Battery Management System Market To Generate Revenue Worth $26,797 Million by 2030
- Published: January 2023
The global battery management system market is predicted to reach USD 26,797 million by 2030, growing at a CAGR of 17.90% between 2022 and 2030. This growth can be primarily attributed to the rising adoption of EVs and the surging demand for Li-ion batteries in consumer electronics and other energy storage applications.
Furthermore, BMS includes functions such as battery discharge prevention, charge protection, and state-of-charge monitoring for batteries used in electric cars, among others. It is used to determine the life and quality of the battery pack. Battery management is a must-have technology for high-power traction and stationary batteries since it continually monitors the parameters.
Demand for Nickel-Based Batteries To Witness Faster Growth
The demand for nickel-based batteries is expected to grow at a higher CAGR over the forecast period, owing to their growing utilization across the automotive industry. There are several varieties of nickel-based batteries available. Batteries such as nickel-metal hydride (Ni-MH), nickel-cadmium (Ni-Cd), nickel-iron (NiFe), and nickel-zinc (Ni-Zn) are characterized as nickel-based batteries since they employ nickel oxide electrodes as positive plates. The nickel-metal hydride battery is one of the nickel-based batteries that frequently uses BMS for maximum performance.
The nickel-metal battery is an ecologically friendly secondary battery with a high energy density. It has an energy density that is up to 40% greater than nickel-cadmium batteries. In industries like mobile computers and wireless communications, NiCd batteries are being replaced by NiMH batteries. Thus, battery management is essential for controlling how the battery operates.
Growing Usage of Rechargeable Batteries in Consumer Electronics
BMS is used in consumer electric products to control the operation of the battery. It also manages rechargeable batteries by monitoring their state, collecting and reporting data, and monitoring the battery’s health. Since the usage of consumer electronics, such as mobile phones, laptops, digital cameras, and wearable devices, is increasing globally, the industry is being impacted positively.
Li-Ion Batteries Are Widely Used Across Industries
The increasing use of rechargeable batteries in consumer electronics applications is a key factor driving the market during the forecast period. This is because the popularity of rechargeable batteries, such as Li-ion and nickel, is growing. Li-ion batteries have low self-discharge rates, are light in weight, and offer high energy density; owing to this, their demand in consumer electronics applications, such as mobile phones, laptops, digital cameras, and wearable devices, is increasing globally.
Moreover, due to the growing population, rising disposable income, and increasing technological advancements, the demand for consumer electronic products, such as cell phones and laptops, is increasing across the globe. As Li-ion batteries are an important part of most of these products, the demand for rechargeable batteries is rising globally. Li-ion batteries used in cell phones, laptops, digital cameras, and smartwatches require the management for proper monitoring and control of voltages and current to the battery. Thus, this factor drives the market growth.
North America accounted for a significant revenue share in 2022, due to the existence of several market rivals and strong research & development (R&D) efforts in this field in the region. This is also attributable to favorable government efforts and increased EV adoption. For instance, the American Recovery and Reinvestment Act funds the development of hybrid electric vehicles (HEVs), which is projected to boost product sales in the region.
Some major players operating in the battery management system market are Leclanche SA, Lithium Balance A/S, Nuvation Energy, Eberspaecher Vecture Inc., Storage Battery Systems LLC, Renesas Electronics Corporation, Elithion Inc., Cummins Inc., BMS Powersafe, and Navitas Systems.