Global Battery Management System (BMS) Market size is anticipated to reach USD 11.17 billion by 2025, according to a new report by Grand View Research, Inc. The growing trend of renewable energy generation was driven by the increasing concerns of climate change across the globe. Additionally, the decreasing prices of solar photovoltaic cells, favourable government incentives, and the declining costs of batteries are likely to increase the renewable energy generation.
However, the energy generated via the wind and solar sources is affected by weather, location, and time. Batteries used at wind turbines and in solar panels smooth the variabilities and store energy for future use. The prevailing safety issues, the resistance from utilities, and regulatory barriers have restricted the integration of these batteries into mainstream power systems.
Electricity grids are undergoing modernization with the implementation of power flow measurement and controlling power production & distribution and are gathering information on electricity use. Storage is a major barrier to the adoption of renewable energy. Several battery technologies including lead-acid, lithium-ion, and sodium sulphate have been developed and tested for applications such as grid investment deferral and arbitrage.
Energy storage systems (ESS) aid in storing renewable energy sources for further commercial use. The increasing demand for ESS is expected to augment the market demand over the forecast period. Lead-acid batteries are the most commonly used battery types in ESS, owing to applications such as standalone battery systems used to handle output fluctuations from the wind and solar power.
Access for full Detail of Report and Complete TOC: http://www.grandviewresearch.com/industry-analysis/battery-management-system-bms-market
Further key findings from the report suggest:
View Blog on Battery Management System Market by Grand View Research Report: http://www.grandviewresearch.com/industry-analysis/battery-management-system-bms-market
Grand View Research has segmented the battery management system market based on battery type, topology, application, and region:
BMS Battery Type Outlook (Revenue, USD Million, 2014 – 2025)
BMS Topology Outlook (Revenue, USD Million, 2014 – 2025)
BMS Application Outlook (Revenue, USD Million, 2014 – 2025)
BMS Regional Outlook (Revenue, USD Million, 2014 – 2025)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more Information visit us@ www.grandviewresearch.com