Battery management system manages and monitors the state of charge of a multicell battery string and the state of health. The system is responsible for performance, safe operation, and battery life under diverse environmental and charge-discharge conditions. The process includes collecting data and communicating to the elements that balance or control its environment.

According to a research report by Astute Analytica, the global battery management system market growing at a compound annual growth rate (CAGR) of 20.2%% over the projection period from 2023 to 2030.

The substantial market growth is due to factors such as increasing demand for e-vehicles, and stringent government regulations on CO2 emissions boosting the shift from fossil-based energy to renewable form. As a result, it speeds up battery adoption and increases deployment of battery management systems in telecom and automotive enabling end-user to monitor and analyze battery data.

The battery management system market leverages the trend of cloud-connected systems. The cloud-connected battery management system offers online monitoring and analysis of battery data, estimates the state of charge (SOC) and appropriate state of health (SOH), and helps with critical failures at an early stage.

Governments are working to achieve their climate change goals and enacting laws to transform their primary energy source into renewable sources. The European Union, for instance, has the European Green Deal, the Horizon Europe funding program, and the EU Hydrogen Strategy.

A portion of the CARES Act 2020 plan and the Nationally Determined Contribution (or "NDC") that the United States presented to the UNFCCC describe efforts to achieve net-zero emissions within a specific time frame. As a result of these initiatives, the battery management system market will consequently expand.

Europe acquired a large share of the global battery management system market in 2019, due to significant battery producers in the area, like FIAMM (Italy) and Saft (France). The presence of automakers like Daimler (Germany), the BMW Group (Germany), and Volkswagen is another factor contributing to the demand for battery management systems (Germany).

As a result of encouraging government measures like subsidies for EV manufacturers and the exemption of registration fees and road charges, there has also been an increase in EV penetration in the Netherlands.

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