Battery Management System is Anticipated to Witness High Growth Owing to Growing Sales of Electric Vehicles

-

A battery management system (BMS) is an electronic system that manages a lithium-ion battery (LIB), such as monitoring its state, balancing its temperature, calculating secondary data, controlling its environment, protecting it from abuse, and communicating with the rest of the system. The main function of a BMS is to prolong the battery pack's lifetime, ensuring the safe operation, maximizing the available energy, and providing appropriate control over charging and discharging. Global demand for electric vehicles such as hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs) has risen substantially in recent times owing to growing environmental concerns and stringent emission norms worldwide. Battery packs used in electric vehicles require very precise monitoring and control which has led to increased demand for battery management systems.

The Global Battery Management System Market is estimated to be valued at US$ 122.3 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Battery Management System market size are Croda International, Ashland Global Holdings, Givaudan, BASF SE, Symrise AG, International Flavors & Fragrances Inc., Biolandes SAS, Lipotec SAU, Rahn AG, and Carrubba Incorporated. These players are focusing on introducing new and innovative battery management system solutions to meet the growing demand from automakers and increase their market share. Growing investments by governments worldwide in developing electric vehicle charging infrastructure are expected to open up new opportunities for battery management system providers. Major BMS manufacturers are expanding their presence globally to cater to the increasing electric vehicle production across international markets like Europe, China, and North America.

The electric vehicle market is witnessing rapid growth worldwide which is generating sizable opportunities for battery management system manufacturers. Developing economies are heavily investing in electric mobility to reduce their dependence on fossil fuels and lower emissions. This is positively impacting the battery management system industry. Automakers are also expanding their electric vehicle portfolio through new product launches which is driving the demand for sophisticated battery management technologies.

Market drivers and restrain

Growing sales of electric vehicles is a major market driver for battery management systems. Stringent emission norms worldwide have accelerated electric vehicle adoption in recent times thereby fueling BMS demand. As per estimates, global electric vehicle sales are projected to grow at a robust 26% CAGR between 2022 to 2030. This rising electric vehicle deployment will require large battery packs incorporating advanced battery management systems to ensure safety, performance and prolong battery life.

High research and development costs associated with battery management system design and development poses a key challenge to market growth. Continuous technological innovations are needed to optimize battery performance under all operating conditions which involves heavy capital investments. Battery management systems also need extensive testing and validation to comply with automotive safety and quality standards further raising development expenses. This makes battery management technologies highly capital intensive restricting their adoption to large automakers and tier 1 suppliers only.

Segment Analysis
Lithium-ion Battery Management System dominates the battery management system market as lithium-ion batteries have widespread usage in various end-use applications such consumer electronics, automotive, industrial, and grid energy storage systems. Lithium-ion batteries offer high energy density and low self-discharge rate, which makes them a preferred choice for most applications. To efficiently manage the performance of lithium-ion batteries, lithium-ion battery management systems are highly adopted.

Lead-acid Battery Management System is another major segment. Being economical, lead-acid batteries continue to find usage in automotive starter batteries, motive power, and backup power applications. Consequently, lead-acid battery management systems are also adopted to manage the battery performance.

Global Analysis
The Asia Pacific region dominates the global battery management system market with the largest share. Rapid industrialization and growing electric vehicle sales in major countries such as China and Japan are driving the demand for battery management systems. The region is emerging as a global manufacturing hub for consumer electronics, automotive, and industrial applications wherein lithium-ion batteries are extensively used. This in turn is propelling the need for lithium-ion battery management systems in the region. North America is another prominent market owing to the presence of leading battery and electric vehicle manufacturers and growing demand for grid energy storage applications. The market in regions such as Europe and Latin America is also growing at a significant rate.

Comments

Post a Comment

Popular posts from this blog

The global Calcium Citrate Malate Market Growth Accelerated by Expanding Applications

-
Image
Calcium citrate malate is an essential mineral compound that provides calcium and supports bone health. Calcium citrate malate supplements help maintain healthy bones and teeth as we age. They support calcium absorption and distribution throughout the body. The global Calcium Citrate Malate Market is estimated to be valued at US$ 334.08 Mn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Market key trends: The expanding applications of calcium citrate malate are expected to drive the market growth over the forecast period. Calcium citrate malate supplements are increasingly being used to prevent and treat osteoporosis. They are especially recommended for people who cannot digest lactose or avoid dairy products. The compound is also finding wider use in functional foods and beverages with added calcium and minerals. Manufacturers are developing various product formats like...
Read more

Labor Productivity Tracking Market Growth Accelerated by Remote Work and Digitalization Trend

-
Image
Labor productivity tracking solutions help businesses and organizations track employee productivity in real-time. These solutions offer features like time tracking, activity monitoring, goal setting, resource allocation, attendance logging, and analytics. They help enhance productivity by identifying opportunities for improvement, streamlining workflows, and ensuring employees are focused on tasks that add value. The global Labor Productivity Tracking Market is estimated to be valued at US$ 6.81 Billion in 2024 and is expected to exhibit a CAGR of 38% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Market key trends: The rapid adoption of remote work and digitalization trend across industries during the pandemic has been a major driver accelerating growth of the labor productivity tracking market. Many organizations have now accepted work from home and hybrid work models. Labor productivity tracking solutions help employers...
Read more

Tamponades is fastest growing segment fueling the growth of the Global Vitreous Tamponades Market

-
Image
The global Vitreous Tamponades Market is estimated to be valued at US$ 83.89 Mn in 2023 and is expected to exhibit a CAGR of 2.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Market Overview : Vitreous tamponades are substances used to seal retinal breaks and provide internal tamponade during vitrectomy surgeries. They help stabilize the retina and promote posterior vitreous detachment. The different types of tamponades include gases, silicone oils and perfluoro-n-octane. Market key trends : One of the key trends in the market is the preference for non-silicone tamponades over traditional silicone oils. Silicone oils have been commonly used but are difficult to remove and can cause complications. Newer tamponades such as perfluorocarbon liquids and gases provide effective internal tamponade with better removal properties. They minimize complications and improve surgical outcomes leading to their increased demand. Segment ...
Read more