Battery Management System (BMS) Market Battery Management System (BMS) Market

Battery Management System (BMS) Market Key Players, Trends,
Growth Opportunities and Industry Forecast till 2023
“The factors that propel the growth of the market include
increasing combination of battery management systems in
consumer renewable and electronics energy systems
among the other applications, growing adoption of electric
vehicles (EVs), increasing use of renewable energy storage
systems, increasing integration of BMS in consumer
electronics, and hybrid electric vehicles PHEVs, and
(HEVs).”
Global battery management system (BMS) market is anticipated to expand at a significant CAGR of 11.6% in
the upcoming period as the scope, product types, and its applications are increasing across the globe. A battery
management system is an electronic system that manages a rechargeable battery, such as by monitoring its
state, by protecting the battery from operating outside its safe operating area, calculating secondary data,
controlling its environment, authenticating it, and/or balancing it and reporting that data.
The factors that propel the growth of the market include increasing combination of battery management
systems in consumer renewable and electronics energy systems among the other applications, growing
adoption of electric vehicles (EVs), increasing use of renewable energy storage systems, increasing integration
of BMS in consumer electronics, and hybrid electric vehicles PHEVs, and (HEVs). On the other hand, a factor may
hamper the growth of the market including the lack of standards for developing battery management systems.
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The market could be explored by type, component, topology, application, and geography. Market could be
explored by type as Flow batteries, Nickel based, Lithium-ion based, and Lead-acid based. The “Lithium-ion
based” segment led the battery management system market in 2016 and will continue to lead in the forecast
period. The key factors that may be attributed to the growth of the market includes lightweight, & low standby
losses and high energy and power density.