November 02, 2021: The global Battery Management System Market size is expected to value at USD 11.17 billion by 2025.
The battery management system industry is subject to witness a substantial growth due to the growing industrialization, mainly in manufacturing industry, and rise in need for high performance electronic devices.
Additionally, current trend of renewable energy generation & management, which is driven by the rising concerns related to climate change around the globe, is expected to positively affect market growth over the next seven years.
Reduction in the cost of solar photovoltaic cells coupled with favorable government incentives and decline in cost of batteries are likely to increase the renewable energy generation, thus propelling market demand for smart battery management system.
Furthermore, efficiency of battery management system has given more focus to achieve required portability in various industrial applications.
With the help of smart management and analysis of power needs for electronic devices enables reduction in energy consummation.