Battery Energy Management System Market Report Overview
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The global battery energy management systems market size is expected to be USD 286.3 million in 2021 and is projected to touch USD 3525.03 million by 2031, exhibiting a CAGR of 28.3% during the forecast period.
A battery energy management system is a fully functional electrical system that collects and analyses data from the battery to ensure optimal performance and extended longevity in order to minimize damage to batteries (single cells) or battery packs (groups of cells). An electronic system controls a rechargeable battery's environment, closely monitors its condition, computes secondary data, reports that particular data, authenticates and balances it, and provides essential thermal management protection from operating outside of its safe operating zone.
COVID-19 Impact: Decreased Productivity and Raw Material Shortages Lead to Decrease in the Demand
The global COVID-19 pandemic has been unprecedented and staggering, with battery energy management systems experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The market for battery energy management systems has been impacted by the quick proliferation of COVID-19, which has left the whole supply chain facing unforeseen obstacles and problems such OEM shutdowns, a lack of personnel, productivity decrease, and raw material shortages. Additionally, a number of suppliers involved in the supply chain are experiencing a lack of raw materials, which is having an effect on the market. If the current trend continues, there is an ever-increasing danger of a shortage of raw materials.
LATEST TRENDS
"Demand For Electric and Hybrid Cars Will Propel the Market"
The main drivers that will accelerate the growth of the worldwide market are an increase in demand for efficient power grid management and an increase in the overall demand for electric and hybrid cars. The market value will also increase throughout the projection period as a result of rising government measures to promote the use of electric cars. For the projection period, the market's growth is anticipated to be aided by initiatives to establish uniform battery energy management systems laws.
Battery Energy Management System Market Segmentation
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- By Type Analysis
By type, market is segmented into lithium battery system, lead acid battery system and others battery system. The lithium battery system segment will dominate the market in the coming years.
- By Application Analysis
Based on applications, the market is classified into power station and others. The power station segment will lead the global share through 2028.
DRIVING FACTORS
"Increasing Awareness About Global Warming to Augment the Market For EVs"
Sales of electric vehicles have skyrocketed globally as people's awareness of general global warming increases. In 2020, almost 308,000 cars were sold, and in 2021, there were almost 608,000, according to the US Department of Energy. According to Eurostat, 11% of all new car registrations were for electric vehicles. The SOCIETY OF MANUFACTURERS OF ELECTRIC VEHICLES reports that over the past three years, EV sales in India have climbed by 20%. (SMEV). According to the China Passenger Car Association, EV sales increased by 169% in 2021 compared to 2020.
"Government Regulations to Help Boost the Market"
Governments all over the world are working to accomplish their climate change goals and passing sustainability legislations. Measures that outline how the US would transition to net-zero emissions within a set time frame are included in the CARES Act of 2020 and the Nationally Determined Contribution (or "NDC") plan that the US presented to the UNFCCC. As a result of laws that favour renewable energy and incentives for various renewable energy instruments and technology, it is projected that the market for battery energy management systems would expand significantly.
RESTRAINING FACTORS
"High Cost of Installation will Hamper the Market"
The market's expansion is hampered by an increase in product prices as a result of the installation of battery energy management systems. Therefore, the high cost of these systems could limit spending on the technology in various regions, which might affect the market dynamics slightly.
Battery Energy Management System Market Regional Insights
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"North America to Expand Its Market Exponentially Within the Forecasted Period"
The North American, European, Asian Pacific, Latin American, and Middle East & Africa regions make up the major segments of the worldwide market for battery management systems. The US intends to increase its renewable energy capacity in the upcoming years to combat the effects of changing climatic conditions. For instance, according to the US Energy Information Administration, Texas, Louisiana, and Illinois want to increase their wind power capabilities by more than 6 GW in 2019. The market for battery management systems is anticipated to expand at a reasonable rate in the near future as a result of the expansion of the renewable energy sector in North America. Recent years have seen a sharp increase in the sales of electric vehicles in the Europe area. Due of this, the region's automotive sector is anticipated to have significant expansion in the years to come.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- GE (U.S.)
- Honeywell (U.S.)
- Schneider Electric (France)
- Johnson Controls (Ireland)
- Hitachi ABB (Switzerland)
- Siemens (Germany)
- Emerson Electric (U.S.)
REPORT COVERAGE
The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 286.3 Million in 2021 |
Market Size Value By |
US$ 3525.03 Million by 2031 |
Growth Rate |
CAGR of 28.3% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type & Application |
Frequently Asked Questions
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What value is the battery energy management systems market expected to touch by 2031?
Over the research period, the battery energy management systems market will reach USD 3525.03 million in 2031.
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What CAGR is the battery energy management systems market expected to exhibit by 2031?
The battery energy management systems market is expected to exhibit a CAGR of 28.3% by 2031.
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Which are the driving factors of the battery energy management systems market?
Government regulations and increased awareness about global warming are the driving factors of the battery energy management systems market.
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Which are the top companies operating in the battery energy management systems market?
GE, Honeywell, Schneider Electric, Johnson Controls, and Hitachi ABB are some of the top companies operating in the battery energy management systems market.
