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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Europe to dominate battery management system market during forecast period
Europe dominated the battery management system market in 2018. Europe is home to a few major battery manufacturers such as Saft (France) and FIAMM (Italy). The automobile industry of Europe is an advanced industry with the leanest production processes where the use of water and energy is optimized. The demand for battery management systems is attributed to the presence of manufacturing facilities of major automotive manufacturers such as the BMW Group (Germany), Daimler (Germany), and Volkswagen (Germany).
Key Market Players
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 battery management system market.
Leclanche (Switzerland) is largely involved in offering energy storage solutions, mainly dealing with lithium-ion cell technology aiming for cleaner energy. The company offers specialty battery systems, stationary solutions, e-transport solutions and battery, and energy management systems. The company offers in-house battery management systems by partnering with a hardware company. The company is substantially involved in offering BMS technologies and suites of BMS software. The products offered by the company are either high voltage or low voltage battery management systems. These BMS are manufactured by the company as per the industry standards. All the BMS delivered by the company are either single board or master–slave architecture. These BMSs typically provide safety against conditions such as exceeding the voltage, current or temperature level, or short circuit issues that can affect the performance of battery as well as its life. The communication of these BMSs can occur through RS485 and CAN ports.
Lithium-ion battery type segment held largest share of battery management system market in 2018
The battery management system market, based on battery type, is led by the lithium-ion battery segment (in terms of size). Lithium-ion batteries are widely used in various industrial applications, such as automotive, medical devices, and UPS owing to their high energy and power density, lightweight, and low standby losses. Lithium-ion batteries with high energy density require battery management systems to ensure their efficient operation in electric vehicles, portable devices, renewable energy systems, and so on. Moreover, the reduced cost of lithium-ion batteries and the high adoption of these batteries in applications such as electric vehicles, UPS, and renewable energy systems are expected to drive the market growth in the coming years.
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