Battery Management System Market worth $22.0 billion by 2029 at a CAGR of 19.3%

(IT-NEWSWIRE.COM, June 29, 2024 ) The global battery management system market is projected to experience substantial growth, increasing from USD 9.1 billion in 2024 to USD 22.0 billion by 2029, with a compound annual growth rate (CAGR) of 19.3% during the forecast period. This growth is primarily fueled by advancements in battery technologies, leading to their expanded utilization across a diverse array of products, including portable devices, electric vehicles, and renewable energy systems. As these applications rely on integrated batteries, effective management and control are essential for optimal performance, hence driving the demand for battery management systems. Notably, sectors such as automotive, renewable energy systems, UPS, and telecommunications are witnessing heightened demand for these systems, further bolstering market growth.

Download PDF Brochure @

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=234498189

The automotive sector is poised to emerge as a key driver of growth in the global battery management system market. Battery-powered vehicles constitute a significant end-user segment for these systems, with lithium-ion batteries being the preferred choice due to their superior characteristics such as low self-discharge rates, high output, and energy density. The evolution of battery technologies, especially in electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles, has resulted in increased energy density and improved charging capabilities, contributing to their widespread adoption.

Modular topology is anticipated to experience the highest compound annual growth rate (CAGR). In this structure, each cell board, known as slaves, oversees a designated number of cells. Communication interfaces facilitate the connection between the master control board and the slave boards, enabling centralized control of system operations. Slave controllers are responsible for monitoring and managing groups of cells, transmitting relevant data to a centralized master controller. The modular architecture of the battery management system presents a balanced approach, combining the benefits of centralized and distributed topologies while mitigating their respective drawbacks. Many manufacturers favor modular topology due to its robust computational capabilities and enhanced safety features, eliminating the need for extensive wire harnesses.

Stationary batteries, anticipated to command a substantial market share in 2023. They are designed for stationary use without movement and play a pivotal role in providing continuous, reliable current over extended durations. Primarily employed for backup power, power supply storage, and emergency applications, these batteries serve as standby power sources in scenarios where mobility is not a factor. Typical applications include UPS, battery energy storage systems, renewable energy storage systems, data centers, and telecommunication towers. Moreover, stationary batteries find utility in demanding settings such as grid storage systems, data center backups, IT and telecommunications support, marine applications, and solar and wind plant energy storage. Leveraging advanced battery management systems, these stationary batteries are meticulously monitored for cell voltage, temperature, and internal resistance, ensuring optimal utilization and prolonged battery lifespan, thereby enhancing performance in stationary applications.

Ask for Sample Report @

https://www.marketsandmarkets.com/requestsampleNew.asp?id=234498189

Key Market Players:

Sensata Technologies, Inc. (Japan), Eberspächer (Germany), Panasonic Holdings Corporation (Japan), LG Energy Solution (South Korea), AVL (Austria), FICOSA Internartional SA (Spain), Leclanché SA (Switzerland), Elithion (US), BMS PowerSafe (France), PowerTech Systems (France) are among a few top players in the battery management system companies.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

MarketsandMarkets™

Mr. Rohan Salgarkar

1-888-600-6441

sales@marketsandmarkets.com

Source: EmailWire.Com

Source: EmailWire.com

Technology News & Search Engine

Battery Management System Market worth $22.0 billion by 2029 at a CAGR of 19.3%