DUBLIN–(BUSINESS WIRE)–The “Global Battery Management System (BMS) Market by Type (Motive Battery, Stationary Battery), Battery Type (Lithium-ion, Lead-acid, Nickel-based, Solid-state, Flow battery), Topology (Centralized, Distributed, Modular), Application, and Region – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global battery management system (BMS) market is expected to grow from USD 7.8 billion in 2023 to USD 18.4 billion by 2028, at a CAGR of 18.7% from 2023 to 2028. The battery management system is implemented to manage high-energy batteries efficiently. The functions of the battery management system may vary according to the properties and requirements of the battery it is incorporated into.
The battery management system market based on battery type has been segmented into lithium-ion, lead-acid, nickel-based batteries, and others. Most end-users choose the most suitable battery type according to their requirements and the nature of the application. Lithium-ion is a widely used battery in applications such as automobiles and renewable energy systems.
Renewable energy application to hold a significant share of battery management system market in 2028
Both on-grid and off-grid renewable energy deployments are witnessing steady growth, with batteries being used for energy storage applications for many years. However, battery storage technology has gained greater traction and supports higher electricity generation levels from renewable energy – particularly wind and solar. The rapid fall in battery cost has increased the popularity of battery storage as an option for storing electricity from renewable sources at the household, business, and community levels. These batteries need battery management systems for efficient operations, tracking battery voltage, the amount of power consumed, the state of charge of the battery, etc. In addition, the battery management system in renewable energy is required for PV time shift, peak shaving, and grid support.
Europe is expected to grow at an impressive CAGR during the forecast period
Germany, France, and the UK are among the major European economies. These countries are technologically developed and are also major manufacturing hubs for the automotive and aerospace & defense verticals. Five countries, Germany, France, the Netherlands, Sweden, and Belgium, accounted for more than three-quarters of all electrically chargeable cars in the EU. As there is a growing trend of adoption for electric vehicles in Europe, the requirement for battery management systems is also expected to increase to effectively manage batteries in electric vehicles.
Major players profiled in this report are: Sensata Technologies, Inc. (Japan), Eberspacher (Germany), Panasonic Holdings Corporation (Japan), and LG Energy Solution, Ltd. (South Korea).
Key Benefits of Buying the Report
The report would help market leaders/new entrants in this market in the following ways:
- This report comprehensively segments the battery management system market and provides the closest approximation of the overall market size and subsegments that include type, battery type, topology, application, and region.
- The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities pertaining to the battery management system market.
- This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business.
- The competitive landscape section includes the competitor ecosystem and growth strategies, such as product launches and acquisitions conducted by major market players.
- Growing Penetration of Electric Vehicles
- High Demand for Battery Monitoring Solutions in Renewable Energy Sector
- Need for Effective Power Grid Management
- Lack of Standardization in Battery Management Solutions
- Increasing Electrification of Public Transportation
- Rising Demand from Data Centers
- Supportive Government Initiatives for Electric Vehicles
- Advantages of Wireless Battery Management Systems
- Complex Designing Process
- Impact of External Factors on Performance
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Battery Management System, by Component
6.2.1 Battery Control Units
6.2.2 Power Management Components
6.2.3 Communication Components
7 Battery Management System Market, by System Type
7.2 Standalone BMS
7.3 Integrated BMS
8 Battery Management System Market, by Type
8.2 Motive Batteries
8.3 Stationary Batteries
9 Battery Management System Market, by Battery Type
9.5 Other Batteries
9.5.1 Solid-State Batteries
9.5.2 Flow Batteries
10 Battery Management System Market, by Topology
11 Battery Management System Market, by Application
11.4 Renewable Energy
11.6 Military & Defense
11.7 Other Applications
12 Battery Management System Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Adjacent and Related Markets
- Analog Devices, Inc.
- AVL List GmbH
- BMS Powersafe
- BYD Company Limited
- Contemporary Amperex Technology Co. Limited
- Elithion, Inc.
- Ewert Energy Systems, Inc.
- Exponential Power, Inc.
- Ficosa Group
- Futavis GmbH
- Hangzhou Xieneng Technology Co. Ltd.
- Infineon Technologies AG
- Leclanche SA
- LG Energy Solution, Ltd.
- Nuvation Engineering
- NXP Semiconductors N.V.
- Panasonic Holdings Corporation
- Powertech Systems
- Renesas Electronics Corporation
- Sensata Technologies, Inc.
- SK Innovation Co. Ltd.
- Texas Instruments
- Xing Mobility
For more information about this report visit https://www.researchandmarkets.com/r/zhlbu1-battery?w=4
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