Market Synopsis of Power Battery Management System Market:-
Power Battery management systems are one of those crucial electronic devices that are majorly used to control and monitor the charging and discharging of rechargeable batteries. Moreover, they are widely used in applications such as grid energy storage, and specialty vehicles / marine / robots, telecom / datacom. As per the need and requirements these batteries are configured to meet the application requirements.
Power battery management systems manage and protect the cells in a battery pack. These manage the rechargeable batteries by monitoring the state of the device and data ensure log life battery by protecting the battery from damage. The increasing integration of battery management systems in consumer electronics and renewable energy systems, applications is the major driver for the battery management system market.
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Global Key Players :-
The major players operating in the market of global power battery management system are LG Chem Ltd (South Korea), ABB (Switzerland), Robert Bosch GmbH (Germany), AES Energy Storage (U.S.), Continental AG (Germany), Kefico Corporation (Korea ), AEG Power Solutions (Germany), Greensmith Energy (U.S.), Su-Kam Power Systems Ltd (India), Exide Industries Limited (India)
Moreover, PBMS market for lithium-ion-based battery, is expected to witness the highest growth rate during the forecast period. The high demand for battery management systems from the renewable energy storage applications and growing trend of battery-driven public transport, also drives the growth of the market. Furthermore, overall cost of the device acts as a major restraint for the growth of the market. The global power battery management system market is expected to reach, approximately, USD 6,564.6 million by the end of 2023, growing at a CAGR of more than 10% between 2017 and 2023.
Asia Pacific accounted for the largest market share of 47.35% in 2016, followed by North America, which is expected to grow at a CAGR of 11.85% during the forecast period. Asia-Pacific has a cumulative energy storage capacity of 73.51 GW. Open pumped hydro storage contributed about 72.6 GW and the remaining 0.91 GW capacity came through batteries and thermal, chemical & electro-chemical energy storage. The government of India has set up a target of 6-7 billion electric vehicle by end of 2020. This increase in the production of electric vehicle will drive the power battery management system. Asia Pacific has a great potential in overall energy storage capacity due to growing concern to develop renewable energy resources and carbon footprint.
North America held the largest share of the global PBMS market in 2016, owing to the rapid adoption of power battery management systems in various applications such as portable device, automotive, renewable energy storage system, and telecommunication in this region. Geographically, U.S. is one of the major revenue generators of power battery management system. However, for the manufacturer there will be ample opportunities to invest or increase the production capacity.
Europe is addressing these new challenges in the energy system by promoting innovation in key technologies and developing suitable market rules. Germany energy storage market has witnessed an enormous enhancement in recent years, this is largely driven due to Germany’s ambitious energy transition. The enhancement in technology in battery system have led to the growth of the power battery management system market.
The report for Global Power Battery Management System Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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TABLE OF CONTENTS:-
TABLE 1 GLOBAL POWER BATTERY MANAGEMENT SYSTEM MARKET, BY TYPE, 2015-2023 (USD MILLION) 30
TABLE 2 GLOBAL POWER BATTERY MANAGEMENT SYSTEM MARKET, BY TYPE, 2015-2023 (THOUSAND UNITS) 30
TABLE 3 GLOBAL POWER BATTERY MANAGEMENT SYSTEM MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 33
TABLE 4 GLOBAL POWER BATTERY MANAGEMENT SYSTEM MARKET, BY APPLICATION, 2015-2023 (THOUSAND UNITS) 34
TABLE 5 EUROPE: GLOBAL POWER BATTERY MANAGEMENT SYSTEM MARKET, BY COUNTRY, 2015-2023 (USD MILLION) 39
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