The global battery management system market is expected to reach $31,27-billion by 2030, growing at a CAGR of 23,4% from 2023 to 2030, according to a new study by Grand View Research.
The rising adoption of battery management systems (BMS) in applications such as electric vehicles (EVs), power tools, portable battery packs, garden tools, solar energy storage systems, uninterruptible power supply systems, and portable medical equipment, among others is a major driver behind the growth of the battery management system industry
BMS plays a crucial role in these applications by protecting the battery against damage, extending its lifespan, and providing precise information about the battery’s condition.
Increasing demand for wireless BMS in the EV industry due to several benefits is boosting the market’s growth. Wireless BMSs (wBMS) are revolutionising the EV industry by offering enhanced safety and reliability, extended drive range, and reduced costs. Additionally, wireless BMS solutions provide more flexibility in battery placement and scalability across different EV platforms.
Due to the advantages offered by wireless BMS solutions, numerous automakers are now exploring their use. These solutions eliminate the need for wiring, connectors, and other components, which results in reduced weight.
Furthermore, various companies have started producing wireless battery management systems. For instance, in February 2023, LG Innotek – a subsidiary of the South Korean conglomerate LG – developed an 800-volt wireless battery management system for EVs. This innovation is aimed at reducing the size and weight of battery packs. The company plans to commence production of this system in the year 2024.
Because wireless BMS offers the significant benefit of reducing the weight and volume of a battery pack, it provides an additional 10% to 15% space for expanding the battery pack’s capacity.
Increasing use of lithium-ion batteries in several consumer and automotive applications is expected to contribute to the market’s growth. Lithium-ion batteries are extensively used owing to their benefits such as long-life, high-energy density, and low self-discharge.
In a lithium-ion battery system, BMS is a crucial component. It performs critical functions such as realtime monitoring and control of individual battery cells, communication with external devices, calculation of state of charge (SOC), and measurement of voltage and temperature, among other key factors.