The global Battery Management System (BMS) market size is anticipated to reach USD 11.17 billion by 2025, according to a new report by Grand View Research, Inc. The growing trend of renewable energy generation was driven by the increasing concerns of climate change across the globe. Additionally, the decreasing prices of solar photovoltaic cells, favorable government incentives, and the declining costs of batteries are likely to increase the renewable energy generation.
However, the energy generated via the wind and solar sources is affected by weather, location, and time. Batteries used at wind turbines and in solar panels smooth the variabilities and store energy for future use. The prevailing safety issues, the resistance from utilities, and regulatory barriers have restricted the integration of these batteries into mainstream power systems.
Electricity grids are undergoing modernization with the implementation of power flow measurement and controlling power production & distribution and are gathering information on electricity use. Storage is a major barrier to the adoption of renewable energy. Several battery technologies including lead-acid, lithium-ion, and sodium sulphate have been developed and tested for applications such as grid investment deferral and arbitrage.
Energy storage systems (ESS) aid in storing renewable energy sources for further commercial use. The increasing demand for ESS is expected to augment the market demand over the forecast period. Lead-acid batteries are the most commonly used battery types in ESS, owing to applications such as standalone battery systems used to handle output fluctuations from the wind and solar power.
Further key findings from the report suggest:
• The growing penetration of UPS solution in businesses to counter data loss is expected to spur the demand for BMS
• Lithium-ion batteries are used in applications requiring high-energy density solutions
• The lithium-ion based battery type is anticipated to witness a significant growth with a CAGR of over 22% over the projected period
• Centralized topology is anticipated to dominate the market in terms of revenue over the forecast period, owing to the increasing applications such as industrial UPS, Electric Vehicles (EV), drones, and energy storage system
• The stringent regulations toward carbon emissions in the developed countries and the growing penetration of EVs in the emerging economies are expected to spur the automotive application demand
• The Asia Pacific region is anticipated to portray high growth rate over the forecast period
• The key players in the BMS market include Texas Instruments, Inc. (U.S.), NXP Semiconductor N.V. (Netherlands), Elithion, Inc. (U.S.), and Vecture, Inc. (U.S.)