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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Battery Management System Market Size
The global battery management system market attained a value of approximately USD 8.65 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of about 20.10% to reach a value of nearly USD 44.94 billion by 2032.
The market is being driven by the reducing prices of photovoltaic cells as well as solar prices and also the favourable government subsidies to use renewable energy. The Asia Pacific is the leading region for the battery management system market.
Battery Management System Market Report Snapshots
Battery Management System Market Size
Battery Management System Market Analysis
Battery Management System Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a value of approximately USD 8.65 billion.
The market is projected to grow at a CAGR of 20.10% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 44.94 billion by 2032.
The major drivers of the market include the rising global adoption of electric vehicles, need for effective electric grid management, increasing number of stringent policies aimed at reducing greenhouse gas emissions, and rising investments from the public and private sectors.
The reducing prices of photovoltaic cells, as well as solar prices, increasing demand for lithium-ion batteries, and favourable subsidies by various governments to use renewable energy, are the key trends propelling the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The types of battery management systems in the market are lithium-ion–based batteries, advanced lead-acid batteries, flow batteries, and nickel-based batteries, among others.
Hardware and software are the two components in the market. Hardware is further divided by type into battery control unit, power management IC, and communication channel.
Based on topology, the global battery management system market can be segmented into centralised, modular, and distributed.
The various applications of battery management systems in the market are automotive, military, medical, portable device, telecommunication, renewable energy system, and uninterrupted power supply (UPS), among others.
The major players in the market are Lithium Werks B.V., Renesas Electronics Corporation, Analog Devices, Inc., Nuvation Energy, Sensata Technologies, Inc., NXP Semiconductors N.V., and Johnson Matthey Plc, among others.
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