Battery Management Systems Market Renewables & Growth Report 2024-2031

Market Overview :

The global battery management system market is driven due to increases in demand for various sectors such as the automotive and renewable industries. The demand for environmentally friendly and advanced vehicles in the automotive market is driving the growth of battery management systems. With the increase in population, most people adopt compact and advanced feature batteries. Furthermore, the rising demand for electric vehicles and the adoption of sustainable batteries increases are other factors boosting the market.

Continuous advancement in technology is witnessed in the battery management system market. A battery management system can handle battery cell packs and provides various functions for protecting batteries, monitoring battery life storing, and calculating its secondary data. Demand, for batteries, increases because countries are shifting from gasoline vehicles to electronic vehicles.

Asia-Pacific countries such as China India, and Japan have the largest market for the development of batteries covering more than 55.5% globally. The region's growth is due to expanding consumer electronics and rising investments by the government and key players in R&D activities to boost the technology.

Market Trends :

Growing Demand for Efficient Battery Monitoring in the Renewable Sector

Battery monitoring system plays an important role in the renewable energy sector. It allows power control, efficient storage of power, and evaluation of renewable energy. The battery monitoring system provides accurate information which helps to identify issues related to power. The growing demand for battery monitoring systems in the renewable energy sector leads to optimized energy production.

The utilization of renewable energy increases by 7% compared to other fuels. Wind and Solar PV combine contribute 2/3rd of renewable energy growth. The tremendous increase in the renewable energy sector led to encouraging the key players to increase the BMS application.

For instance, on 27 Mar 2023, ARENQ and RDL technologies joined hands for battery monitoring systems. ARENQ collaborated for 5 years with RDL technologies for monitoring batteries with IOT devices. RDL Technologies is a manufacturer of IOT products in which data from battery management systems are uploaded to the cloud.

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Market Segmentation :

The global battery management system is segmented based on type, battery type, application and region.Surging Demand for Lithium-Ion Batteries in Various Applications

Lithium-ion batteries power the lives of people every day thus covering a major chuck of more than 1/3rd of the market. These batteries were first developed for portable electronics but with the increase in application which includes electric cars, medical devices etc. The common concept integrated with batteries is power density and energy density. As per a report by IEA from the 8th national conference, the demand for Lithium-ion batteries increased by 65 % in 2022 compared to 2021.

In China, the demand for batteries for vehicles increased by 70%, and sales of electric vehicles by 80%. Report by McKinsey on 20 Feb 2023 globally the demand for electric vehicles increases. By 2030 the consumption of lithium-ion batteries will increase up to 4.7 TWH.

The process of recycling lithium-ion batteries increases by up to 30% by the end of this year. Thus, the growing popularity of lithium-ion batteries in various applications, including electric vehicles (EVs), consumer electronics, and renewable energy storage has raised the need for efficient BMS systems to monitor and optimize their performance.

Geographical Share :

Asia-Pacific's Increasing Electric Vehicle Adoption and Government Initiatives Asia-Pacific is the fastest-growing market for battery management systems and is expected to cover more than 60.5% in the forecast period predominantly due to the increasing adoption of electric vehicles. China leading the development of lithium-ion batteries with nearly 80% compared to other countries. It has the largest manufacturing unit for the development of batteries. Japan, South Korea, and Germany are also the fastest-growing markets across regions.

Governments in this region announce various policies and incentives for the growth of battery management systems. The growth of electric vehicles increases by 10 million compared with last year. By deployment of government policies and emission standards due to which adoption of electric cars increases. According to the report by IEA in 2022 5.9 million cars were sold across the globe. Thus, the region's push towards sustainable transportation fuels the demand for BMS systems in the EV market.

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Competitive Landscape

The major global players in the market include Leclanche, Lithium Balance, Hydrogenic Corporation, Eberspaecher Vectures, Storage Battery System, Johnson Matthey, Linear Technology Corporation, BMS Powersafe, Texas Instruments, NXP Semiconductors NV.

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