The battery management module market size is projected to reach US$ 32.57 billion by 2031 from US$ 8.13 billion in 2023. The market is expected to register a CAGR of 18.9% in 2023–2031. The government's focus on cleaner transportation and the increase in the adoption of electric vehicles are likely to remain key to battery management module market trends.
A battery management module offers several advantages for a variety of applications, including energy storage systems, electric vehicles, and consumer electronics, which leads to its adoption. Some of the primary advantages of battery management modules include enhanced battery performance, efficiency, safety, remote monitoring and control, and an enhanced user experience, leading to its market growth. The mounting adoption of battery management modules in electric vehicles and the growing need for battery management in renewable energy systems are some of the crucial factors contributing to the battery management module market growth.
Battery management modules or systems are electronic circuits that monitor and control battery charging and discharging. The battery characteristics that will be monitored include battery type, voltages, capacity, temperature, power consumption, state of charge, charging cycles, remaining operating time, and other characteristics. Battery management systems aim to make the optimal use of the residual energy in a battery. To avoid overloading the batteries, the battery management module protects them from deep discharge and over-voltage, which are caused by extremely fast charging and extremely high discharge currents. In the case of multi-cell batteries, the battery management system includes a cell balancing function to ensure that all battery cells have the same charging and discharging requirements.
There is a rise in focus to cut carbon emissions and prevent the depletion of fossil fuels, leading to a shift in favor of renewable energy sources in recent times. Photovoltaic and wind energy are the spme of the most widely used renewable energy sources. These energies are widely available, but in terms of output and time, they are not steady and continuous sources. Storage solutions must be implemented in order to be able to supply the load at any time. Systems with battery energy storage are used to store electricity and balance the energy needed versus the energy that is available from the sources. They provide frequency and voltage control services in the event of sudden supply fluctuations. When there is a surplus of renewable energy, grid operators can save electricity using battery energy storage systems. The electricity can be stored in batteries and then distributed to cities, towns, homes, and factories when the demand is high.
Various countries such as the US, India, UAE, and others are implementing various strategies to boost electric vehicle sales that will bolster their market in the coming years and further contribute to a cleaner environment. The government's focus on the production of electric vehicles generates the requirement for its charging infrastructure, where the demand for battery management modules gains traction. For example, according to The White House, in December 2023, the US President’s modern American industrial strategy focused on building a clean energy economy. Their goal of net zero emissions by 2050 requires large-scale adoption of electric vehicles (EVs). The President invested US$ 7.5 billion from his Bipartisan Infrastructure Law towards building a national network of EV chargers.
Key segments that contributed to the derivation of the battery management module market analysis are topology, component, and end-user.
The geographic scope of the battery management module market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Asia Pacific region is expected to grow with the highest CAGR. With the rise in the electric vehicle market in the region, the demand for robust charging infrastructure generates the need for battery management modules. The need for efficient battery monitoring in the renewable energy sector futher drives the battery management module market growth in the region.
The regional trends and factors influencing the Battery Management Module Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Battery Management Module Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 8.13 Billion |
| Market Size by 2031 | US$ 32.57 Billion |
| Global CAGR (2023 - 2031) | 18.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Topology
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Battery Management Module Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Battery Management Module Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Battery Management Module Marketis evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
The “Battery Management Module Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global battery management module market was estimated to be US$ 8.13 billion in 2023 and is expected to grow at a CAGR of 18.9% during the forecast period 2023 - 2031.
The government's focus on cleaner transportation and the increase in the adoption of electric vehicles are the major factors that propel the global battery management module market.
AI-based electric vehicle battery management system is anticipated to play a significant role in the global battery management module market in the coming years.
The key players holding majority shares in the global battery management module market are NXP Semiconductors N.V.; Analog Devices, Inc.; Johnson Matthey; Texas Incorporated, Renesas Electronics Corporation; and Nuvation.
The global battery management module market is expected to reach US$ 32.57 billion by 2031.
The incremental growth expected to be recorded for the global battery management module market during the forecast period is US$ 24.44 billion.