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.
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 has characteristics like cell balance, cell monitoring, safety/protection, and charging control/monitoring. Such characteristics’ dependability is allowing the market to expand. This is particularly true in the case of the car industry. Electric car sales are growing, and strict restrictions aimed at reducing pollution are providing a boost to the automotive sector’s demand.
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The automobile industry, according to FMI, will continue to account for the majority of sales over the projection period. The growing popularity of e-bikes and electric cars will ensure steady demand in the market.
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
Growing Uptake of Rechargeable Batteries to Boost Market
In the consumer electronics industry, the use of rechargeable batteries is increasing. Power tools and vacuum pumps, for example, employ rechargeable batteries. Given this, the market is being driven by a rise in demand for these items.
Increased popularity of electronic devices such as power tools, garden tools, portable medical equipment, portable battery packs, and other technology items will also boost market growth throughout the predicted period.
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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.
Battery Management System (BMS) Market by Category
Battery Type
- Lithium Ion
- Advanced Lead-Acid
- Others
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Topologies
- Centralized
- Modular
- Distributed
Components
- Battery Control Unit
- Battery Communications Interfaces (CAN bus )
Application
- Automotive
- Military
- Consumer/ Handheld
- Telecom
- Energy
- Others
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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