Energizing Future: Battery Management System Market Eyes 18.7% CAGR

The global battery management system (BMS) market is projected to grow from USD 7.8 billion in 2023 to USD 18.4 billion by 2028, at CAGR of 18.7% during the forecast period according to a new report by MarketsandMarkets™.

A battery management system (BMS) is an electronic device that monitors and controls the operations of a rechargeable battery. The main functions of a battery management system include managing the power output, providing the charging and discharging status of the battery pack, enabling critical safeguards to protect the batteries from damage, and prolonging the battery life and efficiency. The battery management systems are mostly integrated with high-energy batteries such as lithium-ion batteries, advanced lead-acid, flow, and nickel-based batteries. Out of all these battery types, battery management systems are most widely used with lithium-ion-based batteries.