The “Global Battery Management System (BMS) Market, by Topologies (Distributed, Modular, and Centralized), by Components (Battery Management Unit and Communication Unit), and by Verticals (Automotive (E-Vehicles (EVs, HEVs, PHEVs, BEV, Racing vehicles and Electric Heavy Vehicles), Golf Cart, Medical Mobility Vehicles, E-Recreational Vehicles and Segways), Telecom, Energy (Grid, solar, wind, portable battery packs, energy storage systems, UPS), Drones, Consumer/Handheld (Power tools, vacuum cleaners, portable medical equipment and others)), and by Region (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027”,
is expected to grow at a CAGR of 19.9% during the forecasted period (2019-2027), as highlighted in a report published by .
A battery management system (BMS) is any electronic system that maintains the optimal health of rechargeable battery. This is done by monitoring battery state, controlling load environment, and balancing and charging accordingly. Generally, a BMS is comprised of various functional blocks such as fuel-gauge monitor, cell voltage balance, temperature monitor, real-time clock, and state machine. The battery management system offers various advantages including prolonged battery life, prevention of battery damage due to voltage fluctuation and overcharging, supervising optimal state of charging for the battery, and interfacing with host application to provide real-time information regarding battery health. Moreover, it offers cell balancing, monitoring, protection, and controlling.
The global battery management system (BMS) market was valued at US$ 3,513.2 Mn in 2018 and is expected to grow at a CAGR of 19.9% during the forecasted period (2019-2027)
Growing adoption of rechargeable batteries for various equipment and applications is expected to drive growth of the global battery management system (BMS) market during the forecast period
Rechargeable batteries find extensive applications in various industries such as automotive and telecom. It is also majorly used in electronics sector for operating power tools, portable medical tools, garden tools, portable battery packs, etc. Moreover, growing acceptance of BMS in emerging economies such as Asia is expected to boost the market growth in the near future. For instance, the global portable medical equipment market is expected exhibit a CAGR of 7-9% during the forecast period. Moreover, the global portable battery pack market is expected to witness a CAGR of 15-17% over the forecast period. This is owing to high demand for power tools and garden tools.
Large storage requirements in data centers have increased the demand for BMS, which is expected to offer excellent growth opportunity for market players
A data center is an assigned space within the building that is used to house computer systems for backup components, environmental controls, security devices, and infrastructure of power supply. Generally, data centers use modern-day lithium-ion batteries, while some still use lead-acid battery cells. As data center is comprised of numerous electronic devices, it is crucial for operators to maintain uninterrupted supply of electricity with no voltage fluctuations and regulated temperature. A battery management system prevents the battery from voltage fluctuations and overcharging and also monitors temperature. Thus, growing demand from data centers for BMS is expected offer lucrative growth opportunities.
Lack of regulated policies for developing battery management system is expected to restrain growth of the global battery management system (BMS) market over the forecast period
There are no set standardized regulatory policies for the development of battery management system. Lack of standardization can lead to production of inferior battery management system, eventually posing risk to equipment connected to batteries. This, in turn, is expected to restrain growth of the global battery management system (BMS) market over the forecast period.
- Asia Pacific Trend
Asia Pacific region dominated the global battery management system market in 2018, accounting for 40.7% share in terms of value, followed by North America and Europe, respectively. Owing to its competitive nature, the prominent players are concentrating more on international and local players. These key players focusing on the joint venture in order to expand its geographical presence. For instance, in November 2018, China-based GCL System Integration Technology Co Ltd has formed a joint venture with US-based Powin Energy Corp to expand its energy storage business in the Asia-Pacific region. The new company will be called G-Powin Energy Solution. The new company will provide a G-Powin Solution system which contains the battery management system (BMS), DC collection/protection, DC battery racks, energy management systems (EMS) and power control system integration.
- North America Trend
Key companies in the regional market are adopting advanced technologies, in order to enhance its product portfolio. For instance, in December 2019, Rimac Automobili, a Croatian car manufacturer has selected Analog Devices (ADI) to source precision battery management system (BMS) in a high performance electric vehicle.
- Increasing sales of electric vehicles are major trend in the market
Electric cars have witness significant demand in the recent past, owing to growing air pollution, increasing fuel costs, and rising awareness among consumers regarding benefits of electric vehicles. For instance, according Edison Electric Institute (EEI), in the U.S., over 61,000 electric vehicles were sold in the first-quarter of 2019. This is around 10% increase over first quarter sales of 2018.
- Growing need for efficient electric grid management
Maintenance and management of electric grid is a challenging job. It consists of generating stations, electrical substations, high voltage transmission lines, and distribution lines. Batteries have enabled storage of electrical energy, during the peak production and peak demand. These batteries require efficient management, which can be done with the help of battery management system.
Key companies operating in the global battery management system (BMS) market are AVL, Cummins, Inc., Johnson Matthey Battery Systems, L&T Technology Services, Lithium Balance Corporation, Merlin Equipment Ltd., Navitas System, LLC, Nuvation Engineering, The Ventec Company, Toshiba Corporation, TWS (Technology with Spirit), and Vecture Inc.
- Key companies are focused on mergers and acquisitions, in order to gain competitive edge in the market. For instance, in January 2018, Cummins, Inc., a U.S.-based provider of engines and filtrations, acquired Johnson Matthey’s U.K. automotive battery management system business.
- In January 2019, Toshiba Energy Systems & Solutions Corporations, revived an order to supply Micro Grid Energy Management System to “Preparing Outer Islands for Sustainable Energy Development (POISED) Project” in the Republic of Maldives from Nishizawa Limited, a Japanese general trading company.
- By Topologies
- By Components
- Battery Management Unit
- Communication Unit
- By Verticals
- Automotive (E-Vehicles (EVs, HEVs, PHEVs, BEV, Racing vehicles and Electric Heavy Vehicles), Golf Cart, Medical Mobility Vehicles, E-Recreational Vehicles and Segways)
- Energy (Grid, solar, wind, portable battery packs, energy storage systems, UPS)
- Consumer/Handheld (Power tools, vacuum cleaners, portable medical equipment and others)
- By Regions
- North America
- Asia Pacific
- Latin America
- Middle East and Africa