DUBLIN--(BUSINESS WIRE)--The "Battery Management System Market Research Report: By Battery Type, Connectivity, Topology, Vertical - Global Industry Analysis and Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global battery management system (BMS) market is expected to progress at a CAGR of 14.5% during the forecast period (2020-2030), at which its revenue would increase from $5.1 billion in 2019 to $22.3 billion by 2030.
The rising demand for electric vehicles (EVs) across the globe, on account of the increasing government policies and measures supporting the deployment of eco-friendly vehicles, is one of the major factors powering the sale of battery management systems (BMS) throughout the world. For instance, New Zealand joined the global EV initiative in 2018 that has put the country alongside the top electric vehicle markets. Additionally, the country plans to transition from fossil-fuel-powered transport to that running on clean and renewable electrical energy, over the next few decades.
The surging demand for renewable energy due to global warming is another important factor propelling the uptake of battery management systems across the world. As per the International Energy Agency (IEA), renewable sources of energy currently make up nearly 26% of the global electricity consumption, and it is set to touch 30% by 2024, which is driving the sale of lead-acid and lithium-ion batteries.
A BMS helps prolong the life of the battery by making sure it doesn't operate above the maximum voltage and current, collecting and analyzing operational data, and monitoring its health. Lithium-ion (Li-ion), lead-acid, and nickel batteries are widely used across the world. Amongst these, the integration of BMSs was recorded to be the highest in Li-ion batteries in 2019. This is primarily ascribed to the burgeoning adoption of Li-ion batteries, on account of their numerous advantages, such as higher density, longer life cycle, and stronger resilience. These batteries are also predicted to register the fastest growth in BMS integration during the forecast period.
BMSs are mainly available with two types of connections, namely wired and wireless. Of these, the demand for wireless variants is forecast to surge quicker during the forecast period, due to the rising adoption of internet of things (IoT) and mushrooming demand for reducing the usage of connecting wires. The wired variants recorded larger sales as compared to the wireless ones in 2019, due to their extensive usage in consumer electronics, industrial machines, and other areas.
The battery management system market is currently witnessing the increasing adoption of cloud-connected BMSs. These systems offer numerous advantages over the conventional systems, such as online monitoring and analysis of the battery data, identification and detection of critical failures at early stages, and calculation of the exact state of health (SOH) and state of charge (SOC). Due to these advantages, companies are rapidly shifting toward using cloud-connected BMSs in their offerings. For instance, Robert Bosch GmbH launched a new cloud-based battery service in July 2019 that extends the life of electric car batteries by 20%.
Geographically, the fastest growth in the sale of BMSs is expected to be witnessed in Asia-Pacific (APAC) during the coming years. The major factors fuelling this rapid rise in demand would be the increasing adoption of electric vehicles in various countries in the region, such as India, China, Japan, and South Korea. Furthermore, the ballooning demand for Li-ion batteries in consumer electronics products and shifting focus of people toward systems that can store renewable energy are generating a massive demand for battery management systems.
Thus, the demand for BMSs, primarily due to the increasing utilization of electric vehicles across the world and the soaring need for clean and renewable energy, is expected to boom in the coming years.
Key Topics Covered
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Battery Type
1.3.2 Market Segmentation by Connectivity
1.3.3 Market Segmentation by Topology
1.3.4 Market Segmentation by Vertical
1.3.5 Market Segmentation by Geography
1.3.6 Analysis Period
1.3.7 Market Data Reporting Unit
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.2.1 Breakdown of Primary Research Respondents
22.214.171.124 by Region
126.96.36.199 by Industry Participant
188.8.131.52 by Company Type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 by Battery Type
4.1.2 by Connectivity
4.1.3 by Topology
4.1.4 by Vertical
184.108.40.206 Consumer Electronics
220.127.116.11 Aerospace & Defense
4.2 Value Chain Analysis
4.3 Market Dynamics
18.104.22.168 Cloud-Connected BMS
22.214.171.124 Increasing Demand for EVs
126.96.36.199 Increasing Use of Rechargeable Batteries in Consumer Electronics
188.8.131.52 Impact Analysis of Drivers on Market Forecast
184.108.40.206 Lack of Adequate Charging Infrastructure
220.127.116.11 Impact Analysis of Restraints on Market Forecast
18.104.22.168 Growing Demand for Renewable Energy
4.4 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Battery Type
5.2 By Connectivity
5.3 By Topology
5.4 By Vertical
5.4.1 Automotive BMS Market, by Battery Type
5.4.2 Consumer Electronics BMS Market, by Battery Type
5.4.3 Industrial BMS Market, by Battery Type
5.4.4 Telecommunications BMS Market, by Battery Type
5.4.5 Aerospace & Defense BMS Market, by Battery Type
5.4.6 Others BMS Market, by Battery Type
5.5 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 List of Key Players and Their Offerings
11.2 Analysis of Key Players in the Market
11.3 Competitive Benchmarking of Key Players
11.4 Recent Activities of Players
11.5 Global Strategic Developments
11.5.1 Mergers and Acquisitions
11.5.2 Product Launches
11.5.4 Client Wins
Chapter 12. Company Profiles
12.1 Leclanch SA
12.1.1 Business Overview
12.1.2 Product & Service Offerings
12.1.3 Key Financial Summary
12.2 Lithium Balance A/S
12.3 Nuvation Energy
12.4 Eberspaecher Vecture Inc.
12.5 Storage Battery Systems LLC
12.6 Renesas Electronics Corporation
12.7 Elithion Inc.
12.8 Cummins Inc.
12.9 Navitas Systems LLC
12.10 LION Smart GmbH
12.11 Panasonic Corporation
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