Power battery management systems are electronic devices used to monitor and control the charging and discharging of a rechargeable battery. Power battery management systems protect and manage the cells in the battery pack. Government initiatives in the form of subsidies and tax exemptions have encouraged the adoption of electric vehicles. The growing need for managing batteries in hybrid electric vehicles is identified as the major factor driving the global power battery management systems market. A power battery management system safely connects the battery to different loads by eliminating excessive inrush currents to load capacitors. These systems protect the battery from damage, thereby ensuring extended battery life. It extends the life of the battery by efficiently monitoring the charging and discharging process of the battery through alerts regarding the state of health of the battery, the state of charge, and the remaining useful life of the battery. As a result, the expansion of the automotive industry is expected to boost demand for power battery management systems over the forecast period (2018-2026).
Power battery management systems have a modular architecture that allows for performance and cost optimization. In recent years, demand for e-vehicles has increased, with many automotive manufacturers investing heavily in these vehicles. For example, Volvo and its Chinese parent company, Geely, entered the electric vehicle manufacturing race in October 2017 with the launch of their new electronic sports car. Thus, demand for electric vehicles is expected to surge in the coming years, thereby supporting the need for power battery management systems. Furthermore, the integration of power battery management systems in renewable energy systems for improving the power quality of renewable energy hybrid power generation systems is anticipated to enhance the growth of the power battery management system market worldwide in the coming years.
Smartphone manufacturers, including Samsung Electronics Co., Ltd., LG Electronics, etc., are striving to offer high-capacity batteries for their high-end products. These smartphones consume excessive battery life due to their compliance with advanced network technologies (LTE, 5G, etc.). Thus, smartphone manufacturers are foreseeing an opportunity to incorporate power battery management systems to monitor and control the batteries used in smartphones. On the contrary, high maintenance costs coupled with a lack of technical knowledge with respect to installations act as a major restraint on the growth of the global power battery management system market.
The global power battery management system market is segmented on the following basis:
- Lithium-ion Batteries
- Lead-acid Batteries
- Nickel-metal hydride batteries
- Flow Batteries
- Consumer Electronics
- North America
- rest of North America
- Rest of Europe
- Rest of Asia Pacific
Rest of the World
- Middle East and Africa
- Latin America
Key players identified for the power battery management system (BMS) market include but are not limited to:
AES Tietê S.A., Continental AG, AEG Power Solutions, Hyundai Kefico Corporation, Johnson Matthey Battery Systems, LG Chem Ltd., Nuvation Energy, Linear Technology Corporation, Robert Bosch GmbH, Su-Kam Power Systems Ltd., among others