Battery Management System Market to Benefit from Growing Automotive Sector


A recent market research analysis predicts that the Battery Management System (BMS) Market would increase at a compound annual growth rate (CAGR) of 18.7% from 2023 to 2028, from USD 7.8 billion to USD 18.4 billion. An electronic device known as a BMS monitors and controls the operations of rechargeable batteries. Its features include controlling power output, displaying the battery pack's charging and discharging status, enabling vital safety measures to protect the batteries from harm, and extending battery life and efficiency. The bulk of BMS are used with lithium-ion batteries, although they can also be utilised with sophisticated lead-acid, flow, nickel-based, and other high-energy batteries. The market is further segmented by type, battery type, topology, application, and geography in the report.

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The Lithium-ion battery segment is expected to grow at the highest CAGR during the forecast period

The Lithium-ion battery market is anticipated to have the greatest Compound Annual Growth Rate (CAGR) during the projection period, according to a recent analysis. In comparison to other rechargeable battery technologies, lithium-ion batteries are renowned for their high-performance qualities in terms of useful capacity, charging time, and life cycle. The highest electrochemical potential and one of the lightest metals, lithium offers the best energy density per volume and weight. It is vital to regulate lithium-ion as it is being charged or discharged because of its inherent instability. As a result, battery management systems are essential for the adoption and expansion of the lithium-ion battery market because they make it possible to manage lithium-ion batteries, helping to maximise their performance while preventing damage.

The distributed topology segment is expected to grow at a significant CAGR during the forecast period

A recent analysis predicts that the distributed topology market would experience a sizable Compound Annual Growth Rate (CAGR) over the projected period. Each battery pack cell in a distributed battery management system design has a dedicated slave board that monitors and controls individual cells. Each cell is connected to a pair of voltage signals, a temperature sensor, internal and external communication connections, and slave boards over a single communication cable between the battery and the controller. Because to its straightforward design, the distributed topology is relatively simple to implement and provides excellent dependability. However, it can be expensive for battery packs with lots of cells because a lot of small circuit boards are required, and mounting the boards on some types of cells might be difficult. For battery systems with fewer cells, this topology is an appropriate choice.

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The industrial segment is expected to grow at a significant CAGR during the forecast period 

A recent analysis predicts that the industrial sector will experience a sizable Compound Annual Growth Rate (CAGR) over the predicted period. There is a rising demand for an emergency backup power source as well as a constant, high-quality power supply in both the commercial and industrial sectors. AGVs are frequently employed in the manufacturing sector to increase the effectiveness of material handling. Advanced lead-acid batteries, which are more cost-effective and extremely dependable than other battery chemistries, are used by these mobile robots. The most effective lead-acid battery technology, though, guards against excessive discharging and insufficient charging. Battery management systems are therefore essential in enhancing battery performance and shelf life in such circumstances.

North America to account for a significant share of the battery management system market in 2028

In 2028, the battery management system market is anticipated to be dominated by North America, according to a new market research analysis. The automotive industry and rising demand from the renewable energy sector are what are fueling the growth of the North American battery management system market. Battery management systems are in high demand in the region, driven by companies like General Motors and Ford Motor Company. The use of lithium-ion batteries for the storage of renewable energy sources like wind and solar energy has also increased quickly in the US. According to the report, the battery management system market in North America has the most development potential in sectors like telecommunications, renewable energy storage systems, and automotive.

The major players include Sensata Technologies, Inc. (Japan), Eberspächer (Germany), Panasonic Holdings Corporation (Japan), and LG Energy Solution, Ltd. (South Korea).

News Covered:

https://www.prnewswire.com/news-releases/battery-management-system-market-worth-18-4-billion-by-2028---exclusive-report-by-marketsandmarkets-301715239.html 

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