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.
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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.
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)
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Regional
Analysis
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.
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