Global Battery Monitoring IC Market Set to Surge, Projected to Reach US$ 4.8 Billion by 2031 with a CAGR of 11.3%: TMR Analysis

The Global Battery Monitoring IC Market, (배터리 모니터링 IC 시장) which was valued at an impressive US$ 1.6 billion in 2021, is poised for significant growth. Market analysts project that the market will expand at a robust Compound Annual Growth Rate (CAGR) of 11.3% from 2022 to 2031, ultimately reaching a market value of US$ 4.8 billion by the end of the forecast period.

The surge in the Battery Monitoring IC market is primarily driven by advancements in battery technology across a wide array of industries. From portable power tools to plug-in hybrid electric vehicles (PHEVs) and wireless devices, the demand for efficient and safe battery management solutions is at an all-time high. Battery Management Systems (BMS) are increasingly being integrated to enhance the safety, longevity, and performance of batteries, making them indispensable in today's battery-operated devices.

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In the current market landscape, numerous players are providing IC solutions designed to monitor, protect, and balance batteries, regardless of the chemistry involved. This includes specific solutions for lithium-ion batteries, which are known for their sensitivity to operating conditions. As the number of battery-operated devices continues to rise, manufacturers in the Battery Monitoring IC market are presented with significant opportunities to capitalize on this demand.

Market Introduction: Battery Management Systems (BMS) are crucial for protecting batteries against overcharge, deep discharge, over/under voltage, over current, and temperature fluctuations. These systems, available in either master-slave or single board architectures, are integrated with specific algorithms for real-time control and monitoring of batteries. The increasing demand for BMS in utility grid support, commercial and industrial facilities, residential energy storage, and specialty vehicles is a key driver of growth in the Battery Monitoring IC market.

Application-specific integrated circuits (ASICs) play a vital role in these systems by providing precise measurements of voltage, temperature, and current flow to the battery control unit. This data is crucial for maintaining the safe operating range of battery packs, thereby enhancing their reliability and lifespan.

Adoption of EV Battery Monitoring Systems as a Growth Driver
The electric vehicle (EV) sector is a significant contributor to the growth of the Battery Monitoring IC market. With global sales of EVs doubling in 2021, representing approximately 9% of the car market, the demand for advanced battery monitoring systems has never been higher. In the first quarter of 2022 alone, EV sales reached 2 million, marking a 75% increase from the same period in the previous year.

Automotive battery management system ICs are essential for monitoring key parameters such as cell voltage, battery life and health, safety, and charging-discharging rates. As the market for electric vehicles continues to grow, the demand for Li-ion battery protection ICs is expected to rise correspondingly.

Rise in Demand for Multi-cell Battery Monitoring ICs
The use of large-scale battery arrays for backup and carry-through energy storage is on the rise. Rechargeable batteries are increasingly being utilized in high-power applications such as electric vehicles, hybrid-electric vehicles (HEVs), power tools, lawn equipment, and uninterruptible power supplies (UPS). Effective management of these battery packs requires precise measurement of terminal voltage, charge/discharge current, and temperature.

Multi-cell ICs are crucial for determining the state-of-charge (SOC) and state-of-health (SOH) of battery packs. They provide valuable information on how to monitor lithium batteries, manage battery charge, and estimate remaining battery capacity and overall life expectancy. Leading manufacturers are developing ICs that address the challenges of accurately reading individual cells in series strings, despite high common-mode voltage (CMV) and harsh electrical environments.

For instance, in November 2021, Renesas introduced a new family of multi-cell battery front-end ICs, designed to enhance battery development in high-voltage applications such as energy storage systems, UPS, and mobility.

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Extensive Use of Lithium-ion-based Batteries in Consumer Electronics and EVs
Lithium-ion batteries have become the preferred choice for portable gadgets and electric vehicles due to their high energy density, safety, and cost-effectiveness. As the adoption of lithium-ion batteries continues to grow, the demand for Battery Monitoring ICs is expected to increase correspondingly.
The European Union's goal to meet its 2030 de-carbonization targets, which requires a significant scale-up in battery capacity, is a key factor driving the demand for battery monitoring ICs. The widespread use of lithium-ion batteries in consumer electronics and automotive applications is further propelling market growth.

Regional Outlook
Asia Pacific dominated the global Battery Monitoring IC market (バッテリー監視IC市場) in 2021, driven by the presence of numerous industry participants and significant research and development activities in the region. The growing adoption of electric vehicles and supportive government initiatives are expected to further drive market growth in Asia Pacific.
Europe and North America are also key markets for Battery Monitoring ICs, with the presence of major automotive manufacturers and a rapidly expanding consumer electronics industry.

Key Players
• 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

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