A battery management system is the brain that controls battery packs. It is an electronic system that manages and monitors battery charging and discharging and sends notifications about the status and condition of battery packs. Furthermore, one of the key functions of a battery management system is to provide important safeguards to prevent batteries from harm. There are two important design difficulties in the design of a lithium-ion battery. The first issue is that they can be damaged if overcharged, resulting in overheating, flames, and other problems. Furthermore, lithium ion batteries can be destroyed if discharged below a particular threshold, which is approximately 5% of overall capacity. If the batteries are allowed to drop below this level, the battery may be irreparably damaged.
The global battery management system (BMS) market was valued at US$ 3,513.2 Mn in 2018 and is expected to grow at a CAGR of 19.9% during the forecasted period (2019-2027)
COVID Impact Analysis: Due to the rapid spread of COVID-19, the entire supply chain has faced unanticipated obstacles and issues such as OEM shutdowns, insufficient labour, output decrease, and raw material, which has impacted the battery management system market. Furthermore, numerous suppliers working in the supply chain are experiencing raw material shortages, which is affecting the market, and there is a constantly expanding risk of raw material scarcity if the scenario persists.
Factors such as increased use of electric cars (EVs) and hybrid electric vehicles (HEVs), as well as an increase in industry preference for lithium-ion batteries, promote growth in the battery management system market. Furthermore, the increasing adoption of rechargeable batteries across a variety of end-use industries promotes market expansion. However, the installation of a battery management system raises the entire price of devices, impeding market expansion. Furthermore, increased use of cloud-connected battery management systems, increased demand for renewable energy, and increased demand for e-bikes and e-scooters create significant potential prospects for market participants.
The global battery management system market is segmented into mode of battery type, topology, application, and region. On the basis of battery type, the market is categorized into lithium-ion based, lead-acid based, nickel-based, and others. By topology, it is segregated into centralized, distributed, and modular. Depending on application, it is fragmented into automotive, telecommunication, consumer electronics, industrial, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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