Battery Management System Market Worth $11.17 Billion By 2025: Grand View Research, Inc.
The 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, favorable government incentives, and the declining costs of batteries are likely to increase the renewable energy generation. Netherlands BMS market, by battery type, 2014 - 2025 (USD Million) 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 t...