According to the new market research report "Battery Management System Market by Battery Type (Lithium Ion, Advanced Lead-acid), Topology (Centralized, Modular, Distributed), Type, Application (Automotive, UPS, Telecommunications, Renewable Energy Systems), and Geography - Global Forecast to 2024",the global battery management system market size is estimated to grow from USD 5.2 billion in 2019 to reach USD 12.6 billion by 2024, at a CAGR of 19.5%. The battery management system market is likely to exhibit lucrative growth potential during the forecast period. The growth of this market is expected to be driven by the growing trend of electric vehicles, increasing requirement of battery monitoring in renewable energy systems, and need for effective electric grid management. The market also has several opportunities that can be explored by existing and entry-level companies to expand businesses.
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Market for other battery segment to grow at highest rate during forecast period
Based on battery type, the other battery segment is expected to grow at the highest rate during the forecast period. The high capacity and ability of flow batteries to withstand extreme temperatures make them suitable for applications such as renewable energy systems and UPS. Nickel-metal batteries have high energy density although they are secondary batteries in which environmentally friendly metals are used. These batteries find applications in electric vehicles, portable devices, smart grids, UPS, and others. Solid-state batteries are better than conventional batteries as they are non-flammable, have a long shelf life, are safe, and release high energy.
Modular topology to witness highest CAGR during forecast period
Based on topology, the modular topology segment of the battery management system market is expected to grow at the highest rate during the forecast period. Most of the manufacturers prefer modular topology as it offers significant computational power and is also safe as it does not require extensive wire harnesses. Modular topology is also suitable for a range of applications such as in energy storage systems, industrial UPS, medical mobility vehicles, parts of electric vehicles, and drones. Moreover, the increasing demand for modular topology from these applications is expected to drive the market at the highest rate from 2019 to 2024.
APAC to exhibit the largest market size during forecast period
The battery management system market in APAC is expected to grow at the highest rate during the forecast period. South Korea, China, and Japan are among the largest exporters of electric vehicles globally. Leading players contributing to the growth of the region are JAC Motors (China), BYD Co. Ltd. (China), BAIC Group (China), SAIC Motor Corporation Limited (China), Nissan Motor Company Ltd. (Japan), Mitsubishi Motors Corporation (Japan), and Toyota Motor Corp. (Japan), among others. In addition, recent infrastructure developments and industrialization activities in emerging countries have opened new avenues and opportunities for OEMs in the region, which increases the adoption for UPS to be used as a back-up energy source. These factors contribute to the high growth of the battery management system market in APAC.
Leclanche (Switzerland), Lithium Balance (Denmark), Nuvation Engineering (US), Eberspaecher Vecture (Canada), Storage Battery Systems (US), and Johnson Matthey (UK), among others, are the major players operating in the battery management system market.
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