Santa Clara, California: A recent analysis by Frost & Sullivan, Global Battery Management Systems Market, Forecast to 2024, examines the major trends in the battery management systems (BMS) markets as well as the drivers and restraints that altered market dynamics from 2015-2025. It covers the battery chemistries of lithium-ion, lead-acid, and others, across the applications of automotive, battery energy storage system, telecommunications, and others.
The company comments that growth of telecom infrastructure and advancements in electronics and communications systems are creating a fertile market for advanced BMS. “Vendors are increasingly incorporating sophisticated technologies such as intelligent sensors, cryptographic algorithms, and improved fault detection capabilities to improve their reliability and performance in telecom, electronics, and communications systems and a host of other applications. In addition, increasing adoption of electric vehicles (EVs) and rising popularity of battery energy storage (BES) solutions are expected to produce steady growth for BMS. Consequently, BMS has evolved from a simple monitoring unit to an advanced system capable of managing and protecting rechargeable battery packs.”
The global BMS market is growing at a CAGR of 16.3 percent and is project to reach an estimated $6.34 Billion in 2024, up from $2.20 Billion in 2017, the analysis finds.
For further information on this analysis, visit http://frost.ly/35v.