Battery Management System Market - Research Report by 2022

The battery management system market was valued at USD 1.98 Billion in 2015 and is expected to reach USD 7.25 Billion by 2022, at a CAGR of 20.5% between 2016 and 2022. The growth of this market is propelled by the rapidly growing need for battery management system given the increasing number of vehicles that require charging such as electric vehicles (EVs), hybrid electric vehicles (HEVs), and plug-in hybrid vehicles (PHV). These vehicles consist of series-connected battery packs which require extensive monitoring. Hence, battery management systems act as a crucial component in these vehicles for supervising and guaranteeing reliable and safe battery operations.

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The battery management system for lithium-ion–based battery leads the battery management system market since lithium-ion–based battery is popular in various application industries owing to its high energy and power density, light weight, and low standby losses. The high energy density lithium-ion battery requires battery management systems for its efficient operation and management in these applications. Moreover, the current price reduction of the li-ion battery and its growing adoption in applications such as electric vehicle, UPS, telecommunication, renewable energy system, and other applications is expected to drive the market in the near future.

North America held the largest share of the battery management system market in 2015, while the market in Asia-Pacific is expected to grow at a high rate during the forecast period and lead the BMS market by 2022. The high growth of the Asia-Pacific region is attributed to the presence of a number of leading portable devices manufacturers and the demand for battery management from countries such as China and Japan owing to the increasing adoption of electric vehicles in these countries.

One of the key restraining factors for companies operating in this industry is the lack of standards for developing battery management systems as most of the products available in the market vary in terms of technical specifications, functions, and applications. This makes difficult to compare the performance of two battery management systems, which creates a demand for concrete standards to be developed.

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In the battery management system market, Johnson Matthey Plc. (U.K.) is a major player which holds a leading position in sustainable technologies as well as specialty chemical technology. The company has a strong presence in the battery management system market and offers battery management system with modular architecture, using its own battery management electronics. The company’s BMS is designed for application in electric vehicles as well as hybrid electric vehicles.

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