The battery management system (BMS) market is set to exhibit exponential growth between 2021 and 2031. As per a study by Future Market Insights (FMI), the market is poised to register slightly above 15% Y-o-Y growth in 2021 backed by BMS applications across diverse industries.
A battery management system (BMS) is an electronic system that helps maintain the optimal health of rechargeable batteries. The system manages batteries by controlling the load environment, monitoring battery state, and accordingly balancing the charging.
It also offers features such as cell balancing, cell monitoring, safety/protection, controlling/monitoring the charging function. The reliability of such features is enabling growth in the market. This is especially true in case of automotive sector. Backed by surging electric vehicle sales and stringent regulations aimed to curb pollution will give tailwinds to the demand registered in the automotive sector.
According to FMI, the automotive sector will continue accounting for maximum sales through the course of the forecast period. The rising demand for e-bikes and electric vehicles will guarantee consistent demand from the industry.
Key Takeaways of Battery management system (BMS) Market Study
- Increasing demand for disruptive battery management systems will enable the battery management system market exhibit above 15% Y-o-Y growth in 2021
- The U.S. will remain a lucrative market for sales accounting for over 84% of North America market despite dip in demand exhibited in 2020 amid COVID-19
- The U.K. will exhibit a little below 10% Y-o-Y growth in 2021, after relatively slower growth recorded in 2020
- Germany and France will continue exhibiting high demand for battery management systems
- South Korea and Japan will lucrative markets for BMS in East Asia
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“Key players are focusing more on continuous developments and implementation of new solutions such as cloud-connected battery management and Next-Gen battery management system (BMS) for improving batteries & performance across various industries,” said a lead FMI analyst.
Growing Uptake of Rechargeable Batteries to Boost Market
Consumption of rechargeable batteries is growing in the consumer electronics sector. Rechargeable batteries are used in products such as power tools and vacuum pumps. Considering this, the increase in the demand for these products is driving the market.
Increased acceptance of electronic gadgets such as power tools, garden tools, portable medical tools, portable battery packs and various other technological goods will also continue aiding the expansion of the market through the forecast period.
Who is winning?
Some of the leading companies operating in the market are Vecture Inc., Toshiba Corporation, L&T Technology Services, Navitas System, LLC, Merlin Equipment Ltd., and Lithium Balance Corporation. These companies are focusing on strategic collaborations and product launches as key strategies to gain competitive advantage.
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More Valuable Insights on Battery management system (BMS) Market
A new market research report published by Future Market Insights (FMI) on the global battery management system (BMS) market includes global industry analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides valuable insights on the basis of battery type (lithium ion, advanced lead-acid, and others), topologies (centralized, modular, and distributed), components (battery control unit and battery communications interfaces (CAN bus)), application (automotive (electric vehicles,E-Bikes, and others), military (military drones, submarines,and others), consumer/ handheld (power tools, home appliances, and others), healthcare, retail & CPG, others), telecom, energy (grids, wind/solar farms, and others) and others across six major regions.
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The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.