The Battery Management System (BMS) Market is expected to grow from USD 7.8 billion in 2023 to USD 18.4 billion by 2028, at a CAGR of 18.7% from 2023 to 2028.
A battery management system is an electronic system that proficiently monitors and controls the overall operation of a rechargeable battery like lithium-ion and further ensures the optimum use of energy stored in a battery. Any BMS is a combination of both software and hardware components.
Key Players:
Sensata Technologies, Inc. (Japan), Eberspächer (Germany), Panasonic Holdings Corporation (Japan), and LG Energy Solution, Ltd. (South Korea) are among a few top players in the battery management system market.
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Growing demand for efficient battery monitoring in renewable energy sector
In recent years, there has been a paradigm shift from fossil fuels toward renewable energy fuels to reduce carbon emissions and save fossil fuels from extinction. The most adopted renewable forms of energy are photovoltaic and wind energy. Although these energies are abundantly available, they are not constant and continuous sources in terms of time and output. To be able to supply the load at any point in time, storage solutions have to be adopted. Battery energy storage systems are used to store electricity and overcome the imbalance between the available energy supplied by the sources and the energy required. They offer frequency and voltage control services in case of sudden fluctuations in supply.
Centralized topology segment is projected to grow at a significant CAGR during the forecast period.
The centralized battery management system consists of a single controller board that is directly connected to each battery pack cell. Usually, many wiring harnesses are used to route voltage levels for all cells in the battery, along with temperature sensors distributed throughout the battery. However, these battery management systems are not expansible. The centralized battery management system topology is typically economical but lacks scalability. Also, it may require a large number of wires to connect all the cells to the controller board. The centralized BMS architecture is suitable for battery packs containing a small number of cells.
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Stationary batteries are utilized without being moved and are expected to hold a significant market share in 2023. These batteries are intended to supply continuous constant current for a long time period. Stationary batteries are seldom for backup power, power supply storage, and emergency power applications. Stationary battery uses are the applications where the batteries are used as a standby power supply where motion is not involved. These applications may include but are not limited to UPS, battery energy storage systems, renewable energy storage systems, data centers, telecommunication towers, and others. The stationary batteries are also used in heavy-duty applications such as grid storage systems, data centers emergency backup, IT and telecommunications backup systems, standby power supply for ship and marine use, and power storage for solar and wind plants. The battery management system monitors the cell voltage, temperature, and internal resistance of the batteries, permitting the optimum utilization of battery life and enhancing the battery's performance in stationary applications.
News Covered:
Silicon Battery Market by Capacity (0–3,000 mAh, 3,000–10,000 mAh, 10,000–60,000 mAh, and 60,000 mAh & Above), Application (Consumer Electronics, Automotive, Aviation, Energy, and Medical Devices), and Region - Global Forecast to 2025
Nickel Cadmium Battery Market by Type (C, D, A, AA, AAA, 9 V), Block Battery Construction (L Range, M Range, H Range), End-user (Aerospace & Defense, Automotive, Consumer Electronics, Healthcare, Industrial, Marine) and Region - Global Forecast to 2027
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