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Battery Management System Market Worth $12.6 Billion by 2024

Nov. 18, 2019
The growth of the EV and renewable energy systems markets will contribute to the BMS market growth.

MarketsandMarkets recently released a new market research report called “Battery Management System Market by Battery Type (Lithium Ion, Advanced Lead-acid), Topology (Centralized, Modular, Distributed), Type, Application (Automotive, UPS, Telecommunications, Renewable Energy Systems), and Geography – Global Forecast to 2024.” The report estimates that the global battery management system (BMS) market size is expected to grow from $5.2 billion in 2019 to $12.6 billion by 2024, at a CAGR of 19.5%. This growth is expected to be driven by the growing trend of electric vehicles (EV), increasing requirement of battery monitoring in renewable energy systems and the need for effective grid management.

Based on battery type, lithium-ion led in popularity. They are used in various industrial applications, such as automotive and UPS, as they are high-energy, power-dense, lightweight and have low standby losses. Lithium-ion batteries with high-energy density require a BMS to ensure their efficient operation in EVs, renewable energy systems and more. Their reduced cost and high adoption are expected to drive the market growth in coming years.

Battery management systems in the automotive market accounted for the largest share of the market in 2018. These systems are used mainly for EVs, e-bikes and automated guided vehicles. Batteries integrated into these vehicles are usually of medium- or high-power density, requiring the assistance of a BMS. With rapid innovations in the automotive space, the usefulness and significance of battery management systems is expected to increase.

To read more about the study and inquire about purchasing it, visit MarketsandMarkets’ site.