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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Power battery management systems are designed with
modular architectures to enable cost- and performance-optimized scaling. They
can be used to manage a range of configurations and voltages. A battery
management system monitors all batteries in a pool and eliminates battery
selection by determining which battery has had the longest cooling time since
charging. 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.
Global
Power Battery Management System Market Segmentation
The Global Power Battery Management System Market has been broadly segmented based on
types, applications and geographies. As per the type, power battery management
system market has been segmented as Distributed, Centralized, and Modular.
Distributed segment holds the largest market share with a CAGR 10.48% from 2017
to 2022. Whereas, in terms of application, it includes Grid Energy Storage,
Specialty Vehicles / Marine / Robots, Telecom / Datacom and Others. In 2016,
the power battery management system sales in grid energy storage will reach
approximately 2,922.5 in 2022; while the sales market share (%) in grid energy
storage was 60.61% in 2016 and will be 61.40% in 2022.
Geographically, Asia-Pacific is expected to show a
high rate of growth in power battery management system market over the coming
years.
North America held the largest share of the global BMS
market in 2015, 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. Whereas, Europe also
plays an important roles in global market and will be worth million USD 593.8
Million in 2023, with a CAGR of more than 10%. Many countries in Europe such as
the U.K., Germany, Italy, and others are rapidly adopting trams and
battery-driven buses to reduce emissions and ensure a green city.
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Leading
Players
We recognize the key players in the global power
battery management system market as 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)
Scope
of the Report
This research report has provides the insights, on
various levels of analyses such industry analysis, market share analysis
leading market players and their profiles. This report also helps in studying
the target segments by providing views on emerging & high-growth segments
and market conclusion. Together the market data comprise and discuss with the
basic assessments on the competitive scenarios & strategies, of the global
Power Battery Management System market, including the high-growth regions,
countries and their political, economic and technological environments.
Furthermore the project report also provides the views over the historical
market values as well as, pricing and cost analysis of the same.
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