By Editors of Power Engineering
The total size of the global battery management system market is expected to reach $11.17 billion by 2025, according to a report from Grand View Research.
The report indicates battery storage will be driven by the increasing use of renewable generation, which will continue to grow as concerns over emissions persist and costs fall. Battery storage makes solar and wind power more reliable at times of low generation.
Safety issues, utility resistance and regulatory barriers have restricted the integration of battery storage into other forms of power generation so far.
Lead-acid batteries are now the most common type of battery used in energy storage systems.
Much of the growth in energy storage is likely to come from the Asia Pacific region.
Currently, the main players in the battery management system market include Texas Instruments, NXP Semicondutor N.V., Elithion and Vecture.