The global Battery Management System (BMS) market size was USD 7.43 Billion in 2021 and is expected to register a revenue CAGR of 20.4% during the forecast period, according to the latest analysis by Emergen Research. Growing advancements in battery management system technologies and rising demand for Electric Vehicles (EVs) are major factors projected to support market revenue growth between 2021 and 2030. A battery pack is an assembly of battery cells under the control of BMS, which monitors battery, provides battery protection, estimates battery’s operational state, optimizes battery performance, and reports operational status to external devices. Rechargeable batteries are controlled by BMS, which makes sure they function effectively and securely. The circuit board of a BMS, which contains a number of electronic components, helps to raise e battery pack’s ambient temperature. Heat management is a crucial component for maintaining vehicle safety because entire mechanism operates in a small space.
As part of Emergen Research’s Global Battery Management System Market Research Report, key business details and extensive geographical spread of the Battery Management System industry have been analyzed. As well as a comprehensive qualitative and quantitative analysis, the study contains crucial statistics about the Battery Management System market. A detailed forecast is provided based on historical data from 2017 and 2018. Also included are profiles of established and emerging players, including business overviews, product portfolios, strategic alliances, and business expansion strategies.
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The leading market contenders listed in the report are:
Leclanché SA, Nuvation, Eberspächer, Analog Devices, Inc., BMS PowerSafe, Johnson Matthey, Epec, LLC., Elithion, Inc., NXP Semiconductors, Exponential Power, Renesas Electronics Corporation, and Texas Instruments Incorporated
The research study examines historic data from 2018 and 2020 to draw forecasts until 2030. The timeline makes the report an invaluable resource for readers, investors, and stakeholders looking for key insights in readily accessible documents with the information presented in the form of tables, charts, and graphs.
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The report bifurcates the Battery Management System market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
- Battery Type Outlook (Revenue, USD Billion; 2019–2030)
- Lead-Acid Battery
- Lithium-ion battery
- Nickel Battery
- Topology Outlook (Revenue, USD Billion; 2019–2030)
- End-use Outlook (Revenue, USD Billion; 2019–2030)
- Electric Vehicles
- Autonomous Guided Vehicles
- Renewable Energy Systems
- Uninterrupted Power Supply (UPS)
The research report offers a comprehensive regional analysis of the market with regards to production and consumption patterns, import/export, market size and share in terms of volume and value, supply and demand dynamics, and presence of prominent players in each market.
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Regional Analysis Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key reasons to buy the Global Battery Management System Market report:
- The latest report comprehensively studies the global Battery Management System market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
- The report offers an insightful analysis of the regional outlook of the market.
- It offers a detailed account of the end-use applications of the products & services offered by this industry.
- The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
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The market for Battery Management System (BMS) is experiencing rapid growth due to the surging demand for energy storage solutions. BMS aids in efficiently maintaining and balancing the charge and discharge of the batteries used in such energy storage solutions. Consequently, a plethora of opportunities are currently available for stakeholders in this market.
Recent market research shows that the global BMS market is projected to expand at a compound annual growth rate (CAGR) of 16.25% during the period 2018 to 2023, to reach a market size of USD 5.39 billion by 2023. This growth is attributed to several factors such as the increasing focus on developing energy storage solutions, increasing demand for electric vehicles, and surge in demand for consumer electronics.
The research also investigated the competitive landscape of the BMS market, which is comprised of several major players. Siemens AG, Texas Instruments, Infineon Technologies, Maxim Integrated Products, Linear Technology Corporation, ABB Ltd, Yamaha Motor Corporation, Murata Manufacturing Co., Ltd., and Robert Bosch GmbH are the major players in the market.
The research further delves into key trends in the BMS market. It shows that Power Electronics is the most dominant type in the BMS market. This is due to the increasing importance of miniaturization and high processing speeds in modern power electronics systems. Furthermore, the lithium-ion battery segment is expected to grow at the highest CAGR during the forecast period.
Moreover, the market for BMS is segmented on the basis of regions such as North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to witness the highest growth during the forecast period due to increasing demand for electric vehicles in countries such as China and India.
In conclusion, the rising demand for energy storage solutions, increasing demand for electric vehicles, and surge in demand for consumer electronics have played a pivotal role in driving the growth of the global BMS market. It is estimated that the market size of the BMS market will more than double in size by the year 2023.