Power Battery Management Systems Market By Type (Lithium-Ion-Based Battery, Advanced Lead-Acid Battery, and Others), By Component, By Topology, Application (Automotive, Military, Medical, Portable Device, And Others), And Region - Global Forecast To 2026

Global Power Battery Management Systems Market Overview:

The global power battery management systems market is expected to value of over US$ 3.5 Bn in 2019 and is projected to register a CAGR of 17.4% in terms of value during the forecast period 2017–2026.

A battery consists of one or more than one electrochemical cell and has external connections that provide power to electrical or electronic devices such as smartphones, flashlights, and electric cars, etc. A BMS (Battery Management System) is essential in a Lithium-ion battery system. Various types of BMS can be opted for depending on the intended application and desired features.

Global Power Battery Management Systems Market Dynamics:

Growing adoption of portable devices such as portable computers, smartphones, and a wide range of other consumer electronics which in turn increase in demand for power battery management systems. This is attributed to monitor temperature and ensure optimum utilization of energy inside the battery in order to power portable devices and reduce the risk of battery damage. Home power battery management system is used to control and monitor the power supply of various home appliances such as water heaters, air conditioners, refrigerators, lighting, and others in residential areas.

Moreover, growing environmental concerns and focus on reducing dependency on fossil fuels have led to innovation and development of electric vehicles that release low CO2 levels by approximately 50% as compared to vehicles powered by conventional fuels. Furthermore, increasing initiatives by governments of various countries and major players in the global market to promote adoption of electric vehicles is a factor expected to fuel growth of the target market to a significant extent over the forecast period.

However, lack of proper standards has a negative impact on growth of power battery management systems market as they are widely used in various applications such as automotive, military, medical, etc. Increasing support from government and regulatory bodies is resulting in the development of more advanced and modern infrastructure such as the adoption of data centers in various developed as well as developing economies across the globe. This is expected to create revenue opportunities for major players operating in the global market.

Analysis by Type:

On the basis of type segmentation, the Lithium-ion based batteries segment is expected to contribute major revenue share to the global market and is expected to maintain its dominance over the forecast period. The Lithium-ion based batteries segment is projected to register a CAGR over 17.4%. Increasing adoption of these batteries in electric vehicles and others is a major factor expected drive revenue growth of the type segment over the forecast period.

Analysis by Component:

Among all the component segments, the hardware segment accounts for significant revenue share in the global market. Increasing adoption of power battery management systems owing to its safety, reliability, and lifespan of batteries is a factor expected to drive revenue growth of the hardware segment in the target market.

Analysis by Topology:

Among all the topology segments, the centralized segment accounts for the highest share in terms of revenue in the global market, owing to its ability to provide energy distribution over the entire battery pack.

Analysis by Application:

Among all the application segments, the automotive segment accounts for the highest share in terms of revenue in the global market. Adoption of power battery management systems is increasing in electric vehicles, e-bikes, and others. This is a major factor expected to drive revenue growth of the automotive segment over the forecast period.

Analysis by Region:

The North America market is estimated to account for the highest revenue share contribution in the global power battery management systems market in 2019. Rising adoption of lithium-ion batteries for a range of applications such as portable devices, electric vehicles, e-bikes, automated guided vehicles, and renewable energy systems is a major factor expected to drive growth of the North America power battery management systems market. This is due to its various features such as being compact, lightweight, and larger capacity. Moreover, rising focus on the expansion of data centers resulting in increasing use of systems powered by lithium-ion batteries that offer advantages over lead-acid batteries is another factor further expected to fuel growth of the North America power battery management systems market over the forecast period.

The market in Europe is expected to register moderate growth in terms of revenue during the forecast period. Increasing adoption of electrical vehicles among individuals owing to favorable options and government initiatives and increasing awareness regarding air pollution and related issues are factors expected to drive growth of the target market in this region. Moreover, the development and introduction of new and advanced technologies is expected to create a lucrative opportunity and projected to support the revenue growth of the power battery management systems market in Europe.

Rising automotive manufacturer preference towards the installation of Lithium-ion battery in vehicles is expected to drive growth of the Asia Pacific market over the forecast period. In addition, increasing government focus towards reducing carbon emission by using electric vehicles for public transportation across various countries in the Asia Pacific region.

The market in Latin America registers a CAGR of over 16.3% in the global market over the forecast period. Growing adoption of power battery management systems for energy storage in telecommunications and solar power plants is expected to drive revenue growth of the Latin America power battery management systems market over the forecast period.

The market in the Middle East & Africa registers a CAGR of over 16.0% in the global market over the forecast period. Rising inclination towards usage of renewable energy sources among end users owing to rising environmental awareness regarding the adverse effects of fossil fuels and other conventional energy sources, as well as government initiatives to promote the use of clean energy. These are factors expected to drive revenue growth of the Middle East & Africa power battery management systems market over the forecast period.

Global power battery management systems market segmentation:

Segmentation on the basis of type:

• Lithium-Ion Based-Batteries
• Advanced Lead-Acid Batteries
• Nickel-Based Batteries
• Flow Batteries

 Segmentation on the basis of component:

• Hardware
  • Battery Control Unit
  • Power Management IC
  • Communication Channel
  • CAN Bus
• Software

Segmentation on the basis of topology:

• Centralized
• Modular
• Distributed

Segmentation on the basis of application:

• Automotive
  • Electric Vehicles
  • E-Bikes
  • Automated Guided Vehicles
• Military
• Medical
• Portable Device
  • Consumer Electronics (Smartphones/Laptops)
  • Power Tools
  • Portable Battery Pack
• Telecommunication
• Renewable Energy Systems
• Uninterrupted Power Supply
• Others

Segmentation on the basis of region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa