Battery Management System Market Is Set To Hit USD 26,797 Million by 2030

For overcharge discharge, under/over current, under/over voltage, under/ over temperature, and short circuit protection, battery management systems are utilized.

Specific algorithms, such as cell/module balance, SOC, SOH, and real-time charge/discharge current management, are used in these systems. These systems are used in commercial and industrial buildings, utility grid support systems, specialized vehicles, and residential energy storage.

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By 2030, it is predicted that the market for battery management systems will surpass a value of USD 26,797 million, as per P&S Intelligence. This is mostly related to the expanding popularity of rechargeable batteries in consumer gadgets and the growing demand for EVs.

The government constantly places a focus on hybrid and electric vehicles in order to reduce carbon dioxide emissions, both in industrialized nations like North America and in developing ones, such as the Asia Pacific market.

Public transportation has undergone a technological change as a result of the increase in air pollution. All the industrial players are converting to renewable energy sources in order to comply with government regulations. Batteries are widely used in the consumer electronics, communications, and automobile industries.

One of the best options for a sustainable environment is EVs. The use of EVs is increasing as environmental preservation is given more attention. R&D efforts are being prioritized by automakers to enhance the performance of EVs.

Wireless EV battery management solutions are increasingly preferred over traditional battery management systems because of their greater flexibility, cheaper price, and reduced complexity.

An electronic circuit known as the battery management system is specifically created for EVs to guarantee the stability and safety of their battery packs. Several elements, including battery life and health, safety, cell voltage, and charging-discharging rates, have an impact on how well EVs operate.

Lithium-Ion Battery Management Systems Are Popular in Consumer Electronics and EVs

Because lithium-ion (Li-ion) batteries have various advantages over other battery types, including a longer life cycle, higher energy density, lower maintenance required, and superior resilience, Li-ion batteries retained the greatest share of the market.

In addition, such batteries are environmentally beneficial because they have comparatively lower quantities of hazardous heavy metals than other battery types like lead-acid and nickel-cadmium batteries.

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Additionally, the rapid growth of the automotive and consumer electronics industries in China and other European countries is promoting the usage of BMS. Li-ion batteries have drawbacks despite having a higher energy density, notably in terms of safety.

In 2022, Asia-Pacific accounted for the largest share in the market. The increase in need for battery management from automobile applications like electric cars, e-bikes, and automated guided vehicles is to blame for this. Hundreds of cells stacked in parallel high-energy-density lithium-ion batteries are used in such applications.

These cells need to be maintained and managed to prevent vehicle failure, making the system a crucial element in the design of EVs. The battery's performance, safety, and utilization are determined by the system.

China also dominates the APAC market because it is a significant center for the production of automobiles. A surge in the production of cars and the batteries used in them is boosting the nation's market.

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This release was published on openPR.