Battery Management System Market Exhibiting At A CAGR Of 19.0%From 2018 To 2025Posted by Neha Bora on May 10th, 2023 San Francisco, 10 May 2023: The Report Battery Management System Market Size, Share & Trends Analysis Report By Battery Type (Lithium-Ion, Lead-acid, Nickel), By Topology (Centralized, Modular), By Application, And Segment Forecasts, 2019 - 2025 The global battery management system market size is anticipated to reach USD 12.23 billion by 2025, according to a new report by Grand View Research, Inc. The market is expected to exhibit a CAGR of 19.0% over the forecast period. Increasing use of renewable energy for a variety of applications due to rising concerns regarding climate change across the globe is expected to play a key role in the overall market development. Decreasing prices of batteries and solar photovoltaic cells and favorable government incentives are also encouraging end users to use renewable energy, which, in turn, will boost market growth. However, renewable power sources, such as wind and solar are affected by weather, location, time, etc. leading to inconsistencies when it comes to energy supply. The use of Energy Storage Systems (ESS) in these scenarios helps smoothen these variabilities and store energy for future use. Demand for effective BMS will increase in future owing to the huge investments made by a number of countries for the larger adoption of renewable energy. Lead-acid batteries are the most commonly used batteries in ESS owing to applications, such as standalone battery systems used to handle output fluctuations from the wind and solar power. Electricity grids are undergoing modernization through implementing power flow measurement, exercising a larger control on power production and distribution, and monitoring information on electricity use. Further, transmission and distribution of electricity through grids includes transformers, substations, and power lines that transport electricity from the point of generation. When electricity is distributed though transmission line, it loses its transmission due to high voltage and consumption patterns. Hence BMS helps maintain the balance between excess energy supply and demand. This factor is expected to boost the product demand over the coming years. Access Research Report of Battery Management System Market @ https://www.grandviewresearch.com/industry-analysis/battery-management-system-bms-market Further key findings from the study suggest:
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