Global Battery Management Systems Market by Battery Types, Applications, Topology, and Regions— Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

Global Battery Management Systems Market is valued reach USD 14.2 Billion by 2024, growing at CAGR of 18.2%.over forecast period 2020–2026. Rise in the demand for automotive worldwide and need for effective electric grid management are factors driving the market growth.

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Based on battery type, the other battery segment is expected to grow at the highest rate during the forecast period. The high capacity and ability of flow batteries to withstand extreme temperatures make them suitable for applications such as renewable energy systems and UPS. Nickel-metal batteries have high energy density although they are secondary batteries in which environmentally friendly metals are used. These batteries find applications in electric vehicles, portable devices, smart grids, UPS, and others. Solid-state batteries are better than conventional batteries as they are non-flammable, have a long shelf life, are safe, and release high energy.

Market Dynamics:

Increasing need for electricity generation and rising environmental concerns are expected to drive the demand in the upcoming years.
Constant advancements in battery management systems by manufacturers to deliver sustainable energy solutions for various industries are expected to create a significant opportunity in the market in the coming years. Moreover, the surge in the demand for electronics devices is anticipated to increase the demand.
High costs of battery management system are expected to hinder the growth of the market.