The battery management system (BMS) is an important link between power batteries and electric products/ energy storage systems, mainly used to diagnose battery temperature, current, and power supply. BMS is one of the essential units in electrical equipment. It reacts to external events, as well as internal events. It is used to improve the battery performance with proper safety measures within a system. Specific functions include real-time monitoring of battery physical parameters; Battery state estimation; Online diagnosis and early warning; Charge, discharge, and precharge control; equilibrium management and thermal management.
Global battery management system market value is projected to grow from $5,661.0 million in 2020 to $22,279.6 million by 2030, at a 15.0% CAGR between 2021 and 2030. This is because the key component of energy vehicles is the battery, which provides them with propulsive power. A safe BMS is a prerequisite for operating an electrical system. It is also needed to control and track the charging and discharging process, monitor the health of the battery, and provide information on the amount of charge remaining.
In the coming years, the Li-ion category will continue to generate the highest revenue in the battery management system market, based on battery type. A longer life, lower maintenance requirements, higher energy density, eco-friendliness, and better resilience make these batteries preferred among end-users. Based on the energy needs of the current society, battery safety management systems related to lithium batteries are also being popularized.
The wireless bifurcation, based on connectivity, is expected to witness a higher CAGR in the battery management system market shortly, of 54.8%. With the rising demand for reducing the wiring and the increasing adoption of the internet of things (IoT), wireless battery management systems are gaining rapid popularity as well.