Battery Management System Market Size, Status, Top Players, Trends in Next Years

1. Burgeoning IoT Device Sales Driving Demand for Wireless Battery Management Systems “There is the potential to increase the number of electric passenger cars from just over 2 million in 2016 to 200 million in 2030.”, says a recent analysis on the electric vehicle (EV) industry by the International Renewable Energy Agency (IRENA). With sustained government efforts and improvements in the technology and reduction in the cost of such automobiles, this number seems to be within the grasp. If it is any encouragement, the International Energy Agency (IEA)’s Global EV Outlook 2020 report says that already in 2019, 7.2 million such vehicles were in operation around the world! “Rising Adoption of Electric Vehicles Propelling Growth of BMS Market” P&S Intelligence cites this as the key factor in the growth of the battery management system market from $5,661.0 million in 2020 to $22,279.6 million in 2030, at a 15.0% CAGR between 2021 and 2030. This is because EVs require, among numerous components, an electric battery to serve as the main power source. Since batteries, just like other machines and electrical devices, have limitations, they need a BMS to monitor and control their operations and elongate their operational life. Apart from the operations, BMSs also look after the charging and discharging of the battery. The other application where batteries and, consequently, BMSs, have become rather important in recent times is consumer electronics. Since laptops, tablets, smartphones, videogame consoles, and other such devices are designed to offer consumers mobility, they are all powered by batteries, majorly nickel–metal hydride (NiMH) and lithium-ion (Li-ion) variants. With people’s rising disposable income, especially in developing countries, consumer electronic sales are burgeoning, thereby creating a high-volume requirement for BMSs.

2. Battery Management System Market Business Analysis, Growth and Forecast Report Similarly, batteries and BMSs are important in the renewable energy sector. With the growing environmental concerns, the usage of coal, oil, and natural gas for producing electricity is being reduced, and unconventional sources, such as the sun, water, and wind, are gaining prominence. As per the IEA, from 27% in 2019, the share of clean sources in the global energy mix rose to 29% in 2020, and that “Renewable electricity generation in 2021 is set to expand by more than 8% to reach 8 300 TWh.” “Battery Management Systems Play Vital Role in Electric Vehicles” Though renewable energy is the most-promising solution to the world’s electricity and sustainability crises, its output is not always reliable. For instance, solar plants cannot work after dark or on cloudy days, while windmills need a particular windspeed for the turbine to spin. As a result, Li-ion and lead–acid batteries are commonly integrated into

3. the power plant so that the excess energy can be stored and then discharged to the grid when the power demand surges. Thus, with the burgeoning number of renewable energy plants, the demand for BMSs will keep rising. Of the wireless and wired variants of BMSs, wired ones have seen a wider application till now because they work on a basal technology. However, with the rising demand for internet of things (IoT)-connected devices and for cutting the cost of the final products, the usage of wires is being decreased. As a result, in the years to come, the rate of integration of wireless BMSs in consumer electronics, EVs, connected and portable medical devices, renewable energy plants, telecommunications equipment, defense and aerospace systems, and industrial machines will increase. “Battery Management System Market Exhibit Rapid Advancement in Asia-Pacific ” Thus, due to the rising installation of BMSs in EVs, renewable energy plants, and consumer electronics, Asia-Pacific (APAC) has been the largest battery management system market till now, and the demand for such systems will also increase the fastest here in the near future. Moreover, not just EVs but conventional automobiles also require BMSs because they also have a battery for auxiliary functions, such as starting and stopping, lighting, infotainment and dashboard systems, heating, ventilation, and air conditioning (HVAC) systems. Thus, being the largest automotive and consumer electronics market, APAC will continue generating a high demand for BMSs. Therefore, the more batteries become important in various applications, the higher the procurement rate of BMSs will be.

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