The 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. Advancements in battery technologies have increased their adoption in various products, ranging from portable devices to electric vehicles and renewable energy systems. These applications require battery management systems to manage and control the integrated battery's operations to ensure the device's efficient operation. Thus, the battery management system has emerged as a necessary technology owing to the increased demand from applications such as automotive, renewable energy systems, UPS, and telecommunication. Moreover, the market is expected to grow further with the increasing applications of rechargeable batteries in new potential applications.

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Automotive is expected to be a major sector in the Battery Management System Market. Battery-driven vehicles are the major end users of battery management systems. Lithium-ion batteries are considered the most efficient for battery-powered vehicles, especially electric vehicles. These batteries have a low self-discharge rate, high output, and high energy density, driving the adoption of lithium-ion batteries for electric vehicles. Battery technologies currently employed in electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles have remarkably evolved. The energy density of batteries used in these applications has increased over the years, and they can now be charged and discharged numerous times.

The modular battery management system architecture offers a trade-off between the advantages and drawbacks of centralized and distributed battery management system topologies. Most manufacturers prefer modular topology as it offers good computational power and is safe as it does not require extensive wire harnesses.

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Stationary batteries are utilized without being moved and are expected to hold a significant market share in 2023. These batteries are intended to supply continuous constant current for a long time period. Stationary batteries are seldom for backup power, power supply storage, and emergency power applications. Stationary battery uses are the applications where the batteries are used as a standby power supply where motion is not involved. These applications may include but are not limited to UPS, battery energy storage systems, renewable energy storage systems, data centers, telecommunication towers, and others. The stationary batteries are also used in heavy-duty applications such as grid storage systems, data centers emergency backup, IT and telecommunications backup systems, standby power supply for ship and marine use, and power storage for solar and wind plants. The battery management system monitors the cell voltage, temperature, and internal resistance of the batteries, permitting the optimum utilization of battery life and enhancing the battery's performance in stationary applications.

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