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Rising Adoption of Electric Vehicles and Increasing Popularity of Renewable Energy Integration Drives BMS Demand
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Battery management systems (BMS) are critical to ensure the safe and reliable operation of batteries, especially in advanced applications. The BMS market mirrors the growth of the battery market, and it is expected to grow steadily throughout the forecast period due to the increasing adoption of electric vehicles (xEVs), rising popularity of battery energy storage (BES) solutions, and extensive use of advanced battery technology in other applications. BMS for automotive application is a high-growth application and a major market driver. Additionally, the increasing focus on stationary BES for renewable integration and grid stabilization, along with the utilization in telecommunication backup applications, will sustain the growth of the market.North America generates most of the global BMS demand as it hosts major EV manufacturers and BES projects. The Asia-Pacific market, meanwhile, is expanding rapidly due to the boom of the battery and EV markets in China as well as the commissioning of large BES projects throughout the region.The BMS market comprises battery manufacturers as well as automotive original equipment manufacturers (OEMs) that make BMS in-house for their battery packs, and dedicated BMS OEMs that make off-the-shelf solutions. The in-house battery manufacturers hold the majority of market shares.Lithium-ion is expected to remain the dominant battery chemistry in the BMS space due to its increasing use in advanced battery applications as well as its inherently dynamic nature. Advanced BMS with wireless systems, user-friendly features, and lower complexity will experience greater demand in advanced battery applications. Similarly, dedicated BMS OEMs that are able to manufacture configurable BMS solutions are set to find greater market success. BMS manufacturers must invest in R&D to ensure the compatibility of their products with increasingly complex application systems and emerging battery chemistries. Furthermore, they need to work towards developing systems compatible with emerging chemistries, such as solid state batteries, to gain an early-mover advantage. BMS manufacturers also need to ensure that their products meet emerging industry standards in order to stay relevant in the BMS market.Meanwhile, battery manufacturers and automotive OEMs that outsource their BMS solutions are attempting to enter the BMS industry chain through M&A with dedicated BMS manufacturers. This allows the battery manufacturers and automotive OEMs to utilize BMS manufacturers' existing technological expertise and market presence, thus eliminating the need for extensive R&D to develop proprietary BMS solutions.
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