Battery Management System Market Worth $31.27 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, May 22, 2023 /PRNewswire/ -- The global battery management system market size is expected to reach USD 31.27 billion by 2030, growing at a CAGR of 23.4% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The rising adoption of battery management systems (BMS) in applications such as electric vehicles (EVs), power tools, portable battery packs, garden tools, solar energy storage systems, uninterruptible power supply systems, and portable medical equipment, among others is a major driver behind the growth of the battery management system industry. BMS plays a crucial role in these applications by protecting the battery against damage, extending its lifespan, and providing precise information about the battery's condition.
Key Industry Insights & Findings from the report:
Read full market research report, "Battery Management System Market Size, Share, & Trends Analysis Report By Battery Type (Lithium-Ion Based, Lead-Acid Based), By Topology, By Application, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Battery Management System Market Growth & Trends
Increasing demand for wireless BMS in the EV industry owing to its several benefits is boosting the market's growth. Wireless BMSs (wBMS) are revolutionizing the EV industry by offering enhanced safety and reliability, extended drive range, and reduced costs. Additionally, wireless BMS solutions provide more flexibility in battery placement and scalability across different EV platforms. Due to the advantages offered by wireless BMS solutions, numerous automakers are now exploring their use. These solutions eliminate the need for wiring, connectors, and other components, which results in reduced weight.
Furthermore, various companies started producing wireless battery management systems. For instance, in February 2023, LG Innotek, a subsidiary of the South Korean conglomerate LG, developed an 800-volt wireless battery management ystem for EVs. This innovation is aimed at reducing the size and weight of battery packs. The company plans to commence production of this system in the year 2024.The wireless BMS offers the significant benefit of reducing the weight and volume of a battery pack. As a result, it provides an additional 10 to 15 percent space for expanding the battery pack's capacity.
Increasing use of lithium-ion batteries in several consumer and automotive applications is expected to contribute to the market's growth. Lithium-ion batteries are extensively used owing to their benefits such as long-life, high-energy density, and low self-discharge. In a lithium-ion battery system, BMS is a crucial component. It performs critical functions such as real-time monitoring and control of individual battery cells, communication with external devices, calculation of state of charge (SOC), and measurement of voltage and temperature, among other key.
The outbreak of the COVID-19 pandemic severely impacted several economies. In addition, increased fuel prices owing to the Russia-Ukraine conflict are expected to prompt consumers to adopt electric vehicles considering the lower lifecycle cost of an electric vehicle as compared to internal combustion engine (ICE) vehicles, which is ultimately making more demand for EV batteries with BMS solutions. Furthermore, aggressive investments in innovation and subsequent advances in battery technology are expected to create new opportunities for the growth of the battery management system industry.
Battery Management System Market Segmentation
Grand View Research has segmented the global battery management system market based on battery type, topology, application, and region
Battery Management System Market - Battery Type Outlook (Revenue, USD Million, 2017 - 2030)
Battery Management System Market - Topology Outlook (Revenue, USD Million, 2017 - 2030)
Battery Management System Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
Battery Management System Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
List of Key Players of Battery Management System Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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