According to the latest report by IMARC Group, titled "Battery Management System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global battery management system market reached US$ 5.3 Billion in 2020. Battery management system (BMS) refers to an electronically-regulated hardware that ensures the optimal use of residual energy present in a battery. It manages a rechargeable battery by monitoring and balancing its state, performance, and environment. BMS collects data regarding various parameters of the battery, such as voltage, temperature, coolant flow, and current. This mechanism prevents over- or under-charging of the battery and possible breakdown in wire insulations, thereby maximizing its capacity.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Battery Management System Market Trends:
The rising environmental concerns have led to a significant increase in the demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs) across the globe, which is primarily driving the BMS market growth. This is further supported by an expansion in the automotive industry and stringent regulations implemented by governments of various nations to reduce the overall carbon footprint. Additionally, the increasing need for BMS and effective grid management in renewable energy systems are also contributing to the market growth. Other factors, including the widespread utilization of rechargeable batteries in consumer electronics and the development of innovative cloud-based BMS, are creating a positive outlook for the market. Looking forward, the market is expected to reach US$ 15.4 Billion by 2026, growing at a CAGR of 19% during 2021-2026.
- Based on the battery type, the market has been divided into lithium-ion-, lead-acid-, and nickel-based, and others.
- On the basis of the type, the market has been bifurcated into motive and stationary battery.
- Based on the topology, the market has been segmented into centralized, distributed, and modular.
- On the basis of the application, the market has been classified into automotive (electric vehicles, e-bikes, and golf carts), military and defense, healthcare, consumer electronics, telecommunications, renewable energy systems, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Eberspaecher Vecture, Elithion Inc., Johnson Matthey, Leclanche, Lithium Balance, Navitas Systems LLC (East Penn Manufacturing Company), Nuvation Engineering, NXP Semiconductor N.V., Storage Battery Systems LLC and Valence Technology Inc. (Lithium Werks B.V.).
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