The global battery management system market size is estimated to grow from USD 5.2 billion in 2019 to USD 12.6 billion by 2024, at a CAGR of 19.5%. The growth of this market is expected to be driven by the growing trend of electric vehicles, increasing requirement of battery monitoring in renewable energy systems, and need for effective electric grid management. The report covers the market segmented into battery type, type, topology, application, and geography. Based on battery type, the other battery segment is expected to grow at the highest rate during the forecast period. The high capacity and ability of flow batteries to withstand extreme temperatures make them suitable for applications such as renewable energy systems and UPS.
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