Global Battery Management System (BMS) Market Outlook 2022

Battery Management System Market Statistics 2027

Due to the COVID-19 pandemic, the global Battery Management System (BMS) market size is estimated to be worth US$ 6326.4 million in 2021 and is forecast to a readjusted size of US$ 40700 million by 2028 with a CAGR of 30.1% during the forecast period 2022-2028. Key drivers of the battery management system market include the rising adoption of BMS in electric vehicles.

The need for renewable energy systems will fuel the battery management system market during the forecast period. 

The adoption of rechargeable batteries in several industry verticals will propel market growth in the coming years. 

Trends Influencing The Growth Of The Global Battery Management System Market

Battery Management System Market Trends

Growing penetration of electric vehicles

The race for finding alternative fueling solutions has given a massive boost to the EV market. The rising prices of fossil fuels and favorable policy changes by government authorities around the world have led to increased sales of electric vehicles. This will in turn drive the growth of the battery management system market during the forecast period. Everything from hybrid to plug-in vehicles run on battery packs that generate huge amounts of electricity. The car's functions are heavily dependent on electric volts. This requires the need for constant monitoring and control management. A battery management system(BMS) is embedded near the battery cells for regular checkups on voltage fluctuations and imbalances. This ensures that the battery runs smoothly without instances of possible failures. It oversees the battery pack’s state of health and charges via cell balancing. The constant optimization enhances the coolant flow and temperature parameters. Lithium-ion batteries have high charge density and are unstable. Overcharging or reaching a stage of deep discharge causes the cell temperature to rise. It ultimately harms the lifespan and capacity of the battery. BMS avoids these problems. These systems also indicate the actual state of charge.  

Renewable energy

Electric power generation through renewable energy sources is gaining traction in the last few years. Developing electric energy storage for integration into existing grids is the need of the hour for curbing greenhouse gas emissions. The overproduction of energy needs to be fed into and stored for meeting demand during peak hours and reducing electricity charges for end-user consumers. Hence storage and better distribution technologies are being developed for efficient power conversion. This will boost the expansion of the battery management system market in the forthcoming years. High voltage storage mechanisms will minimize losses and provide proper control and power isolation. Lithium-ion batteries are the preferred means for achieving these goals. And battery management system will monitor and enable optimum storage of energy. This will reduce costs in the longer term and provide enhanced electrical power sources. 

Rising use of rechargeable battery packs

Government authorities around the world are implementing strict guidelines for reducing carbon dioxide emissions. Several industries like automotive, telecom, and consumer electronics manufacturers are switching to batteries for driving the ambitious decarbonization goals. Electronic gadgets such as portable medical tools, garden tools, and Vaccum packs are penetrating every aspect of consumers’ daily lives. BMS is required for managing many functions and safe operations of batteries. As a result, the demand for battery management system market will grow rapidly in the upcoming years. It monitors the temperature, voltage, current, and maintenance scheduling for preventing overcharge or undercharge situations. Each cell in a battery pack is scrutinized extensively to ensure its smooth functioning. Electric items like laptops have caught fire compromising the personal safety of users. Management errors are removed efficiently. The system monitors whether all the cells are operating as per the standard operating procedures. This results in a stable system. The cell-to-cell balancing allows for efficient pack assembly. It drastically improves performance, range, and reliability. The computing system provides information on diagnostics, data collection, and effective external communication for maintenance. 

High costs and challenging designs

A battery management system is expensive because it requires greater flexibility and a mechanism to shift energy to and from the battery in a wide range of operating environments. There are additional needs to manage battery cells and the state of charge. This will hamper the growth prospects of the battery management system market in the forthcoming years.  The design mechanism is complex as it has to provide accurate fuel gauging and cell balancing. There are different internal pack topologies for individual monitoring of each cell. 

Battery Management System Market Share Analysis

Based on type, the centralized segment will dominate the highest with 65% in the battery management system market share.

Based on application, the BEV segment will witness considerable growth during the forecast period.

Based on region, Asia-pacific is the largest with china capturing a share of 70%. This is due to rising sales of EVs to curb co2 emissions and huge demand for consumer electronics.  While Europe and the United States are both at 20%.

Segment by Type

• Distributed
• Centralized
• Modular

Segment by Application

• BEV
• HEV

BY COMPANY

• Tesla Motors
• BYD
• Catlbattery
• Sacimotor
• BAIC BJEV
• LG Chem
• Denso
• Calsonic Kansei
• Joyson Electronics
• Mewyeah
• Klclear
• Hzepower
• Gotion High-Tech
• Hitachi
• Sinoev
• Hyundai Kefico

Production by Region

• North America
• Europe
• China
• Japan
• South Korea

Conmption by Regionsu

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Russia
• Asia-Pacific
• China
• Japan
• South Korea
• India
• Australia
• China Taiwan
• Indonesia
• Thailand
• Malaysia
• Latin America
• Mexico
• Brazil
• Argentina
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE

Scope of the Battery Management System Market Report