Battery Monitoring IC Market is Estimated to be Worth US$ 4.8 billion by the year 2031 at a CAGR of 11.3%

Increase in utilization of multicell battery monitoring ICs in a range of applications, especially electric vehicles, energy storage systems, and uninterruptible power supplies (UPS), is anticipated to offer significant opportunities for companies in the market

Wilmington, Delaware, United States, June 02, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Rapid increase in the incorporation of battery management systems in utility grid infrastructure and residential energy storage applications is propelling demand for battery monitoring ICs.

Demand for durable batteries for vehicles is expected to spur battery monitoring IC market development in the next few years. The global battery monitoring IC market was valued at US$ 1.6 Bn in 2021 and is projected to reach US$ 4.8 Bn by the end of 2031.

Considerable demand for ASIC (Application Specific Integrated Circuit) in BMS is broadening the battery monitoring IC market outlook. Several technological advancements in lithium-ion cell chemistry have intensified the need for advanced battery monitoring ICs to ensure the performance and safety of individual cells in the battery pack.

Ongoing research for the development of chemistry-agnostic ASICs for automotive battery packs is anticipated to offer lucrative business opportunities for companies in the battery monitoring IC industry.

Rise in utilization of Li-ion battery protection systems is likely to fuel the market. This can be ascribed to extensive incorporation of lithium-ion rechargeable cells in electric vehicles and mobile consumer electronics such as laptops.

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Market Snapshot:

Report Coverage

Details

Market Revenue

US$ 1.6 Bn

Estimated Value

US$ 4.8 Bn

Growth Rate - CAGR

11.3%

Forecast Period

2022-2031

No. of Pages

250 Pages

Market Segmentation

Battery Type, Type, Number of Cells, Application, End-use Industry

Regions Covered

North America, Europe, Asia Pacific, Middle East & Africa, South America

Companies Covered

Texas Instruments Incorporated, Analog Devices, Inc, Maxim Integrated, NXP Semiconductors, Renesas Electronics Corporation, Monolithic Power Systems, Inc, Microchip Technology Inc, STMicroelectronics, Panasonic, Diodes Incorporated, Nisshinbo Micro Devices Inc, ROHM Co. Ltd, Infineon Technologies AG

Key Findings of Study

Significant Demand for Automotive Battery Management ICs for Electric Vehicles: Increase in demand for battery packs for electric vehicles (EVs) is bolstering market development. Rise in demand for next-generation battery management ICs is expected to augment the automotive end-use segment.

IC manufacturers are focusing on developing monitoring & diagnostic features that cater to stringent automotive safety regulations, such as Automotive Safety Integrity Level (ASIL) compliance.

R&D in High Voltage Energy Storage Systems Presents Lucrative Opportunities (for market players): Need for advanced diagnostic and protection features in high voltage energy storage systems is expected to drive utilization of battery monitoring ICs. Demand for multi-cell ICs is expected to increase in lithium-ion battery applications, especially in the automotive industry.

Introduction of novel multi-cell ICs is anticipated to offer significant growth opportunities to companies in the battery monitoring IC market. These ICs are characterized by advanced current measurement and balancing capabilities.

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Key Drivers

Steady rise in number of battery-operated devices and equipment used in consumer electronics, medical, and automotive industries is expected to drive the battery monitoring IC market. For instance, demand for lithium-ion batteries is increasing in the automotive industry.

As per recent business statistics by the International Energy Agency, automotive Li-ion battery demand surged by around 65% in 2021 and reached 550 GWh in 2022.

Advancement in battery management systems (BMS) is likely to bolster market size in the near future. The pressing need to improve diagnostic and protection features in battery packs is expected to drive demand for battery monitoring ICs. An instance is the need to maximize battery performance and ensure safe operations of Li-ion batteries.

Regional Growth Dynamics

Asia Pacific accounted for major market share in 2021. The trend is anticipated to continue from 2022 to 2031. Surge in the registration of electric vehicles in developing countries in Asia Pacific and significant advancements in battery management systems are the key trends expected to propel the market in the region. Presence of prominent battery manufacturers in Asia Pacific is likely to augment market size in the region in the near future.

As per recent market trends, North America and Europe are likely to be lucrative regions during the forecast period. Rise in demand for automotive battery management systems (BMS) is projected to drive the market in Europe. Significant R&D activities on multicell battery monitoring and balancing ICs are likely to boost the market in North America.

Competition Landscape

Leading companies operating in the battery monitoring IC industry are Texas Instruments Incorporated, Analog Devices, Inc., Maxim Integrated, NXP Semiconductors, Renesas Electronics Corporation, Monolithic Power Systems, Inc., Microchip Technology Inc., STMicroelectronics, Panasonic, Diodes Incorporated, ROHM Co. Ltd, and Infineon Technologies AG

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Battery Monitoring IC Market Segmentation

Battery Type

Lithium-ion-based

Lead-ion-based

Nickel-based

Flow Batteries

Others

Type

Battery Protection IC

Cell Balancing IC

Cutoff FETs

Battery Fuel Gauge ICs

Battery Chargers IC

Others

Number of Cells

Up to 2

2 – 4

4 – 10

10 – 16

Above 16

Application

Power Tools

UPS Systems

Home Appliances

E-bikes

Electric Vehicles

Energy Storage Systems (Solar, Grid, Telecom Equipment's etc.)

Personal Electronics and Appliances

Others

End-use Industry

Automotive

Consumer Electronics

Energy & Utility

IT & Telecom

Others (Industrial, Marine, etc.)

Region

North America

Europe

Middle East & Africa

South America

Asia Pacific

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