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Future Market Insights (FMI) delivers key insights on the global battery management system (BMS) market in its latest report titled, “2021 Analysis and Review: Battery Management System Market by Battery Type – Lithium Ion and Advanced Lead for 2021 – 2031“. The battery management system (BMS) market is set to exhibit exponential growth between 2021 and 2031. BMS controls load environment, monitors battery state and accordingly balances battery charging. Battery management system prolongs battery life, helps to prevent battery damage due to overcharging and voltage fluctuations and manages optimal state of charging. BMS interfaces with the host application to provide real-time information regarding battery health.
A battery management system (BMS) is an electronic system that helps maintain the optimal health of rechargeable batteries. The system manages batteries by controlling the load environment, monitoring battery state, and accordingly balancing the charging.
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It also offers features such as cell balancing, cell monitoring, safety/protection, controlling/monitoring the charging function. The reliability of such features is enabling growth in the market. This is especially true in case of automotive sector. Backed by surging electric vehicle sales and stringent regulations aimed to curb pollution will give tailwinds to the demand registered in the automotive sector.
According to FMI, the automotive sector will continue accounting for maximum sales through the course of the forecast period. The rising demand for e-bikes and electric vehicles will guarantee consistent demand from the industry.
Growing Uptake of Rechargeable Batteries to Boost Market:
Consumption of rechargeable batteries is growing in the consumer electronics sector. Rechargeable batteries are used in products such as power tools and vacuum pumps. Considering this, the increase in the demand for these products is driving the market.
Increased acceptance of electronic gadgets such as power tools, garden tools, portable medical tools, portable battery packs and various other technological goods will also continue aiding the expansion of the market through the forecast period.
Some of the leading companies operating in the market are Vecture Inc., Toshiba Corporation, L&T Technology Services, Navitas System, LLC, Merlin Equipment Ltd., and Lithium Balance Corporation. These companies are focusing on strategic collaborations and product launches as key strategies to gain competitive advantage.
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