DUBLIN, Nov. 25, 2019 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.

  • This research report categorizes the battery management system market by battery type, topology, type, application, and region.
  • The report describes the major drivers, restraints, challenges, and opportunities pertaining to this market, as well as the value chain and market ranking analysis.

The battery management system market was valued at USD 4.5 billion in 2018 and is projected to reach USD 12.6 billion by 2024; it is expected to grow at a CAGR of 19.5% from 2019 to 2024.

The report profiles the key players in the battery management system market and analyzes their market rankings. A few prominent players profiled in this report include Leclanche (Switzerland), Lithium Balance (Denmark), Nuvation Engineering (US), Eberspaecher Vecture (Canada), Storage Battery Systems (US), and Johnson Matthey (UK).

Growing trend of electric vehicles propelling the growth of battery management system market

In the current automotive market, there has been an increase in the number of electric vehicles (EVs), hybrid electric vehicles (HEVs), and plug-in hybrid vehicles (PHVs) that require recharging. This is mainly due to increasing fuel prices. The battery-operated vehicles consist of series-connected battery packs that require extensive monitoring for the effective running of a vehicle. Therefore, management and control of the battery is the biggest challenge faced by the manufacturers of these vehicles as it can mainly influence the performance of the vehicles. Thus, battery management systems are among the vital components of these vehicles.

Battery management system market to be driven by lithium-ion battery during the forecast period

The lithium-ion battery segment is expected to hold a significant share of the battery management system market during the forecast period. Lithium-ion batteries are widely used in various industrial applications, such as automotive, medical devices, and UPS owing to their high energy and power density, lightweight, and low standby losses. Lithium-ion batteries with high energy density require battery management systems to ensure their efficient operation in electric vehicles, portable devices, renewable energy systems, and so on. Moreover, the reduced cost of lithium-ion batteries and the high adoption of these batteries in applications such as electric vehicles, UPS, and renewable energy systems are expected to drive the market growth in the coming years.

Stationary battery segment to grow at significant CAGR during the forecast period

Battery management systems have a significant market for stationary applications such as energy storage, UPS, telecommunications, military, and medical devices. Stationary batteries act as a source of standby power or emergency power, depending on the nature of the critical loads. The battery management system constantly captures and securely transfers battery performance data as a failure in backup power sources may result in major productive loss.

Battery management system market in APAC to witness the highest growth rate in the coming years

The battery management system market in APAC is expected to grow at the highest CAGR from 2019 to 2024. APAC witnesses a huge demand for battery management systems from automotive applications for electric vehicles, e-bikes, and automated guided vehicles. Lithium-ion batteries with high energy density are used in these applications in which dozens of cells are stacked in a series. These cells need to be managed and controlled to avoid battery failure in vehicles, thus making the battery management system a key element in the electric vehicle architecture. A battery management system determines the usage, state of safety, and performance of the battery. It also prolongs the battery life and extends the possible range of the vehicle.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Attractive Growth Opportunities in Battery Management System Market
4.2 Market, By Battery Type
4.3 Market, By Type
4.4 Market in North America, By Country and Application
4.5 Market, By Application
4.6 Market, By Country, 2018

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers Growing Trend of Electric Vehicles Increasing Requirement for Battery Monitoring in Renewable Energy Systems Need for Effective Electric Grid Management
5.2.2 Restraints Lack of Standardized Regulations for Developing Battery Management System
5.2.3 Opportunities Increasing Adoption of Battery-Operated Vehicles in Public Transport Growing Demand From Data Centers Due to Large Storage Requirements Government Initiatives Encourage Use of Electric Vehicles and Setting Up of E-Charging Stations
5.2.4 Challenges Complex Architecture of Battery Management Systems Meeting High Level of Accuracy in Real-Time Applications
5.3 Value Chain Analysis

6 Components of Battery Management System
6.1 Introduction
6.2 Hardware
6.2.1 Battery Control Unit Battery Control Unit - A Preliminary Element in Battery Management Systems
6.2.2 Power Management Components Power Management Components are Building Blocks of Battery Management Systems
6.2.3 Communication Channels Can Bus is A Major Communication Protocol Used Significantly in Automotive Applications
6.3 Software
6.3.1 BMS Software Supports in Monitoring Key Control Actions of Battery Management Systems

7 Battery Management System Market, By Type
7.1 Introduction
7.2 Stationary Battery
7.2.1 Usage of Li-Ion Battery in Stationary Applications to Grow at Significant Rate During Forecast Period
7.3 Motive Battery
7.3.1 Battery Management System Monitors and Controls Battery Current and Voltage of Motive Battery

8 Battery Management System, By Topology
8.1 Introduction
8.2 Centralized
8.2.1 Centralized Battery Management Systems are Appropriate for Small Battery Packs
8.3 Modular
8.3.1 Modular BMS Architecture Balances Benefits and Pitfalls of Centralized and Distributed Types
8.4 Distributed
8.4.1 Distributed Battery Management System Preferred Due to Simple Design and High Reliability

9 Battery Management System Market, By Battery Type
9.1 Introduction
9.2 Lithium-Ion Battery
9.3 Advanced Lead-Acid Battery
9.3.1 Use of Battery Management Systems in Advanced Lead-Acid Batteries to Extend Battery Life
9.4 Others
9.4.1 Solid-State Battery Solid-State Batteries Play Crucial Role in Electric Vehicles
9.4.2 Flow Battery Flow Batteries are Appropriate for High-Energy Storage Applications
9.4.3 Nickel-Based Battery Nickel-Metal Hydride Battery is Most Commonly Used Nickel-Based Battery

10 Battery Management System Market, By Application
10.1 Introduction
10.2 Automotive
10.2.1 Electric Vehicles Growing Demand for Electric Vehicles to Boost Market
10.2.2 E-Bikes Battery Management Systems for E-Bikes Enhance Adoption
10.2.3 Automated Guided Vehicles Efficient and Cheap Battery Management Systems Leading to Wider Adoption for Agvs
10.3 Uninterrupted Power Supply (UPS)
10.3.1 Battery Management Systems Support Monitoring of Critical Parameters in UPS
10.4 Telecommunications
10.4.1 Battery Management Systems for Telecommunications Application to Enhance Battery Efficiency
10.5 Renewable Energy Systems
10.5.1 Renewable Energy Systems to Encourage Use of Battery Management Systems
10.6 Military
10.6.1 Battery Management System to Help in Precise Management of Batteries Used in Military Devices
10.7 Others
10.7.1 Marine
10.7.2 Medical Devices

11 Geographic Analysis
11.1 Introduction
11.2 North America
11.2.1 US US to Be Largest Market for Battery Management System in 2019
11.2.2 Canada Canada is Fastest-Growing Market in North America
11.2.3 Mexico Growing Manufacturing Infrastructure in Mexico to Propel Demand for Battery Management Systems
11.3 Europe
11.3.1 Germany Germany Held Largest Share of European Market in 2018
11.3.2 France France has Significant Potential for Development of Market
11.3.3 UK UK is a Significant Market for Battery Management Systems
11.3.4 Rest of Europe
11.4 APAC
11.4.1 China Rising Automotive Production to Empower Battery Management System in China
11.4.2 Japan Existence of Key Players Offering BMS to Drive the Market in Japan
11.4.3 India India has Significant Potential for Development of Battery Management System
11.4.4 South Korea South Korea has Presence of Major Lithium Battery Manufacturers
11.4.5 Rest of APAC
11.5 RoW
11.5.1 Middle East & Africa Growth in Infrastructure Development and Renewable Energy Systems Empowering the Market in Middle East
11.5.2 South America Developing Economies Such as Brazil and Argentina to Drive Future Growth

12 Competitive Landscape
12.1 Overview
12.2 Competitive Analysis
12.2.1 Market Ranking Analysis: Market, 2018
12.3 Competitive Leadership Mapping, 2018
12.3.1 Visionary Leaders
12.3.2 Dynamic Differentiators
12.3.3 Innovators
12.3.4 Emerging Companies
12.4 Competitive Situation and Trends
12.4.1 Joint Ventures, Acquisitions, Expansions
12.4.2 Product Developments

13 Company Profiles
Business Overview, Products Offered, Recent Developments, SWOT Analysis
13.1 Key Players
13.1.1 Leclanche
13.1.2 Lithium Balance
13.1.3 Nuvation Engineering
13.1.4 Eberspaecher Vecture
13.1.5 Storage Battery Systems
13.1.6 Renesas Electronics
13.1.7 Johnson Matthey
13.1.8 Elithion
13.1.9 BMS Powersafe
13.1.10 Navitas Systems
13.2 Other Players
13.2.1 AVL List
13.2.2 Roboteq
13.2.3 EPEC
13.2.4 Ansys
13.2.5 Sedemac
13.2.6 AVID Technology
13.2.7 Analog Devices
13.2.8 Texas Instruments
13.2.9 Ewert Energy Systems
13.2.10 Maxim Integrated
13.2.11 Toshiba
13.2.12 Panasonic
13.2.13 Lion Smart
13.2.14 Technology With Spirit
13.2.15 Tronico

For more information about this report visit https://www.researchandmarkets.com/r/7aqhg7

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Cision View original content:http://www.prnewswire.com/news-releases/global-battery-management-system-market-outlook-and-forecast-2019-2024---a-12-6-billion-industry-opportunity-by-2024--300963874.html

SOURCE Research and Markets