Need for Effective Power Grid Management Drives Growth

DUBLIN, June 30, 2023 /PRNewswire/ — The “Battery Management System Market Share, Size, Trends, Industry Analysis Report, By Battery Type, By Component, By Charging Source, By Topology, By End-Use, By Region, Segment Forecast, 2023-2032” report has been added to  ResearchAndMarkets.com’s offering.

The global Battery Management System market size is expected to reach USD 39.30 billion by 2032, according to a new study. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.

The rising popularity of electric vehicles has prompted the automotive industry to focus on developing advanced battery management systems. As demand for batteries increases with the growing trend of electric cars, the market is being driven forward. These systems are critical in ensuring effective electric grid management while protecting the battery from potential damage. However, there have been instances where battery dysfunction has been reported.

Governments and organizations worldwide have implemented strict regulations and policies to prevent greenhouse gas emissions, raising awareness about the harmful effects of conventional fuels and promoting the use of alternative options such as hybrid and electric vehicles.

To maximize the battery storage capacity in these vehicles and prevent potential hazards caused by malfunctioning batteries, manufacturers are implementing battery management systems.

The startup companies engaged in rising research activities to develop innovative BMS technologies. For example, Titan, a U.S.-based startup, employs sophisticated algorithms and ultrasound-based technology to measure and assess the health and charge of lithium-ion batteries in real time.

The system provides information on the battery system’s State of Charge (SoC) and State of Health (SoH) while also using advanced signal processing and machine learning algorithms to track the deterioration of Li-ion batteries cycle by cycle. This technology offers valuable insights for enhancing the capacity, longevity, and safety of batteries and battery-powered products for Emergency Signal System (ESS) suppliers, battery manufacturers, and electric car makers.

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The rise in popularity of electric vehicles (EVs) and the increasing demand for energy storage systems (ESS) driven by renewable energy sources have significantly increased demand for BMS. Advanced battery technologies such as solid-state, lithium-sulfur, and flow batteries require advanced BMS to optimize their performance and extend their lifespan.

Furthermore, by Integrating IoT and AI technologies, BMS is becoming more intelligent and connected. Wireless BMS is gaining popularity due to its ease of installation and reduced wiring requirements. These trends are expected to continue driving the growth of the BMS market in the coming years.

Companies Mentioned

• Texas Instruments Inc.

• Ricardo Edition

• Johnson Matthey PLC.

• Mastervolt

• Linear Technology Corporation

• Vecture Inc.

• Microchip Technology Inc.

• Toshiba Corp.

• Elithion Inc.

• AVL

• East Penn Manufacturing Company

• NXP Semiconductors

• Intersil Corporation

• Robert Bosch GmbH

• Nuvation Engineering

• Ventec SAS

• Generex Systems

• Lithium Balance A/S

• Panasonic Corporation

• Merlin Equipment

• Lithium Balance

Battery Management System Market Report Highlights

• Lithium-ion batteries segment is expected to dominate the market during the forecast period, due to the usage of lithium-ion batteries in various industries and its usage is increasing in the vehicle manufacturing companies.

• Modular segment is anticipated to grow in highest rate over the forecast period, due to most of the manufactures favor the modular topology because of its safety, excellent computational power, and good energy storage systems.

• Automotive segment is holding the highest revenue share in the market due to increasing the demand for advanced and inventive batteries and also requires high energy density, lightweight design and low maintenance needs these qualities boosts the automotive sector attention.

• North America holds the highest revenue share in this market and anticipated to grow rapidly over the forecast period, due to rising in the adoption of electric vehicles, the adoption rate of EV vehicles in United States is higher.

Key Topics Covered:

1. Introduction

2. Executive Summary

3. Research Methodology

4. Global Battery Management System Market Insights
4.1. Battery Management System – Industry Snapshot
4.2. Battery Management System Market Dynamics
4.2.1. Drivers and Opportunities
4.2.1.1. Growing penetration of the electric vehicle
4.2.1.2. Need for effective power grid management
4.2.2. Restraints and Challenges
4.2.2.1. Lack of standardization
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers (Moderate)
4.3.2….