Global Battery Management Systems Market, Forecast to 2024
Rising Adoption of Electric Vehicles and Increasing Popularity of Renewable Energy Integration Drives BMS Demand
  • Battery management systems (BMS) are critical to ensure the safe and reliable operation of batteries, especially in advanced applications. The BMS market mirrors the growth of the battery market, and it is expected to grow steadily throughout the forecast period due to the increasing adoption of electric vehicles (xEVs), rising popularity of battery energy storage (BES) solutions, and extensive use of advanced battery technology in other applications. BMS for automotive application is a high-growth application and a major market driver. Additionally, the increasing focus on stationary BES for renewable integration and grid stabilization, along with the utilization in telecommunication backup applications, will sustain the growth of the market.

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