Market Research Report
Battery Management System Market Research Report: By Battery Type, Connectivity, Topology, Vertical - Global Industry Analysis and Forecast to 2030
|Published by||Prescient & Strategic Intelligence Private Limited||Product code||930696|
|Published||Content info||221 Pages
Delivery time: 2-3 business days
|Battery Management System Market Research Report: By Battery Type, Connectivity, Topology, Vertical - Global Industry Analysis and Forecast to 2030|
|Published: January 1, 2020||Content info: 221 Pages||
The rising demand for electric vehicles (EVs) across the globe, on account of the increasing government policies and measures supporting the deployment of eco-friendly vehicles, is one of the major factors powering the sale of battery management systems (BMS) throughout the world. For instance, New Zealand joined the global EV initiative in 2018 that has put the country alongside the top electric vehicle markets. Additionally, the country plans to transition from fossil-fuel-powered transport to that running on clean and renewable electrical energy, over the next few decades.
The surging demand for renewable energy due to global warming is another important factor propelling the uptake of battery management systems across the world. As per the International Energy Agency (IEA), renewable sources of energy currently make up nearly 26% of the global electricity consumption, and it is set to touch 30% by 2024, which is driving the sale of lead-acid and lithium-ion batteries. As a result, the global battery management system market is expected to progress at a CAGR of 14.5% during the forecast period (2020-2030), at which its revenue would increase from $5.1 billion in 2019 to $22.3 billion by 2030.
A BMS helps prolong the life of the battery by making sure it doesn't operate above the maximum voltage and current, collecting and analyzing operational data, and monitoring its health. Lithium-ion (Li-ion), lead-acid, and nickel batteries are widely used across the world. Amongst these, the integration of BMSs was recorded to be the highest in Li-ion batteries in 2019. This is primarily ascribed to the burgeoning adoption of Li-ion batteries, on account of their numerous advantages, such as higher density, longer life cycle, and stronger resilience. These batteries are also predicted to register the fastest growth in BMS integration during the forecast period.
BMSs are mainly available with two types of connections, namely wired and wireless. Of these, the demand for wireless variants is forecast to surge quicker during the forecast period, due to the rising adoption of internet of things (IoT) and mushrooming demand for reducing the usage of connecting wires. The wired variants recorded larger sales as compared to the wireless ones in 2019, due to their extensive usage in consumer electronics, industrial machines, and other areas.
The battery management system market is currently witnessing the increasing adoption of cloud-connected BMSs. These systems offer numerous advantages over the conventional systems, such as online monitoring and analysis of the battery data, identification and detection of critical failures at early stages, and calculation of the exact state of health (SOH) and state of charge (SOC). Due to these advantages, companies are rapidly shifting toward using cloud-connected BMSs in their offerings. For instance, Robert Bosch GmbH launched a new cloud-based battery service in July 2019 that extends the life of electric car batteries by 20%.
Geographically, the fastest growth in the sale of BMSs is expected to be witnessed in Asia-Pacific (APAC) during the coming years. The major factors fuelling this rapid rise in demand would be the increasing adoption of electric vehicles in various countries in the region, such as India, China, Japan, and South Korea. Furthermore, the ballooning demand for Li-ion batteries in consumer electronics products and shifting focus of people toward systems that can store renewable energy are generating a massive demand for battery management systems.
Thus, the demand for BMSs, primarily due to the increasing utilization of electric vehicles across the world and the soaring need for clean and renewable energy, is expected to boom in the coming years.
4.1.3 By Topology