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.
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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. 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.
Environmental sustainability, increasing adoption electric or hybrid vehicles, various incentives and tax benefits to manufacture hybrid and electric vehicles, locally, act as growth drivers for the market. Moreover, off-grid renewable energy generation is expected to witness significant growth over the forecast period due to rising off-grid installations, owing to the government support and growing focus on improving living conditions. High maintenance cost and lack of technical know-how regarding installation, may restraint the growth of the global power battery management systems market.
The power battery management system utilizes various technologies that comprises numerous associated equipment. The gradual downfall in the price of raw material and manufacturing cost have resulted in the increase use of power battery management system. The reduction in battery cost, and related equipment such as anode materials, cathode materials, electrolyte and separators have given end-user, a strong framework to the investment in the energy storage system. The increase in the production of equipment related to storage of energy technology with reduction in raw material cost is developing a favorable environment for the existing and new service provider. This provides viable energy storage solution in a cost effective way. However, the high initial capital investment, acts as a major barrier for the growth of the power battery management system market.
Global Power battery management system market is expected to have a very broad market in coming recent. MRFR analysts has predicted that power battery management system industry is about to grow at a rapid pace. Moreover, the economic growth with emissions reduction have given the growth, a momentum. The global power battery management system market is poised to grow at an estimated CAGR of 11.86% through the forecast period.
Global Power Battery Management System Market: Segmentation
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 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)
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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