Power Battery
Management System Market Analysis
The
global power battery management system (BMS) market is predicted to touch USD
6,564.6 million at a 10% CAGR over the forecast period (2017-2023), reveals the
new Market Research Future (MRFR) report. A battery management system or BMS is
an electronic system which manages rechargeable batteries such as protect the
battery to operate outside its safe operating area, monitor its state,
calculate secondary data, report that data, control its environment,
authenticate or balance the same. This electronic controller helps in
controlling and monitoring the charging as well as discharging of batteries
that are rechargeable. Moreover, it also offers notification about the battery
pack along with critical safeguards for protecting the batteries against
damage.
Various
factors are driving the growth of the power battery management system market.
These factors, in accordance with the Market Research Future (MRFR) report,
include increasing use of renewable energy in different applications owing to
growing concerns about climate changes, decreasing cost of solar photovoltaic
cells and batteries, favorable initiatives taken by the government, growing
demand for electric and hybrid cars, and strict regulations related to carbon
dioxide emissions.
Power Battery
Management System Indsutry Segmentation
The
Market Research Future report offers a wide segmental analysis of the Power
Battery Management System Market based on type and applications.
Based
on type, the power battery management system market is segmented into modular,
centralized, and distributed.
Based
on applications, the power battery management system market is segmented into
datacom, telecom, robots, marine, specialty vehicles, grid energy storage, and
others.
Regional Analysis
Based
on the region, the power battery management system market report covers growth
opportunities and the latest trends across Asia Pacific (APAC), Europe, North
America, and the Rest of the World (RoW).
Of
these, the power battery management system market report in the APAC region is
predicted to have a lion’s share over the forecast period. It is predicted to
grow at a 11.85% CAGR. This region has an energy storage capacity of 73.51 GW.
About 72.6 GW has been contributed by open pumped hydro storage, and the
remaining 0.91 GW has been contributed by thermal, electro-chemical, and
chemical energy storage and batteries. In India, the government has set up a
6-7 billion target of electric cars by 2020. The rise in the production of such
cars will push the market growth. This region has immense potential in overall
energy storage capacity owing to increasing concern for developing carbon
footprint and renewable energy resources.
The
power battery management system market in North America is predicted to have a
favorable growth over the forecast period. This is owing to the increasing use
of power battery management systems in numerous applications, including
telecommunication, renewable energy storage, automotive, and portable device.
The US is the key contributor here. The manufacturers will have ample
opportunities in increasing or investing in the production capacity.
The
power battery management system market in Europe will have a notable growth
over the forecast period. This region is helping to address new challenges
taking place in the energy system by promoting various innovation in major
technologies and creating suitable market rules. Germany is the key contributor
here. Energy storage market in Germany has experienced a lot of improvements
recently owing to the ambitious energy transition in Germany. The technological
enhancements in battery systems have resulted in the growth of the power
battery management system market in this region.
Key Players
Leading
players profiled in the power battery management system market report include
Exide Industries Limited (India), Su-Kam Power Systems Ltd (India), Greensmith
Energy (US), AEG Power Solutions (Germany), Kefico Corporation (Korea),
Continental AG (Germany), AES Energy Storage (US), Robert Bosch GmbH (Germany),
ABB (Switzerland), and LG Chem Ltd (South Korea), among others.
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