PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1355742
PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1355742
According to SPER Market Research, 'Global Battery Management System Market Size- By Battery, By Topology, By Application, By End-Use Industry- Regional Outlook, Competitive Strategies and Segment Forecast to 2033' state that the Global Battery Management System Market is predicted to reach USD 14.39 billion by 2033 with a CAGR of 5.07%.
A battery management system is an electrical system that monitors and manages the overall performance of a rechargeable battery, such as a lithium-ion battery, and assures the best use of the energy contained in the battery. A BMS is made up of both software and hardware components. BMS's primary functions include protecting the cell from damage in the event of overcharging, supervising the charging and discharging process, determining the battery's state-of-charge and state-of-health, cell balancing, monitoring temperature and voltage and extending battery life and performance.
The COVID-19 epidemic has had a substantial influence on the market for battery management systems, disrupting the global supply chain and pushing back project completion dates. The pandemic has however brought to light the significance of energy storage and battery management technology in assisting vital businesses. In the healthcare, telecommunications, and remote working industries, there is a growing need for battery management systems to meet this demand for dependable power supply and backup solutions.