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.
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.
Regional
Outlook
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 Power
Battery Management System Market 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)
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