Battery Management System Market projected to reach $24.83 billion by 2027

The global battery management system market size was valued at $5.81 billion in 2019, and is projected to reach $24.83 billion by 2027, registering a CAGR of 20.2% from 2020 to 2027. Asia-Pacific accounted for the highest share in the global battery management system market in 2019, in terms of revenue, and LAMEA is anticipated to exhibit remarkable growth rate during the forecast period.

A battery management system can be defined as the brain behind battery packs. It is an electronic system that controls and monitors charging and discharging of battery and provides notifications about the status and condition of battery packs. In addition, providing critical safeguard to protect batteries from damage is one of the primary functions of battery management system. Design of lithium-ion battery has two critical design issues. First issue is that they can be damaged if overcharged and result into overheating, flames, or others. In addition, lithium ion battery can also be damaged if discharged below certain threshold, which is around 5% of the total capacity. If the batteries are allowed to discharge below this level, the battery might get damaged permanently.

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Major Market Players:
• Eberspächer
• Elithion Inc
• Leclanche
• LiTHIUM BALANCE
• Nuvation Energy
• NXP Semiconductors
• Navitas System LLC
• Renesas Electronics Corporation
• Storage Battery Systems, LLC
• Texas Instruments Incorporated

COVID Impact Analysis: The rapid spread of COVID-19 has left the complete supply chain with unpredictable challenges and issues such as OEM shutdowns, insufficient labor, output reduction, and raw material, which in turn has affected the battery management system market. In addition, various suppliers operating in the supply chain are witnessing raw material shortage which in turn is impacting the market and there is a continuously growing risk of raw material shortage if the situation continues.

Factors such as rise in adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs), and surge in industry preference for use of lithium-ion batteries drives growth of the battery management system market. In addition, growth in adoption of rechargeable batteries across multiple end-use industries propels the market growth. However, rise in overall price of products with addition of battery management system hinders growth of the market. Further, increase in adoption of cloud-connected battery management systems, growth in demand for renewable energy, and rise in demand for e-bikes and e-scooters provide remarkable growth opportunities for players operating in the market.

Key Market Segments
By Battery Type
• Lithium-Ion based
• Lead-Acid based
• Nickel-based
• Others
By Topology
• Centralized
• Distributed
• Modular
By Application
• Automotive
• Telecommunication
• Consumer electronics
• Industrial
• Others

Governments across the globe have implemented stringent regulations and policies, such as Kyoto protocol, to reduce Greenhouse Gas (GHG) emissions. In addition, rise in awareness regarding harmful effects of petrol and diesel-fuelled vehicles on the environment has led to innovations in the automotive industry in the form of electric and hybrid vehicles. Moreover, growth in consumer demand to maximize vehicle efficiency and minimize fuel costs have led to consistent technological advancements in electric and hybrid electric vehicles. The need to optimize utilization of battery storage capacity in electric vehicles and to prevent dangers caused by overheating of battery in electric and hybrid electric vehicles, manufacturers have started to integrate battery management systems in vehicles. Batteries in electric vehicles can be used only in specified conditions, therefore, battery management system (BMS) is necessary to monitor battery state and ensure safety of operations. Battery management system monitors vital operating parameters of batteries such as cell/unit voltage and current; resistance; cell/unit/ambient temperature; electrolyte levels; and more to ensure proper running and health of batteries. In addition, increase in costs of fuel, coupled with stringent governmental regulations pertaining to carbon dioxide emissions are pushing the adoption of electric vehicles, hybrid electric vehicles, and plug-in hybrid vehicles in developed regions such as North America, Europe, and Japan. For instance, the U.S. American Recovery and Reinvestment Act grants funds to private and government entities to develop hybrid electric vehicles. Moreover, the public transportation sector is also undergoing technological transformations. Rise in air pollution caused by internal combustion engine cars and non-renewable nature of oil-based fuels has incited public bodies to encourage use of hybrid and electric vehicles. Thus, increase in adoption of electric vehicles and hybrid electric vehicles is anticipated to boost growth of the battery management system market in the future.
In the automotive sector, installation of battery management system in vehicles face burden of additional manufacturing costs, according to vehicle type and design. In addition, it requires proper cooling system for smooth functioning of battery management system components.

Moreover, as all batteries should be connected to the battery management system (BMS) directly, a battery management system needs a lot of ports to connect with all battery packages. Therefore, use of battery management system can lead to a notable rise in the final cost of a product or application, which may result in reduced demand from cost-sensitive consumers, owing to its high cost, discouraging product manufacturers from using battery management systems despite their proven benefits. Thus, end users who are cost sensitive avoid paying additional amount, which discourages product makers in taking risks to fulfill the demands of manufacturers, in terms of technological innovations and capital investments and, in turn, hinder the growth of the battery management system market.

Rise in global warming and pollution level across the globe has led to increase in demand for renewable energy. Owing to various subsidies and incentives from governments toward adoption of renewable energy, demand for solar energy as a renewable energy source is on the rise. According to the International Energy Agency (IEA), presently renewable energy sources make almost 26% share of the world's electricity demand and the share is expected to reach around 30% by 2024. All the renewable energy sources require lead-acid or li-ion battery-equipped systems for energy storage. Further, battery management systems are required for energy storage systems to properly monitor and control all operations. Therefore, rise in demand for renewable energy creates opportunities for growth of the battery management system market.

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