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.
The report presents an in-depth analysis of key growth drivers and trends that are likely to impact the market in upcoming years. With the adoption of cloud computing and artificial intelligence, the technology industry is expected to witness a healthy growth over the forecast period. Increasing competitive pressure and advanced digital transformation in the area of data analytics and artificial intelligence are likely to improve the growth outlook for the Battery Management System market in the upcoming decade.
According to the FMI’s report, Changes in consumer behavior, robust product innovations, and expanding distribution networks continue to influence growth of the Battery Management System market. FMI’s analysts rely on unique research methods and comprehensive data study of the current and upcoming trends of the Battery Management System market report and gather data from a wide range of primary and secondary sources.
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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
“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.
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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Why Buy FMI’s Report?
- Extensive analysis on key trends and opportunities on the industries ongoing trends in different regions across the globe
- All-inclusive assessment on recent technological advancements and forecast of the upcoming decade
- A comparative analysis of leading players and emerging players in the Battery Management System market
- Reliable information on new product launches, organic and inorganic strategies, and more
- Valuable insights on the impact of regulatory framework on the global Battery Management System market
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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