According to a new report published by Allied Market Research, titled, “Battery Management System Market," The battery management system market was valued at $7.5 billion in 2022, and is estimated to reach $41 billion by 2032, growing at a CAGR of 19.1% from 2023 to 2032.

Asia-Pacific currently dominated the battery management system market in 2022. This was primarily due to increased sales of electric vehicles in countries such as China, India, and Japan. This is attributed to extensive efforts of governments to reduce greenhouse gas emissions. China, the largest EV market in the world, generates a sizable amount of demand for BMS technology. Japan actively invests in EV and HV technologies and is known for its technological breakthroughs, which creates a sizable market for sophisticated BMS systems. Government programs and commercial investments encourage more EV use in India, which increases the demand for BMS systems.

There is a rise in demand for BMS as more EVs are being adopted in the rest of the Asia-Pacific region, including Australia and Malaysia. Overall, the Asia-Pacific region offers a bright future for the market for battery management systems due to the growth in popularity of electric vehicles and favorable government regulations.

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Europe is the second-largest market for battery management system in 2021. Europe is predicted to hold a significant market share in the global battery management system market during the forecast period, owing to the rise in the adoption of lithium-ion batteries and management systems attributed to technological advancements in e-mobility. In addition, the rise in demand for electric vehicles, energy storage systems, and growth in consumption of rechargeable batteries in consumer electronics, coupled with technological advancements function as key drivers for the market growth in Europe.

Furthermore, the EU announced CO2 emission guidelines for numerous vehicle types. For instance, fleet average reductions are set for 45% by 2030, 65% by 2035, 90% by 2040, and by 2030, all new city buses are expected to be ZEV. Moreover, 15% CO2 emission reduction for new cars and vans by 2025 compared to 2021 levels, 55% reduction for cars and 50% reduction for vans by 2030, and 100% reduction by 2035. Automakers are required to accelerate the adoption of electric vehicles (EVs) and hybrid vehicles (HVs), to meet these stringent emission standards, which rely on efficient BMS solutions to manage and optimize their battery systems. The increase in demand for EVs and HVs as a result of the CO2 emission guidelines projected to create a substantial market for BMS technologies.

Consumer electronics is a major segment of battery management system market. Demand for portable devices, advancements in battery technology, energy efficiency, smart feature integration, safety compliance, electric vehicle adoption, and wireless charging integration drive the consumer electronics BMS market. For instance, in April 2022, Infineon Technologies AG unveiled a series of battery management ICs, including the TLE9012DQU and TLE9015DQU. The integrated circuits provide an optimized solution for battery cell monitoring and balancing. The devices may be used in a variety of industrial, consumer electronics, and automotive applications. These considerations generate opportunities in the consumer electronics industry for BMS providers. The market is expected to grow at a phenomenal rate due to the need for smartphones, artificial intelligence, and other consumer electronics as battery management is one of the key components for consumer electronics to function properly.

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Moreover, increase in long-range and fast charging technology in electric vehicles drive the growth of battery management system market. Battery management systems are crucial for optimizing the performance, safety, and longevity of batteries, leading to better range and reliability. BMS may monitor and control the charging and discharging process of individual cells, balance the charge levels to prevent cell imbalance, and provide safety functions such as overvoltage and overcurrent protection. Furthermore, BMS may prevent thermal runaway by monitoring the temperature of each cell. Moreover, BMS may optimize the charging process for fast charging by monitoring the temperature, managing the charging rate of individual cells, and providing feedback to the charger for efficient and safe charging. BMS helps prevent damage to battery cells, ensuring fast charging without compromising the battery's lifespan or performance.

The increased demand for renewable energy creates a substantial opportunity for the Battery Management System (BMS) market. There is a rapid increase in demand for renewable energy sources such as solar and wind power as more governments and businesses attempt to decrease their carbon footprint and shift to cleaner forms of energy.

Renewable energy sources, such as solar and wind energy, are intermittent, with output varying according to weather and time of day. As a result, energy storage systems are required to store surplus energy produced during peak hours and to provide energy during off-peak hours. BMS aids in the optimization of energy storage system performance by reducing overcharging, over-discharging, and overheating, as well as increasing battery life. BMS also aids in keeping the whole battery temperature within a narrow temperature range, ensuring optimal battery performance.

Moreover, clean energy solutions providers acquired the energy management solution provider strength it’s offering. For instance, in January 2022, Kohler Co., acquired Heila Technologies, Kohler Co. to expand its clean energy management portfolio and continues to focus on providing power resiliency solutions.

The demand for more advanced and efficient BMS systems  is anticipated to increase as the demand for renewable energy grows. A battery management system may make managing the entire storage infrastructure much easier and far more effective. Furthermore, advancements in BMS technology may assist in lowering the overall cost of energy storage systems, making them more accessible to a broader variety of clients.

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COVID-19 Impact Analysis

The market for battery management systems (BMS) has experienced major change as a result of the COVID-19 pandemic. Timelines for projects and installations were impacted by delays in the manufacturing and delivery of BMS components and systems as a result of disruptions in the worldwide supply chain. The epidemic brought into more focus the significance of energy storage and BMS technologies in sustaining vital sectors including telecommunications, remote working, and the healthcare industry. The need for dependable power supply and backup solutions developed as a result. Moreover, the pandemic also sped up the switch to clean energy and sustainable mobility, opening doors for the BMS sector. The industry has recovered thanks to a growth in understanding of the importance of energy storage and a move towards environmentally friendly alternatives despite early difficulties.

KEY FINDINGS OF THE STUDY

• On the basis of battery type, the lithium-ion based segment is anticipated to exhibit significant growth in battery management system market in the near future.
• On the basis of topology, the centralized segment is anticipated to exhibit significant growth in the battery management system market in the near future.
• On the basis of application, the consumer electronics segment is anticipated to exhibit significant growth in the battery management system market in the near future.
• On the basis of region, LAMEA is anticipated to register the highest CAGR during the forecast period.

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Key players profiled in the BMS market 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.