Battery Management System Market Forecast: Trends, Challenges, and Opportunities

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MarketsandMarkets Presents
The Global Battery Management System (BMS) Market
is projected to grow from USD 7.8 billion in 2023
to USD 18.4 billion by 2028, at CAGR of 18.7
during the forecast period. A battery management
system (BMS) is an electronic device that
monitors and controls the operations of a
rechargeable battery. The main functions of a
battery management system include managing the
power output, providing the charging and
discharging status of the battery pack, enabling
critical safeguards to protect the batteries from
damage, and prolonging the battery life and
efficiency. The battery management systems are
mostly integrated with high-energy batteries such
as lithium-ion batteries, advanced lead-acid,
flow battery, and nickel-based batteries.
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MarketsandMarkets Presents
The Lithium-ion battery segment is expected to
grow at the highest CAGR during the forecast
period Lithium-ion batteries are among the
highest-performing batteries compared with all
other types of rechargeable battery technology in
aspects such as usable capacity, charging time,
and life cycle. Lithium is considered one of the
lightest metals and has the greatest
electrochemical potential. In addition, it can
provide the largest energy density per volume and
weight. As lithium-ion is in the unstable state
due to its inherent nature, it is necessary to
manage it while charging or discharging. However,
if some defined precautions are met during
charging and discharging, then li-ion provides
unparalleled advantages in comparison to other
chemistries.
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MarketsandMarkets Presents
The Distributed Topology Segment is expected to
grow at a significant CAGR during the forecast
period In the Distributed Battery Management
System topology, each cell in the battery pack
has a dedicated slave board that measures and
controls an individual cell. These slave boards
are connected via a single communication cable
between the battery and the controller. Each cell
is connected to a pair of voltage signals, a
temperature sensor, and serial internal and
external communication cables. This topology is
much easier to install than the centralized BMS
topology. Get PDF Brochure _at_ https//www.markets
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MarketsandMarkets Presents
The Industrial Segment is expected to grow at a
significant CAGR during the forecast period There
is a growing need for continuous and high-quality
power supply and emergency backup in both
commercial and industrial segments. Automated
guided vehicles (AGVs) are mobile robots that are
typically used in the industrial sector to
transfer materials in a manufacturing facility or
a warehouse. AGVs are guided via wires or markers
installed on the floor or through vision and
lasers. These are widely used to improve material
handling efficiency in the manufacturing
industry. AGVs mostly use integrated advanced
lead-acid batteries, which are highly reliable
and available at a lower cost than other battery
chemistries.
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MarketsandMarkets Presents
North America to account for a significant share
of the battery management system market in
2028 The automotive sector and growing demand
from the renewable energy sector drive the growth
of the North American battery management system
market. The presence of major automotive
manufacturers, such as General Motors (US) and
Ford Motor Company (US), is driving the demand
for battery management systems. The US has also
witnessed a rapid rise in the implementation of
lithium-ion batteries for renewable energy
storage through wind and solar energy.
Applications such as automotive, renewable energy
storage systems, and telecommunications have the
highest growth potential in North Americas
battery management system market.
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MarketsandMarkets Presents
Key Players The major players include Sensata
Technologies, Inc. (Japan), Eberspächer
(Germany), Panasonic Holdings Corporation
(Japan), and LG Energy Solution, Ltd. (South
Korea). Browse For More Details -
https//www.marketsandmarkets.com/Market-Reports/b
attery-management-bms-market-234498189.html
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MarketsandMarkets Presents
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