Battery Management System (BMS) Market Outlook to 2028

The batteries seem to be seen everywhere these days. They power most electronic devices, electric vehicles, and others. So, manufacturers use battery management systems in their products to monitor and protect rechargeable batteries against overcharging and overheating and control the discharge level to enhance battery life. This way, manufacturers make the most use of battery storage capacity and minimize the risk of hazardous incidents in case of battery overheating.

Drivers:

• Stringent policies and incentives have led to the increasing adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs) around the world
• Increasing requirement of battery monitoring in renewable energy storage systems
• Increasing need for effective electric grid management
• Raising the adoption of rechargeable batteries across multiple end-use industries
• Technological advancements such as the Internet of Things (IoT), machine learning, artificial intelligence (AI)
• Increasing fuel costs and stringent government policies regarding CO2 emissions are fueling the demand for electric vehicles across the globe

Definition:
A battery management system (BMS) can be defined as the brain behind battery packs. It is an electronic system that controls and monitors the charging and discharging of batteries and provides notifications about the status and condition of battery packs. In addition, providing a critical safeguard to protect batteries from damage is one of the primary functions of the battery management system.
The battery management system finds applications in electric vehicles, portable devices, smart grids, UPS, etc. Solid-state batteries are better than conventional batteries as they are non-flammable, have a long shelf life, are safe, and release high energy.

Benefits of Battery Management System:

• Reduce downtime and prevent losses for your business
• Increase battery life by replacing batteries at the correct time
• Improve battery safety by reducing the need for physical contact with the battery bank
• BMS provides accurate information that is automatically captured and consistently reported for decision-making
• Alarm notifications are available 24/7 to respond quickly to potential battery issues
• BMS reduces maintenance and replacement costs by monitoring and performing preventative maintenance
• Save time by having remote access to battery data and pinpointing faults in specific individual batteries
• Maintain security and overall systems integrity by limiting access to sensitive areas for external service providers

Why Battery Management Systems are essential in lithium-ion batteries:

The design of lithium-ion batteries has two key design issues.

• Lithium-ion batteries can be damaged if overcharged and result in overheating, flames, or others.
• Lithium-ion batteries can also be damaged if discharged below 5% of the total capacity.

Battery Management Systems Market Opportunities:

• Increasing demand from Automotive, Military, Portable Electronics, and Others
• Growing technological advancements such as AI, machine learning, and IoT in industries and commercial
• Increasing demand for customized battery management systems

Battery Management System Market Restraints:

• The growing number of participants in the market has resulted in competition. This has resulted in price wars and dwindling profit margins

Continued adoption of electric vehicles coupled with demand for longer range vehicles, growing renewable energy installation with battery storage systems are some of the few factors driving the Battery Management System market growth.

As electric vehicles continue to grow in popularity, the industry demands efficient and more reliable battery performance from technology providers. The continued adoption of electric vehicles (EV) all around the world is mainly due to technological advancements and the government's favorable policies. For instance, by Q1 2022, Europe saw a 57% growth in EV sales when there was an overall decline of 37% in world EV sales due to Covid-19. Together with changes in national vehicle taxation and grants created more awareness and demand for EVs in Europe for the period. Further, the rise in EV sales has promising market demand for Battery management system in the forecasted year.

Battery Management System Market Recent Developments:

• In February 2021, Sensata Technologies acquired Lithium Balance, a leading technology provider for battery management systems (BMS) which are crucial for the performance of Lithium Ion battery-based solutions
• In December 2020, Schindler Electric partnered with Larsen and Toubro Technology Services for digital & engineering transformation.
• In October 2019, DEUTZ acquired battery specialist Futavis GMBH, a development service provider for battery management hardware and software. The purchase of Futavis GmbH enables DEUTZ AG to incorporate batteries, a crucial core component, in its electrification strategy

Regional Market Analysis:

The global battery management system market report is segmented based on geography into North America, including the United States, Mexico, Canada, and the Rest of North America; Europe, including Germany, France, United Kingdom (UK), Spain, and the Rest of Europe; Asia Pacific (APAC) including China, India, Japan, South Korea, Australia, Indonesia, and Rest of APAC; South America including Brazil and Rest of South America; and the Middle East and Africa including Saudi Arabia, Nigeria, South Africa, and other countries.

Asia-Pacific is expected to be the leading region in the battery management system market during the forecast period, followed by Europe, North America, the Middle East, and South America.

Asia Pacific:

The Asia Pacific region has countries that have both developing and established battery management system markets. For instance, countries such as China, South Korea, Japan, India, Australia, and others have an established battery management system Market.

The Asia Pacific is expected to be the largest region for battery management systems during the forecast period. With increasing Electric Vehicles and renewable energy generation, the battery management system market demand will rise, especially in China and India and Southeast Asia, such as Korea, Japan, and Australia.

APAC holds a significant share of the battery management system separator market due to an increased electric vehicle investment in consumer electronics, smart grids, and others. The evolution of smart grid systems in developing countries such as China, India, and others has been emerging enormously due to realizing the need for large-scale power consumption.

Publisher's battery management system market report provides insights into the current market demand environment and prognosis.

The study offers a thorough examination of the many factors that impact the development of battery management systems. The study also comprehensively analyses the battery management system market by segmenting it based on region (Asia Pacific, North America, Europe, South America, Middle East, Africa).

The report also discusses current and future market possibilities, trends, advancements, the Covid 19 impact, the Ukraine and Russian War impact on the battery management system Market, essential developments, regions, and segments poised for the fastest growing competitive landscape. Further, the battery management system Battery market size, demand forecast, and growth rates will also be provided in the report.


This product will be delivered within 5-7 business days.