Battery Management System (BMS) Market Is Expected To Witness CAGR Of 19.9% By 2027

It is an electronic system that controls and monitors a rechargeable battery to prevent it from operating outside of a safe operating zone. It measures, reports, and balances the battery, determining the optimal operating condition. To keep the batteries safe, these systems must be properly calibrated and maintained. A typical management system consists of two main components: an authentication process, a monitoring system, and a reporting engine. The communication bus is the key component that connects the BMS to the vehicle's other electronics. It allows the system to communicate with other systems onboard the vehicle, such as the charger and the vehicle.

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Competitive Landscape

Major companies contributing to the global battery management system (BMS) market include Merlin Equipment Ltd., Lithium Balance Corporation, L&T Technology Services, Toshiba Corporation, Cummins, Inc., AVL, Vecture Inc., Johnson Matthey Battery Systems, TWS (Technology with Spirit), The Ventec Company, Nuvation Engineering, and Navitas System, LLC.

Drivers

Rising adoption of these systems in electric vehicles (EVs) in parallel to the wider acceptance in renewable energy projects is expected to augment growth of the battery management system (BMS) market during the forecast period.
In addition, imposition of stringent regulations over emission of greenhouse gases (GHGs) is engulfing numerous end-use industries to adopt an efficient energy monitoring solutions, which is expected to supplement growth of the battery management system (BMS) market over the forecast period.

The Epitome of the COVID-19 Aftermath
The outbreak of the COVID-19 virus has de-accelerated the progress of the global battery management system (BMS) market. Pandemic-fueled production halts in the industrial sector and restrictions on transportation have majorly eaten up the business of the market. On the contrary, as restrictions are eased, the market is retaining its pre-pandemic momentum in business.

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Key Takeaways

• The battery management system (BMS) market is anticipated to grow at a CAGR of 19.9 % during the forecast period owing to the increasing investments in the electrification of the automotive sector. For instance, in March 2021, the India Brand Equity Foundation (IBEF) reported that investments in the Indian EV market are expected to reach US$50 billion by 2030.

• In geographic overview, the Asia Pacific region is a big destination for the global battery management system (BMS) market on account of high investments made in the automotive sector, a large consumer base, and increasing government support.

• Bubbling under the top spot, the North American region is another profit hub for the global battery management system (BMS) market on the heels of increasing application in the defense sector, rising adoption in space exploration programs, and the presence of major electric vehicle making giants such as Tesla.

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