The global market for power battery management system is majorly driven by factors downfall in the technology cost, increasing adoption electric or hybrid vehicles, various incentives and tax benefits to manufacture hybrid and electric vehicles and others.
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Market Highlights:
The global power battery management system market is expected to reach, approximately, USD 6,944.2 million by the end of 2023, growing at a CAGR more than 11.86% between 2017 and 2023.
Power battery management systems, for certain applications, allow for charge and discharge control and also report errors to a head-end system. It uses a triple security system based on a combination of software and hardware security. PBMS may also allow a safe way to connect the battery to different loads and eliminate excessive inrush currents to load capacitors. Moreover, it has been used in a range of applications such as automotive, building energy storage, and remote area storage with all different demands of the product. These diverse applications and the issues met in these applications have made the battery management system, very robust.
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The electronics manufacturers are focusing on manufacturing miniature versions of electronic products, due to which the size of PBMS is being reduced by the manufacturers. Increasing demand for minimizing fuel costs and maximizing vehicle efficiency leads to technological advancements in electric and hybrid electric vehicles.
Top Manufacturers:
The prominent players in the power battery management system are LG Chem Ltd (Korea), ABB (Switzerland), AES Energy Storage, LLC(U.S.), AEG Power Solutions GmbH (Germany), Eos Energy Storage (U.S.), Greensmith Energy Management Systems (U.S.), HID-europe GmbH + Co. KG (Germany), 1Energy (South Africa), Elithion, Inc. (U.S.) and Su-Kam Power Systems Ltd. (India)
Global Power Battery Management System Industry Segmental Overview:
The global Power Battery Management System Market has been segmented on the basis of type, application, and region.
By Type, the industry has been segmented on distributed, centralized, and modular.
By applications grid energy storage, specialty vehicles, marine, robots, telecom, datacom, others.
By region, the Power Battery Management System Market covers its growth opportunities and regional trends across North America, Europe, Asia-Pacific and Rest of the World.
Regional Analysis:
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.
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.
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.
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List of Tables
Table 1 Global Power Battery Management System Market, By Type, 2015-2023 (USD Million)
Table 2 Global Power Battery Management System Market, By Type, 2015-2023 (Thousand Units)
Table 3 Global Power Battery Management System Market, By Application, 2015-2023 (USD Million)
Table 4 Global Power Battery Management System Market, By Application, 2015-2023 (Thousand Units)
Table 5 Europe: Global Power Battery Management System Market, By Country, 2015-2023 (USD Million)
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List of Figures
Figure 1 Research Process Of MRFR
Figure 2 Top Down & Bottom Up Approach
Figure 1 Drivers & Restraints Impact Analysis Of Global Power Battery Management System Market
Figure 2 Porter’s Five Forces Analysis
Figure 3 Power Battery Management System Industrial Chain Analysis
Figure 4 Global Power Battery Management System Market, By Type, 2016 (%)
Figure 5 Global Power Battery Management System Market Value, By Application, 2016 (%)
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