The global battery management system (BMS) market is expected to grow from USD 7.8 billion in 2023 to USD 18.4 billion by 2028, at a CAGR of 18.7% from 2023 to 2028. A battery management system is an electronic system that monitors and manages the operation and functionality of a rechargeable battery such as lithium-ion. It can be called the brain of the battery that helps enhance its safety, performance, charging rates, and longevity. A BMS manages four key parameters: current, voltage, temperature, and battery capacity. The main functions of a battery management system include protecting the battery from damage due to overcharging; ensuring safe operation, cell balancing, voltage, and temperature control; and determining the state of charge (SoC) and the state of health (SoH) of the battery. The battery management system typically consists of hardware and software customized according to different applications and battery specifications.
Sensata Technologies (Japan), Eberspächer (Germany), Panasonic Holdings Corporation (Japan), and LG Energy Solution, Ltd. (South Korea) are among a few top players in the global battery management system market. These companies focus on strengthening their market positions by improving their product offerings and partnering with industrial stakeholders to expand their geographic reach.
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Sensata Technologies, Inc. is a global industrial technology company. The company has been providing a wide range of customized sensor solutions that help increase complex engineering and operating performance requirements. The company operates through two reportable segments: Performance Sensing and Sensing Solutions. Further, the company offers commercial and industrial battery management systems through the Sensing Solutions segment. Some other products under this segment include pressure sensors, temperature sensors, solid-state relays, power inverters, charge controllers, IoT solutions, and more. The company also offers a few BMS solutions under its Performance Sensing segment.
Eberspächer is one of the largest battery management system developers and suppliers in the automotive industry. The company operates through three business segments: Purem by Eberspächer, Climate Control Systems, and Automotive Controls. The battery management systems offered by the company come under the Automotive Controls segment. Eberspächer Vecture Inc., a subsidiary of Eberspächer, is mainly engaged in offering battery management systems typically for portable power applications. The company has a presence in Europe and North America. Eberspächer Vecture is proficient in fuel gauging, charging systems for portable military, medical and industrial applications, and critical battery protection systems. Eberspächer acquired Vecture in September 2016, one of the leading providers of battery management systems. The acquisition helped the company in expanding its existing product portfolio.
Panasonic Holdings Corporation is one of the prime players in the electronic appliance and component business. It operates through five segments: Lifestyle, Connect, Automotive, Industry, and Energy. The company offers battery management solutions or components through the Automotive segment. The company manufactures electronic appliances such as cameras, refrigerators, washing machines, and electronic components. Panasonic Holdings Corporation offers battery management system components used in electric and hybrid vehicles. The component portfolio consists of chip resistors, thermistors, relays, FETs, chip varistors, MOSFETs, power inductors, and AC-DC converters. The company mainly offers its solutions to the automotive and energy industries and has a wide presence in North America, Europe, Asia Pacific, and the Middle East & Africa.
LG Energy Solution, Ltd.
LG Energy Solution, Ltd. is one of the leading companies in the battery management system market. The company has a strong business portfolio that includes advanced automotive batteries, mobility & IT batteries, and ESS batteries. The company offers cells, modules, packs, and battery management systems under the advanced automotive battery product portfolio for EV, HEV, and PHEV batteries. Further, the total solutions that provide optimal battery management systems and technical support for cells, packs, and modules are based on state-of-the-art technology. The company operates through a single operating segment called “Energy Solution.” The company offers products such as mobile batteries, automotive batteries, electricity storage batteries, and other related solutions through this segment.
Battery Management System Market by Type (Motive Battery and Stationary Battery), Battery Type (Lithium-ion, Lead-acid, Nickel-based, Solid-state, Flow battery), Topology (Centralized, Distributed and Modular), Application and Region - Global Forecast to 2028
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