Global Power Battery Management System
Market Analysis:
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 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.
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.
Global Power Battery Management System
Market Segmentation
The
Global Power
Battery Management System Market Share 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.
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)
Regional Analysis
Region-wise, Asia Pacific has accounted for the
largest market share and is probably to cultivate at a CAGR of 11.85% by 2023.
Asia-Pacific region is known for a cumulative energy storage capacity of 73.51
GW, where open pumped hydro storage contributed about 72.6 GW and the remaining
0.91 GW capacity came through batteries and thermal, chemical &
electrochemical energy storage. Also, the government of India has set up a
target of 6-7 billion electric vehicles by the end of 2020. Such an increase in
the production of the electric vehicle will eventually drive the power battery
management system exponentially. The Asia Pacific also has a great potential in
overall energy storage capacity owing to growing concern to progress renewable
energy resources and carbon footprint.
Whereas, North America held the largest share of the
global power battery management system market in 2016 owing to the swift
espousal of power battery management systems in various applications such as
portable device, automotive, renewable energy storage system, and
telecommunication in this region. The U.S. is one of the major revenue
generators of power battery management system that is expected to bring ample
opportunities to invest or increase the production capacity.
Next comes the Europe region that is addressing these
new challenges in the energy system by promoting innovation in critical
technologies and developing suitable market rules. Germany energy storage
market has witnessed a massive enhancement in recent years and driven due to
Germany’s ambitious energy transition. The improvement in technology in battery
system has led to the progress of the power battery management system market.
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