Battery Management System Market worth $18.4 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 6, 2023 -- The global battery management system (BMS) market is projected to grow from USD 7.8 billion in 2023 to USD 18.4 billion by 2028, at CAGR of 18.7% during the forecast period according to a new report by MarketsandMarkets™. A battery management system (BMS) is an electronic device that monitors and controls the operations of a rechargeable battery. The main functions of a battery management system include managing the power output, providing the charging and discharging status of the battery pack, enabling critical safeguards to protect the batteries from damage, and prolonging the battery life and efficiency. The battery management systems are mostly integrated with high-energy batteries such as lithium-ion batteries, advanced lead-acid, flow, and nickel-based batteries. Out of all these battery types, battery management systems are most widely used with 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
Lithium-ion batteries are among the highest-performing batteries compared with all other types of rechargeable battery technology in aspects such as usable capacity, charging time, and life cycle. Lithium is considered one of the lightest metals and has the greatest electrochemical potential. In addition, it can provide the largest energy density per volume and weight. As lithium-ion is in the unstable state due to its inherent nature, it is necessary to manage it while charging or discharging. However, if some defined precautions are met during charging and discharging, then li-ion provides unparalleled advantages in comparison to other chemistries. Therefore, battery management systems are an essential enabling factor for the adoption and growth of the lithium-ion battery market.
The distributed topology segment is expected to grow at a significant CAGR during the forecast period
In the distributed battery management system topology, each cell in the battery pack has a dedicated slave board that measures and controls an individual cell. These slave boards are connected via a single communication cable between the battery and the controller. Each cell is connected to a pair of voltage signals, a temperature sensor, and serial internal and external communication cables. This topology is much easier to install than the centralized BMS topology. The advantages of distributed BMS are its simple design and high reliability. However, the need for a considerable number of mini circuit boards and the difficulty faced while mounting the boards on certain types of cells can act as major drawbacks. Additionally, for battery packs with many cells, the cost of a distributed system can be much higher than that of a centralized system.
The industrial segment is expected to grow at a significant CAGR during the forecast period
There is a growing need for continuous and high-quality power supply and emergency backup in both commercial and industrial segments. Automated guided vehicles (AGVs) are mobile robots that are typically used in the industrial sector to transfer materials in a manufacturing facility or a warehouse. AGVs are guided via wires or markers installed on the floor or through vision and lasers. These are widely used to improve material handling efficiency in the manufacturing industry. AGVs mostly use integrated advanced lead-acid batteries, which are highly reliable and available at a lower cost than other battery chemistries. The lead-acid battery technology is the most efficient if it is protected from over-discharging and insufficient charging. In such a scenario, a battery management system becomes very crucial, improving battery operations and shelf life
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North America to account for a significant share of the battery management system market in 2028
The automotive sector and growing demand from the renewable energy sector drive the growth of the North American battery management system market. The presence of major automotive manufacturers, such as General Motors (US) and Ford Motor Company (US), is driving the demand for battery management systems. The US has also witnessed a rapid rise in the implementation of lithium-ion batteries for renewable energy storage through wind and solar energy. Applications such as automotive, renewable energy storage systems, and telecommunications have the highest growth potential in North America's battery management system market.
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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