented on the basis of battery type, topology, application, and region. On the basis of battery type, the market is categorized into lithium-ion based, lead-acid based, nickel based, and others. On the basis of topology, it is segregated into centralized, distributed, and modular. On the basis of application, it is fragmented into automotive, telecommunication, consumer electronics, industrial, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Key players profiled in the report include Sensata Technologies, Inc., NXP Semiconductors, Renesas Electronics Corporation., Analog Devices, Inc., Texas Instruments Incorporated, STMicroelectronics, Leclanché SA, Nuvation Energy, Elithion Inc., Eberspächer Gruppe GmbH & Co. KG, Infineon Technologies AG, and Exponential Power.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the battery management system market analysis from 2022 to 2032 to identify the prevailing battery management system market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the battery management system market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global battery management system market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Battery Type
- Lithium-ion based
- Lead-acid based
- Nickel-based
- Others
By Topology
- Centralized
- Distributed
- Modular
By Application
- Automotive
- Telecommunication
- Consumer electronics
- Industrial
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- North Africa
- Rest Of Africa
- Infineon Technologies AG
- Renesas Electronics Corporation
- Texas Instruments Incorporated
- Elithion Inc.
- Eberspächer
- Leclanché SA
- Nuvation Energy
- STMicroelectronics
- Analog Devices, Inc.
- Exponential Power
- Sensata Technologies, Inc.
- NXP Semiconductors
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BATTERY MANAGEMENT SYSTEM MARKET, BY BATTERY TYPE
CHAPTER 5: BATTERY MANAGEMENT SYSTEM MARKET, BY TOPOLOGY
CHAPTER 6: BATTERY MANAGEMENT SYSTEM MARKET, BY APPLICATION
CHAPTER 7: BATTERY MANAGEMENT SYSTEM MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
The Battery Management System Market is expected to experience a significant growth rate of 19.1% from 2023 to 2032 owing to an increase in the use of rechargeable batteries in a wide range of end-use industries.Battery management systems are electronic control circuits that monitor and regulate battery charging and discharging. These systems are in charge of monitoring a variety of battery data, such as temperature, battery type power consumption, charging cycles, identification, voltage levels, capacity, state of charge, remaining operational time, and so on. A principal duty of BMS is to guarantee that the remaining energy in a battery is used efficiently. This is accomplished by shielding the batteries against deep discharge and over-voltage, which may occur as a result of rapid charging or high discharge currents. In the case of multiple-cell batteries, the BMS also performs cell balancing to ensure that each cell receives the necessary charging and discharging. BMS systems aid in battery optimization by managing these aspects.
Key factors driving the growth of the battery management system market include a rise in the use of rechargeable batteries across a variety of end-use industries. Rechargeable batteries are batteries that may be recharged and used repeatedly. Portable electronic gadgets such as cellphones, laptops, and digital cameras, as well as electric cars, renewable energy storage systems, and backup power systems, all rely on rechargeable batteries. They have various advantages over disposable batteries, including lower costs, less waste, and the potential to supply a dependable and long-lasting power source. There are some major types of rechargeable such as batteries Lithium-ion (Li-ion) batteries, Nickel-metal hydride (NiMH) batteries, Lithium polymer (LiPo) batteries, and Lead-acid batteries. However, The BMS market is restricted by the complexity of component design and the challenges associated with installing efficient thermal management systems. The automobile industry in particular faces major difficulties while creating sophisticated EVs due to the intricate heat management requirements of high-performance battery systems. However, improvements in BMS design and heat management result from advances in technical knowledge and technology, making battery-based systems safer and more effective.
In addition, a wireless BMS system provides increased battery placement and design flexibility, and cost & installation advantages. Batteries may be installed in remote or difficult-to-reach locations without extensive wiring, and the system may be quickly altered as battery requirements change. These benefits are well suited for the automotive industry and manufacturers started demonstrating the wireless BMS for automobiles. For instance, in September 2020, Analog Devices, Inc. introduced the first wireless battery management system (wBMS) of industry, giving automakers greater flexibility in scaling their electric vehicle fleets into volume production across a wide range of vehicle classes. This is the first wireless battery management system for the production of electric vehicles, and it is expected to debut in General Motors vehicles powered by Ultium batteries. Hence, development of a wireless battery management system is expected to offer lucrative growth opportunities for the global battery management system market.
Moreover, the increase in adoption of industrial automation, demand for energy storage systems, emphasis on safety and reliability, integration of renewable energy sources, growth of electric material handling equipment, remote monitoring and predictive maintenance capabilities, compliance with environmental regulations, and collaborations with industrial equipment manufacturers drive the industrial battery management system (BMS) market. BMS manufacturers developed BMS solutions for the industrial sector due to the rise in adoption of lithium-ion batteries for automation in industrial applications. For instance, in April 2020, Murata Manufacturing Co., Ltd. created a Fortelion 24V Battery Module that is well-suited for high-output industrial appliances such automated guided vehicles (AGVs) and robotics. Fortelion 24V Battery Module is developed as a 24V system in a single battery management unit (BMS). These developments create major opportunities for BMS suppliers in the industrial sector, indicating a favorable market forecast.
The battery management system market is segmented on the basis of battery type, topology, application, and region. On the basis of battery type, the market is categorized into lithium-ion based, lead-acid based, nickel based, and others. On the basis of topology, it is segregated into centralized, distributed, and modular. On the basis of application, it is fragmented into automotive, telecommunication, consumer electronics, industrial, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
North America involves the U.S., Canada, and Mexico. The existence of many industry participants, as well as extensive R&D activities, are projected to boost the North American battery management system market. Furthermore, the growth in key player acquisitions is a critical element driving the North American battery management system (BMS) market. For instance, in September 2021, Sensata Technologies, a leading industrial technology company that develops sensors, sensor-based solutions, controllers, and software, acquired Lithium Balance, a Denmark-based Battery Management System (BMS) provider. This strategic acquisition strengthens the electrification business of Sensata and its strategy in clean energy markets. In addition, in August 2022, LHP Engineering Solutions launched new battery management system training in preparation for the next generation of electric vehicles and energy storage. The LHP battery management system (BMS) course is a 5-day, 40-hour training experience designed to develop technical EV battery management skills. These developments ensure further growth of the battery management system market in North America.
The key players profiled in the study include Sensata Technologies, Inc., NXP Semiconductors, Renesas Electronics Corporation., Analog Devices, Inc., Texas Instruments Incorporated, STMicroelectronics, Leclanché SA, Nuvation Energy, Elithion Inc., Eberspächer Gruppe GmbH & Co. KG, Infineon Technologies AG, and Exponential Power. The players in the market have been actively engaged in the adoption of various strategies such as product launch, and collaboration to remain competitive and gain an advantage over the competitors in the market. For instance, in September 2022, Sensata Technologies, Inc. launched the Lithium Balance n3-BMS battery management system, an ISO 26262 ASIL C-certified off-the-shelf solution for electric vehicles requiring up to 1000 volts/2000 amps of electricity. Moreover, it is based on a proprietary software framework that allows developers to insert customized code and algorithms in less time and at a cheaper cost.
Key Market Insights
- On the basis of battery Type, the lithium-ion based segment was the highest revenue contributor to the market, with $3.4 billion in 2022, and is estimated to reach $19.57 billion by 2032, with a CAGR of 19.6%.
- On the basis of topology, the modular segment was the highest revenue contributor to the market, with $5.07 billion in 2022, and is estimated to reach $26.68 billion by 2032, with a CAGR of 18.6%.
- On the basis of application, the automotive segment was the highest revenue contributor to the market and is estimated to reach $15.70 billion by 2032, with a CAGR of 17.7%. However, the consumer electronics segment is estimated to be the fastest growing segment with a CAGR of 21% during the forecast period.
- On the basis of region, Asia-Pacific was the highest revenue contributor, accounting for $3.38 billion in 2022, and is estimated to reach $19.07 billion by 2032, with a CAGR of 19.5%.
Companies Mentioned
- Infineon Technologies AG
- Renesas Electronics Corporation
- Texas Instruments Incorporated
- Elithion Inc.
- Eberspächer
- Leclanché SA
- Nuvation Energy
- STMicroelectronics
- Analog Devices, Inc.
- Exponential Power
- Sensata Technologies, Inc.
- NXP Semiconductors
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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