Battery Management System Market, By Type (Lead Acid-Based, Lithium-Ion Based, Nickel Based and others), By Application (Telecommunication, Industrial, Consumer Electronics, Automotive and others), By Topology (Centralised, Modular and Distributed), and By Geography (Europe, North America, Asia Pacific, Latin America, and Middle East and Africa) Analysis, Size, Share Trends, & Forecast from 2021-2027.
Battery Management can be described as the brain behind optimum usage and long battery life. It is an electronic system that controls and monitors the performance of batteries by voltage and power output by providing signals to battery packs via integrated circuits. Apart from this, its primary function is to protect battery packs from overcharging, heating, voltage difference, etc. For instance, the lithium-ion battery can also be damaged if discharged below certain limits.
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According to AnalystView Market Insights the global Battery Management System (BMS) market is expected to deliver a CAGR of 20.2% to rise from $5.18 billion in 2020 to $ 19.9 billion in 2027. The ever-increasing demand for electric vehicles (EV) and supporting government policies are major factors powering BMS markets.
The growing need for BMS in the vehicle industry is largely driving the market's expansion. These technologies are rapidly being used in a variety of industries, including aerospace and military, medicine, and semiconductors. The growing use of BMS in computer servers, as well as renewable power systems, contributes to the currency's expansion.
The COVID-19 pandemic compelled governments throughout the world to take a variety of actions, including temporarily banning foreign trade, partly closing production facilities, decreasing the staff, and closing towns. The industry saw sales declines as a result of the aforementioned reasons. Additionally, because most businesses were closed throughout the lockdown timeframe, the company's distribution system and that of associated electronic hardware makers were affected, leading firms to scale back or stop manufacturing activity.