Global $18.4 Bn Battery Management System (BMS) Markets, 2023-2028 with Sensata Technologies, Eberspacher, Panasonic, and LG Energy Solution Dominating
Global Battery Management System (BMS) Market
Dublin, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The "Global Battery Management System (BMS) Market" report has been added to ResearchAndMarkets.com's offering.
The global battery management system (BMS) market is expected to grow from USD 7.8 billion in 2023 to USD 18.4 billion by 2028, at a CAGR of 18.7% from 2023 to 2028
The battery management system is implemented to manage high-energy batteries efficiently. The functions of the battery management system may vary according to the properties and requirements of the battery it is incorporated into.
The battery management system market based on battery type has been segmented into lithium-ion, lead-acid, nickel-based batteries, and others. Most end-users choose the most suitable battery type according to their requirements and the nature of the application. Lithium-ion is a widely used battery in applications such as automobiles and renewable energy systems.
Renewable energy application to hold a significant share of battery management system market in 2028
Both on-grid and off-grid renewable energy deployments are witnessing steady growth, with batteries being used for energy storage applications for many years. However, battery storage technology has gained greater traction and supports higher electricity generation levels from renewable energy - particularly wind and solar.
The rapid fall in battery cost has increased the popularity of battery storage as an option for storing electricity from renewable sources at the household, business, and community levels. These batteries need battery management systems for efficient operations, tracking battery voltage, the amount of power consumed, the state of charge of the battery, etc. In addition, the battery management system in renewable energy is required for PV time shift, peak shaving, and grid support.
Europe is expected to grow at an impressive CAGR during the forecast period
Germany, France, and the UK are among the major European economies. These countries are technologically developed and are also major manufacturing hubs for the automotive and aerospace & defense verticals.
Five countries, Germany, France, the Netherlands, Sweden, and Belgium, accounted for more than three-quarters of all electrically chargeable cars in the EU. As there is a growing trend of adoption for electric vehicles in Europe, the requirement for battery management systems is also expected to increase to effectively manage batteries in electric vehicles.
Major players profiled in this report are: Sensata Technologies, Inc. (Japan), Eberspacher (Germany), Panasonic Holdings Corporation (Japan), and LG Energy Solution, Ltd. (South Korea).
No. of Pages
2023 - 2028
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
Growing Electric Vehicle Market to Fuel Demand for Battery Management Systems During Forecast Period
Motive Batteries to Account for Largest Market Share by 2028
Lithium-Ion to Surpass Other Battery Type Segments During Forecast Period
Modular Segment to Command Leading Position Between 2023 to 2028
Automotive to Register Highest CAGR During Forecast Period
Automotive and US to be Largest Shareholders in North America
China and Germany to Exhibit Highest CAGR in Battery Management System Market by 2028
Growing Penetration of Electric Vehicles
High Demand for Battery Monitoring Solutions in Renewable Energy Sector
Need for Effective Power Grid Management
Lack of Standardization in Battery Management Solutions
Increasing Electrification of Public Transportation
Rising Demand from Data Centers
Supportive Government Initiatives for Electric Vehicles
Advantages of Wireless Battery Management Systems
Complex Designing Process
Impact of External Factors on Performance
Value Chain Analysis
Trends/Disruptions Impacting Customer Businesses
Case Study Analysis
Case Study 1: State-of-the-Art PRT System to Tackle Public Transport Issues
Case Study 2: Lead Batteries and Battery Management Systems to Manage Microgrid
Case Study 3: Designing Reliable Battery Management Systems to Overcome Common Errors
Panasonic Holdings Corporation
Renesas Electronics Corporation
Sensata Technologies, Inc.
Analog Devices, Inc.
Infineon Technologies AG
LG Energy Solution, Ltd.
NXP Semiconductors N.V.
Other Important Players
Contemporary Amperex Technology Co. Limited
BYD Company Limited
SK Innovation Co. Ltd.
AVL List GmbH
Ewert Energy Systems, Inc.
Exponential Power, Inc.
Hangzhou Xieneng Technology Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/ddk44z-battery?w=12
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