DUBLIN–(BUSINESS WIRE)–The “Global Battery Management System (BMS) Market by Type (Motive Battery, Stationary Battery), Battery Type (Lithium-ion, Lead-acid, Nickel-based, Solid-state, Flow battery), Topology (Centralized, Distributed, Modular), Application, and Region – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.

The global battery management system (BMS) market is expected to grow from USD 7.8 billion in 2023 to USD 18.4 billion by 2028, at a CAGR of 18.7% from 2023 to 2028. The battery management system is implemented to manage high-energy batteries efficiently. The functions of the battery management system may vary according to the properties and requirements of the battery it is incorporated into.

The battery management system market based on battery type has been segmented into lithium-ion, lead-acid, nickel-based batteries, and others. Most end-users choose the most suitable battery type according to their requirements and the nature of the application. Lithium-ion is a widely used battery in applications such as automobiles and renewable energy systems.

Renewable energy application to hold a significant share of battery management system market in 2028

Both on-grid and off-grid renewable energy deployments are witnessing steady growth, with batteries being used for energy storage applications for many years. However, battery storage technology has gained greater traction and supports higher electricity generation…