Global Battery Management System Market to Surpass 28.71 Billion by 2030 Drives due to Enhancing the Overall Performance
SkyQuest projects that the global battery management system market will attain a value of USD 28.71 billion by 2030, with a CAGR of 19% during the forecast period (2023-2030). The battery management system market is crucial in enhancing batteries’ overall performance, safety, and longevity across various applications. BMS technology facilitates real-time monitoring of critical battery parameters, including voltage, current, temperature, and state of charge, enabling precise control and management.
Westford, USA, Jan. 09, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, the global battery management system market is pivotal in elevating the performance, safety, and lifespan of batteries utilized in various applications. BMS technology is a central control and monitoring system, enabling real-time assessment of crucial battery parameters such as voltage, current, temperature, and state of charge.
Browse in-depth TOC on the “Battery Management System Market”
- Pages – 157
- Tables – 64
- Figures – 75
Energy storage systems have gained paramount significance, particularly in renewable energy integration and grid stabilization. The global battery management system market plays a pivotal role in monitoring and controlling battery performance within these systems.
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Prominent Players in Global Battery Management System Market
- Nuvation Engineering
- Lithium Balance
- Navitas Systems
- NXP Semiconductors
- Texas Instruments
- Analog Devices, Inc.
- Eberspächer
- Ewert Energy Systems
- Renesas Electronics Corporation
- Elithion Inc.
- Valence Technology Inc.
- Johnson Matthey Battery Systems
- Lithium Werks
- Exide Technologies
- Toshiba Infrastructure Systems & Solutions Corporation
- Leclanché SA
- AVL List GmbH
- Hitachi Automotive Systems, Ltd.
- LG Chem Ltd.
Distributed Segment is Dominate due to Managing the Controlled Flow of Energy
Distributed segment is anticipated to showcase the most noteworthy compound annual growth rate in the global battery management system market. This remarkable growth can be attributed to its critical role in managing the controlled flow of energy within and outside the battery pack, a function of particular significance in electric vehicles (EVs).
The market in North America is on the point of substantial growth in the global battery management system market in the coming forecast period. The driving force behind this growth lies in the region’s increasing adoption of electric vehicles (EVs).
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Modular Segment is Expected to Witness Significant Growth due to Utilizing High-Quality Electronic Components
Modular segment is poised to be the second-fastest-growing sector in the global battery management system market. Modular BMS systems have gained traction due to their reputation for utilizing high-quality electronic components and seamless integration capabilities within battery packs.
Regional market in Europe is anticipated to exhibit robust growth in the global battery management system market, with particular attention drawn to the Netherlands. The Netherlands has emerged as a noteworthy player in the region’s EV landscape, experiencing a notable increase in the adoption of electric vehicles (EVs).
A comprehensive analysis of the major players in the global battery management system market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Global Battery Management System Market
- In 2022, Texas Instruments significantly contributed to the Battery Management System (BMS) field by releasing their innovative BMS integrated circuit (IC), known as the BQ79616-Q1. Specifically designed for automotive applications, this IC brings notable advancements to the industry. It offers enhanced diagnostic capabilities, improved cell balancing functionality, and higher accuracy in monitoring critical battery parameters. These features address the growing demand for precision and safety in electric vehicles and related applications.
- In 2022, Nuvation Engineering made a noteworthy announcement regarding their next-generation BMS platform. This platform was introduced with a focus on scalability, heightened safety features, and advanced diagnostic capabilities, catering to various applications such as electric vehicles and energy storage systems.
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Key Questions Answered in the Global Battery Management System Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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