Battery Management System (BMS) finds increased applications in uninterruptible power supply (UPS) systems as they provide high power density and enhanced life expectancy. A UPS system is an electrical equipment that supplies power when the main power or input power sources fail. UPS systems are extensively used in buildings such as hospitals, banks, offices, data centers, and educational institutions.
The high electric manageability of a lead-acid battery is expected to fuel the market growth over the forecast period. Moreover, the increasing demand for UPS systems in industries, corporate offices, research institutions, educational institutes, hospitals, and houses, owing to the rapid urbanization and industrialization in the emerging economies, is expected to drive the market over the projected period.
The UPS market is expected to witness a substantial growth over the forecast period, in light of the growing demand for high power systems. The increasing adoption of UPS systems as essential power backup devices is expected to favorably impact the market growth over the forecast period. The growing population coupled with the need for eliminating diseases is anticipated to propel the demand for more hospitals and healthcare centers in the country, which is anticipated to drive the demand for power backup equipment in the future.
The growing penetration of UPS solutions in businesses, to counter data losses and disconnections in data transmission, is expected to spur the data center UPS market over the projected period. The growing implementation of cloud computing coupled with the need for sensitive and ubiquitous data is expected to encourage data center UPS installations over the projected period. High requirements of data center UPS is anticipated to aid in the industry expansion.
BMS is increasingly used in renewable energy generation as it helps to level the variability of the power generated. China is the world’s leading producer of wind energy and is expected to witness significant growth in the production of wind energy over the forecast period. The wind capacity output is likely to cross 200 GW by 2020 and drive the demand for energy storage systems in the country.
In-depth report on global battery management system market by Grand View Research:
www.grandviewresearch.com/industry-analysis/battery-management-system-bms-market
China is the world’s leading producer of both photovoltaic and solar thermal energy with a capacity of 43.2 Gig watts. Under the 13th Five Year Plan, China has planned to triple its solar capacity by 2020, by adding 15 to 20 Gig watts of solar capacity, every year, for the next five years. The increase in solar capacity is expected to augment the demand for energy storage systems over the forecast period.
A major problem in the development of electric vehicle (EV), in the emerging economies, is a mismatch between power generation and consumption. In addition to high cost, lack of facilities for maintenance of advanced technology, inability to meet the manufacturing standards, and operation issues are the major factors affecting the growth of the electric vehicle technology in the emerging economies.
Moreover, the availability of alternative fuel technologies, is expected to restrain the market demand. The success of EV production majorly depends on the charging infrastructures, availability of electricity, the cost of charging batteries, and overall vehicle maintenance cost.
In-depth report on global battery management system market by Grand View Research:
www.grandviewresearch.com/industry-analysis/battery-management-system-bms-market