Global Battery Management System (BMS) Market is expected to grow at a significant CAGR of 11.6% by 2023 as the scope and its applications are rising enormously across the globe. A battery management system (BMS) is an electronic system that controls and manages a discharging and charging of rechargeable batteries. It also controls and monitors coolant temperature and flow for air or liquid cooling, main power voltage, battery and cell health, battery or cell voltage, and temperatures of the batteries or cells.
The factors that are playing a major role in the growth of the battery management system (BMS) market are the application of battery management systems in smartphones, rising use of battery management systems in electric vehicles, and high demand in renewable energy systems. However, the lack of standards for the development of the battery management system may restrain overall market growth in the years to come.
The battery management system (BMS) market is segmented based on battery type, component, topology, application, and region. Flow batteries, lithium-ion based-batteries, nickel-based batteries, advanced lead-acid batteries, and other battery types could be explored in the battery management system (BMS) in the forecast period.
Software and hardware are the components that could be explored in the battery management system (BMS) in the forecast period. The hardware sector comprises CAN bus, battery control unit, communication channel, and power management IC. Distributed, centralized, and modular is the topology that could be explored in the battery management system (BMS) in the forecast period.
The market may be categorized based on applications like UPS (uninterrupted power supply), automotive, renewable energy systems, military, telecommunication, portable device, and others that could be explored in the forecast period. Portable device sector comprises a portable battery pack, consumer electronics (laptops/smartphones), and power tools. The automotive sector comprises automated guided vehicles, electric vehicles, and e-bikes.