FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., Dec. 13, 2022 /PRNewswire/ -- A battery management system (BMS) is described as an electronic system that controls and monitors the charging and discharging of batteries and provides notifications about the status and condition of battery packs. In addition, providing critical safeguards to protect batteries from damage is one of the primary functions of the battery management system. The market was negatively impacted by COVID-19. Presently the market has now reached pre-pandemic levels. By application, the market is segmented into stationary, portable, and transportation. A report from Mordor Intelligence projected that the global battery management system market is expected to reach USD 8.53 billion by the end of the year (2022), and it is projected to register a CAGR of over 4.85% during the forecast period (2027). The report said: "Over the medium term, the growing demand for battery management systems is expected to stimulate the market growth of battery management systems. Furthermore, the increasing adoption of electric vehicles, the need for robust charging infrastructure, and the focus on increasing the energy efficiency of batteries are also expected to drive the growth of the market studied. Nevertheless, technological advancements in battery management systems with advantages, such as reduced complexity, better efficiency, and improved reliability, among others, are expected to provide growth opportunities in the forecast period. The Asian-Pacific region dominates the market and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to the rapid rise in sales of electric vehicles in countries like China and Japan. This rise has been due to the extensive efforts of the governments to reduce greenhouse gas emissions." Active stocks in news today include: KULR Technology Group, Inc. (NYSE: KULR), Microsoft Corp. (NASDAQ: MSFT), QuantumScape Corporation (NYSE: QS), FREYR Battery (NYSE: FREY), Solid Power, Inc. (NASDAQ: SLDP).