By safeguarding the battery from operating outside its safe operating area, monitoring its state, calculating secondary data, reporting that data, controlling its environment, authenticating it, and balancing it. A BMS may monitor the state of the battery as represented through different items, such as voltage, temperature, state of charge or depth of discharge, A battery management system (BMS) which is an electronic system deal with a rechargeable battery. Growing Adoption of BMSs in electric vehicles (EVs) has led to the growth of the global battery management system market. Furthermore, the growing need for battery management in renewable energy systems is actually likely to fuel market growth. However, the high cost of battery management systems (BMSs) is projected to hamper the growth of the market during the forecast period.
The battery management system market, based on battery type, continues to be segmented into lithium-ion based batteries, advanced lead acid batteries, nickel-based batteries, and flow batteries. The battery management system market, based on component, have been segmented into hardware, and software & services. Based on topology, the market is actually segmented into centralized, modular, and distributed. Based on application, the market is segmented into automotive, military & defense, medical, portable device, telecommunication, renewable energy systems, and uninterrupted power supply. The automotive section is likely to keep a significant share with a market value of USD 847.3 million till 2025.
The global battery management system market, based upon region, is actually split up into the North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia-Pacific is actually likely to contain the biggest share of the global battery management system market. This owes towards the rise in the number of EV rental stores and kiosks and also the rapid technological advancements. Europe market confirmed considerable growth on the market because of the rising demand for clean energy and the increasing demand for EVs. Germany kept a share of 23.68% within the Europe battery management system market in 2018. North America is approximated like a quickest increasing area in the global market because of the healthy growth in the demand for EVs during the past few years. Additionally, the Middle East & Africa is likely to show the minimum progress due to the rising demand for clean energy in the country.
Product development, mergers, innovation, and acquisition are few crucial techniques followed by the global players operating in the battery management system market. The notable players in the global battery management system market are- Toshiba Corporation (Japan), Texas Instruments Incorporated (US), Robert Bosch GmbH (Germany), Panasonic Corporation (Japan), Johnson Matthey (UK), Ricardo (UK), Elithion (US), Mastervolt (Netherlands), as well as others.