Battery Management System Market Set to Witness an Uptick during 2019 to 2025Posted by Mrudula Anil Karmarkar on April 6th, 2022 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. Battery Management System (BMS) finds increased applications in uninterruptible power supply (UPS) systems as they provide high power density and enhanced life expectancy. A UPS system is an electrical equipment that supplies power when the main power or input power sources fail. UPS systems are extensively used in buildings such as hospitals, banks, offices, data centers, and educational institutions. The high electric manageability of a lead-acid battery is expected to fuel the market growth over the forecast period. Moreover, the increasing demand for UPS systems in industries, corporate offices, research institutions, educational institutes, hospitals, and houses, owing to the rapid urbanization and industrialization in the emerging economies, is expected to drive the market over the projected period. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/3584/ibb The growing penetration of UPS solutions in businesses, to counter data losses and disconnections in data transmission, is expected to spur the data center UPS market over the projected period. The growing implementation of cloud computing coupled with the need for sensitive and ubiquitous data is expected to encourage data center UPS installations over the projected period. High requirements of data center UPS is anticipated to aid in the industry expansion. Further key findings from the study suggest:
BMS is increasingly used in renewable energy generation as it helps to level the variability of the power generated. China is the world’s leading producer of wind energy and is expected to witness significant growth in the production of wind energy over the forecast period. The wind capacity output is likely to cross 200 GW by 2020 and drive the demand for energy storage systems in the country. Grand View Research has segmented the global battery management system market on the basis of battery type, topology: Battery Management System Battery Type Outlook (Revenue, USD Million, 2014 - 2025)
Battery Management System Topology Outlook (Revenue, USD Million, 2014 - 2025)
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