(EMAILWIRE.COM, November 30, 2019 ) The battery management system market is estimated to be valued at USD 5.2 billion in 2019 and is projected to reach USD 12.6 billion by 2024, at a CAGR of 19.5%. Major factors such as growing trend of electric vehicles and need for effective electric grid management are driving the growth of the battery management system market. A battery management system (BMS) is an electronic system that proficiently monitors and controls the overall operation of a rechargeable battery and further ensures optimum use of energy stored in the battery.

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The motive battery-based battery management system market is expected to witness significant growth during the forecast period. Motive batteries are used for engine cranking and start-stop systems. This creates the need for monitoring and controlling the battery current and voltage to avoid overcharging and under charging. This can be achieved by battery management system; thus, BMSs are largely deployed with lithium-ion batteries in electric vehicles.

The battery management system with modular topology accounted for the largest share of the market in 2018. Most of the manufacturers prefer modular topology as it offers significant computational power and is also safe as it does not require extensive wire harnesses. Modular topology is also suitable for a range of applications such as in energy storage systems, industrial UPS, medical mobility vehicles, parts of electric vehicles, and drones. Moreover, the increasing demand for modular topology from these applications is expected to drive the market at the highest rate from 2019 to 2024.

The BMS market for other batteries is expected to grow at the highest CAGR from 2019 to 2024. The high capacity and ability of flow batteries to withstand extreme temperatures make them suitable for applications such as renewable energy systems and UPS. Nickel-metal batteries have high energy density although they are secondary batteries in which environmentally friendly metals are used. These batteries find applications in electric vehicles, portable devices, smart grids, UPS, and others. Solid-state batteries are better than conventional batteries as they are non-flammable, have a long shelf life, are safe, and release high energy.

The battery management system market in APAC is expected to grow at the highest rate during the forecast period. South Korea, China, and Japan are among the largest exporters of electric vehicles globally. Leading players contributing to the growth of the region are JAC Motors (China), BYD Co. Ltd. (China), BAIC Group (China), SAIC Motor Corporation Limited (China), Nissan Motor Company Ltd. (Japan), Mitsubishi Motors Corporation (Japan), and Toyota Motor Corp. (Japan), among others. In addition, recent infrastructure developments and industrialization activities in emerging countries have opened new avenues and opportunities for OEMs in the region, which increases the adoption for UPS to be used as a back-up energy source. These factors contribute to the high growth of the battery management system market in APAC.

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