Renewable energy systems help generate, collect, and store energy from renewable energy sources such as solar and wind. BMSs are installed in energy storage systems that are used in the renewable energy industry to store the energy generated from renewables. Renewable energy sources, such as solar and wind, are increasingly being used globally. The energy generated from such sources can be stored for later use. For instance, the energy generated from solar energy collects the energy and supply it to the consumers as per the requirement. Many utility companies around the world are focusing on increasing the use of energy storage systems to store the generated electricity from renewables to power the grid during peak demand.
Moreover, the increasing demand for the reduction of greenhouse gas emissions and environmental regulations, such as the Kyoto Protocol and Paris Agreement, aims to reduce carbon emissions. Such factors drive the need to generate electricity from renewable sources. Hence, government bodies around the world are focusing on increasing the use of renewable energy sources for generating electricity. For instance, in the US, according to the EIA, by the end of 2018, the share of renewable energy sources was around 16.9% in the country’s total energy sources. Moreover, the share of the renewable energy sources of the country is projected to account for nearly 30% of the country’s total installed capacity by 2050. As per the short-term energy outlook (STEO) report January 2019, in 2020, the utility-scale solar generating source and wind generation sources are expected to grow by 17% and 14%, respectively. Furthermore, in 2017, the government in the UAE introduced its Energy Strategy 2050 to increase the share of renewable energy to 50% in the country’s total energy mix.
The government in the UAE also aims to complete the Mohammed bin Rashid Al Maktoum Solar Park project by 2030 to generate electricity 1,000 MW by 2020 and 5,000 MW by 2030. Additionally, the Government of India (GoI) set up a target to achieve 175 GW renewable energy installed capacity, including 100 GW from solar energy and 60 GW from wind energy, by 2022. As government bodies around the world seek to increase the capacity of renewable energy systems, the demand for BMSs is expected to grow substantially during the forecast period. This is primarily because a BMS can be used to control and monitor battery systems that are used to store the energy generated from renewable sources. Furthermore, the integration of energy storage systems in on-grid or off-grid applications to store the energy generated from renewable sources is also expected to create an opportunity for the growth of the global battery management system (BMS) market. Moreover, BMSs provide data acquisition, thermal management, voltage measurement, and SOC estimation services for the battery systems installed in renewable energy generating plants.
Therefore, the growing need for battery management in renewable energy systems is expected to drive the growth of the global battery management system (BMS) market during the forecast period.
Energy shortage, depletion of fossil fuels, and increasing vehicular pollution are the primary factors that have led to the development of EVs. Additionally, the high costs of fuel used in the internal combustion (IC) engines have also triggered the need for EVs. An EV is a zero-emission vehicle that is globally considered to be the future of the transportation system. Batteries have several advantages such as low emission rates, high energy density, and long cycle life, and are used as a power source in EVs. Over the years, several countries across the world have been focusing on developing and adopting EVs and banning ICE vehicles to reduce vehicular pollution. According to the International Energy Agency (IEA), under the EV30@30 Scenario, the sale of EVs is expected to reach 44 million vehicles per year by 2030. Moreover, as per the data of Edison Electric Institute (EEI), an investor-owned electric companies association in the US, as of March 31, 2019, there were around 1.18 million EVs sold in the country. In addition to this, in 2018, the global sale of EVs increased by 64% compared to 2017. The figure below shows the sales of EVs globally.
