Global Battery Management Systems Market - 2023-2030

Global Battery Management Systems Market - 2023-2030

Global Battery Management Systems Market reached US$ 7.1 billion in 2022 and is expected to reach US$ 28.4 billion by 2030 growing with a CAGR of 18.9% during the forecast period 2023-2030.

Battery management system offers application in various sectors such as electric vehicles, energy storage, and consumer electronics which is a major driver for the market. The system demand has increased due to the rising demand for enhanced battery performance and battery efficiency systems by the industries. Furthermore, the battery management system has control of the energy storage system which monitors the overall performance battery status.

The lithium-ion battery has higher energy density, fast charging capacity, and longer life compared to other batteries which made to contribute more than half of the share in the market. Governments implementing rechargeable batteries as they are environmentally friendly is another market driving factor for lithium-ion batteries. The battery has a longer energy density and relatively low self-discharge capacity with reduced greenhouse gas emissions.

Market Dynamics
Growing Demand for Efficient Battery Monitoring in the Renewable Sector
With the growth in the renewable sector, more people adopting greenhouses rather than traditional energy resources. It is important to ensure proper monitoring of batteries when required. A consumer using renewable energy doesn’t get much benefitted from zero net billings. Still, they have to pay electricity bills.

Lithium-ion batteries lead in the sector of renewable energy storage technology. In which they allow high energy storage which leads to low energy storage. By monitoring batteries time to time to ensure the performance of the battery which leads to have lower risk of unexpected failures.

Increasing Sales of Hybrid Vehicles
Climate change which is a major factor and air pollution caused by fuel vehicles increases pollution so people moving towards green transportation services. The government is investing in boosting the sales of hybrid vehicles. For instance, on 16 May 2023, to support government initiatives for India’s carbon neutrality project. Suzuki Motor announces a variety of options which include a combination of CNG and HEV. At the end of 2022, the sales of hybrid vehicles increases by 27%. Suzuki Motors predicted that 25% of sales would come from hybrid vehicles by 2030.

The growing sales of hybrid vehicles have created growth prospects for the BMS as the system monitors and controls various parameters of the hybrid vehicle battery, including temperature, voltage, and state of charge. They help optimize the battery's performance by regulating charging and discharging processes, ensuring that the battery operates within its optimal range. This results in improved battery life and overall longevity, which is crucial for hybrid vehicle owners and manufacturers.

High Cost and Requirement of Technical Expertise
One major restrain in the battery management systems is the overall cost required for the production of batteries is high. Battery management requires software that is higher in price which makes them less affordable for small businesses. It requires complex research for the technology used which results in higher investments.
Furthermore, working in a battery management system it requires strong technical expertise. Without domain knowledge in battery management systems, it leads to the impact growth of battery management systems. For battery management systems it requires an ample amount of time and effort for monitoring the proper functions of the system which hurdles market growth.

COVID-19 Impact Analysis
The pandemic led to increased costs of battery management projects including higher interest loans and returns for equity investors. COVID affects the battery management market due to which the price of batteries increases. The economic disturbance leads to decrease investment in energy storage projects.

Due to the increase in the cost of production of energy and stricter loans, the projects which are in their early stages are put on hold. Many organizations find it difficult to invest in projects under financial situations which leads to delays in projects. China which has the largest market for the production of battery management systems affects more due to which companies which rely on China phase heavy losses.

Russia-Ukraine Impact Analysis
Due to the Russia-Ukraine war, the supply of resources for manufacturing batteries got equipment is affected. Resources like critical minerals, and lithium face disruptions due to geopolitical tensions. Shortage of these resources results in fluctuating prices and delays. Due to conflict government in this region imposed trade restrictions.

Since Russia and Ukraine produce most of the energy resources so there are disturbances due to the conflict which affect their supply chains. Lithium is also the most demanding component of lithium-ion batteries which were used in the production of EVs. Investors step back with their investments due to geopolitical issues.

AI (Artificial Intelligence) Impact Analysis
AI algorithms can be used in data-driven decision-making for EV charging infrastructures. It analyzes large volumes of data from batteries. This value provides valuable insights to stakeholders. This information is very useful for optimizing the deployment of the battery management system.

With the help of a machine learning algorithm, it can detect the power capacity of batteries such as charging and discharging of batteries. With historical data, AI can analyze the demand for energy required in the future. AI can detect cyber threats and protects battery management system and also ensure the integrity and confidentiality of data.

Segment Analysis
The global battery management system is segmented based on type, battery type, application and region.

Rising Demand for Motive Batteries in Various Industries Such as Automotive, Construction, and Agriculture
The motive battery has higher growth compared with the stationary battery. Due to its increasing demand in various industries such as automotive, construction, and agriculture. It provides high output power for machines and tools. It also monitors the battery state during peak performance. The motive battery segment provides a feature to monitor their batteries from anywhere.

For instance, on 22 May 2023, EnerSys provides solutions for industrial applications, manufacturers, and motive power batteries. The usage of motive power batteries in forklift trucks and other electric power vehicles. The motive power battery has advanced safety features that monitor battery shutdown, and temperature. Motive battery launched in 2021 with affordable battery power around the world.

Geographical Analysis
Asia-Pacific’s Increasing Electric Vehicle Adoption and Government Initiatives
With the growth in population and increasing urbanization in Asian countries which includes China, India, and Japan, the government in these countries taking initiatives toward the adoption of electric vehicles. As the demand increases for sustainable transportation people adopting electric vehicles instead of fuel vehicles. Increasing demand for electric vehicles leads positive impact on the environment by reducing low carbon emissions.

The government in this region implemented many policies for the growth and development of battery management systems. Policies such as tax subsidies and incentives for each purchase of electric vehicles. For instance, on 2 Aug 2021, a new energy management system technology was launched named as BMSer. BMSer technology develops and provides energy management technologies.

Competitive Landscape
The major global players in the market include Leclanche, Lithium Balance, Hydrogenic Corporation, Eberspaecher Vectures, Storage Battery System, Johnson Matthey, Linear Technology Corporation, BMS Powersafe., Texas Instruments, NXP Semiconductors NV.

Why Purchase the Report?
• To visualize the global battery management systems market segmentation based on type, battery type, application and regions, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of battery management systems market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global battery management systems market report would provide approximately 57 tables, 60 figures, and 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies