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.
Battery Management Module Market Analysis
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 Module Market Overview
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.
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Battery Management Module Market: Strategic Insights
Market Size Value in US$ 4,604.6 Million in 2020 Market Size Value by US$ 14,513.5 Million by 2027 Growth rate CAGR of 14.0% from 2020 to 2027 Forecast Period 2020-2027 Base Year 2020
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Battery Management Module Market: Strategic Insights
| Market Size Value in | US$ 4,604.6 Million in 2020 |
| Market Size Value by | US$ 14,513.5 Million by 2027 |
| Growth rate | CAGR of 14.0% from 2020 to 2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Battery Management Module Market Drivers and Opportunities
Shift towards renewable energy and their efficient storage system to Favor Market
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.
The electric vehicle Infrastructure market
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.
Battery Management Module Market Report Segmentation Analysis
Key segments that contributed to the derivation of the battery management module market analysis are topology, component, and end-user.
- By topology, the market is segmented into distributed, centralized, and hybrid. The centralized segment is expected to grow with the highest CAGR.
- Based on the component, the market is segmented into hardware and software. The hardware segment held the largest market share in 2023.
- By end-user, the market is segmented into automotive, medical, energy & power, consumer electronics, IT & telecom, and others. The automotive segment is expected to grow with the highest CAGR.
Battery Management Module Market Share Analysis by Geography
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.
Battery Management Module Market Report Scope
Battery Management Module Market News and Recent Developments
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:
- In May 2023, Sensata Technologies launched a c-BMS24X battery management system with advanced software features for industrial applications and low-voltage electric vehicles. The c-BMS24X uses advanced software functionality that enables improvements in vehicle range, uptime, battery health, and performance in applications up to 24 cells in series and 2000 amps like energy storage systems (ESS), scooters, 3-wheelers, forklifts, and AGVs. (Source: Sensata Technologies, Press Release, 2023)
- In May 2022, Marelli, a leading global automotive supplier, expanded its range of battery management technologies for electric vehicles with a new state-of-the-art wireless distributed battery management system (wBMS). This technology eliminates the wired physical connections typically needed in other battery management system (BMS) architectures, allowing for greater flexibility, increased efficiency, improved reliability, and reduced costs, all crucial aspects of electric vehicles. (Source: Marelli, Press Release, 2022)
- In May 2023, NUVATION ENERGY released a 1500-volt battery management system for stationary energy storage. The G5 BMS has been optimized to meet the needs of an ever-evolving battery energy storage industry. Significant updates include support for 1500 Volt power conversion systems, which can drive down the cost of storage by enabling more energy to be included in each energy storage system. It also includes system integration optimizations, such as a smaller hardware footprint per battery stack and updates to Nuvation’s patented battery management algorithms. (Source: NUVATION ENERGY, Press Release, 2023)
Battery Management Module Market Report Coverage and Deliverables
The “Battery Management Module Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Topology, Component, End-User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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