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According to the latest report by IMARC Group, titled "Battery Management System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global battery management system market is expected to exhibit a CAGR of 18.9% during 2022-2027. Battery management system (BMS) refers to an electronically-regulated hardware that ensures the optimal use of residual energy present in a battery. It manages a rechargeable battery by monitoring and balancing its state, performance, and environment. BMS collects data regarding various parameters of the battery, such as voltage, temperature, coolant flow, and current. This mechanism prevents over- or under-charging of the battery and possible breakdown in wire insulations, thereby maximizing its capacity.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Battery Management System Market Trends:
The rising environmental concerns have led to a significant increase in the demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs) across the globe, which is primarily driving the BMS market growth. This is further supported by an expansion in the automotive industry and stringent regulations implemented by governments of various nations to reduce the overall carbon footprint. Additionally, the increasing need for BMS and effective grid management in renewable energy systems are also contributing to the market growth. Other factors, including the widespread utilization of rechargeable batteries in consumer electronics and the development of innovative cloud-based BMS, are creating a positive outlook for the market.
Market Summary:
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