The global power battery management system market is likely to gain a valuation of USD 6,564.6 Million by 2023. The market has also been observed to be proliferating at a CAGR of 10% and above which also states that the market has a bright future in the coming years. This report has been gathered by research analysists of Market Research Future Reports, which studies on various aspects of the market with their trending tracks, future opportunities, regional occupancy and more. The market of power battery management system has gained much traction since past years and is still on the streamline of obtaining more valuation with the growing need for battery management in electric vehicles.
Power battery management systems allow charging and discharging control and report errors to a head-end system for specific applications. It generally uses a triple security system on a combination of software and hardware security. Such a battery system also might allow a safe way to connect the battery to different loads and eliminate excessive current flow to load capacitors. Moreover, it has also been used more in automotive, building energy storage, and remote area storage with all different demands of the product. These diverse applications have made the battery management system more and very robust.
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Power Battery Management System Market Drivers & Trends
The scenario of the market also observes that high demand for battery management systems from various renewable energy storage system applications coupled with the mounting trend of battery-driven products is further driving the market. The outstanding factor of the proliferation of this market is the environmental sustainability of the power battery management system.
Power battery management systems are also known for managing and protecting the cells in a battery pack and even monitors the state of the device. By this, it ensures a long-life battery set up by protecting the battery from damage. Hence, the increasing integration of battery management systems in consumer electronics and renewable energy systems are also known to be the major drivers for the power battery management system market. Moreover, the power battery management system market for the lithium-ion-based battery is highly probable to eyewitness the peak growth in the future timeframe.
Further, other factors that are triggering the growth of the power battery management systems market are the increasing use of the battery in an electric vehicle, e-bike, portable devices and more. Different batteries such as lithium-ion–based batteries, advanced lead-acid batteries, flow batteries, and nickel-based batteries are being used for various applications as rechargeable batteries. These are considered to be the major type of batteries that are used in the battery management system. As lithium-ion–the based battery is accepted in different applications, its lightweight, high energy and power density, and low standby losses capabilities are making it prominent with usages. Thus, this is expected to propel the growth of the power battery management systems market in the coming years.
Power Battery Management System Market Segmentation
Market Research Future Reports analysts have accumulated segmental analysis of the global power battery management system market.
Thus, the market has been segmented as type, applications, and region.
By the segmentation of type, this market segmentation consists of distributed, centralized, and modular.
By the segmentation of applications, this market segmentation consists of grid energy storage, specialty vehicles/marine/robots.
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)
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