Global Power Battery Management System Market Insights The global power battery management system market is likely to gain a valuation of USD 6,564.6 Million by 2023. The market has also been observed to be proliferating at a CAGR of 10% and above which also states that the market has a bright future in the coming years. This report has been gathered by research analysists of Market Research Future Reports, which studies on various aspects of the Battery Management System Market with their trending tracks, future opportunities, regional occupancy and more. The market of power battery management system has gained much traction since past years and is still on the streamline of obtaining more valuation with the growing need for battery management in electric vehicles. 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 System Market Drivers & Trends The scenario of the market also observes that high demand for battery management systems from various renewable energy storage system applications coupled with the mounting trend of batterydriven products is further driving the market. The outstanding factor of the proliferation of this market is the environmental sustainability of the power battery management system. Power battery management systems are also known for managing and protecting the cells in a battery pack and even monitors the state of the device. By this, it ensures a long-life battery set up by protecting the battery from damage. Hence, the increasing integration of battery management systems in consumer electronics and renewable energy systems are also known to be the major drivers for the power battery management system market. Moreover, the power battery management system market for the lithium-ion-based battery is highly probable to eyewitness the peak growth in the future timeframe. Further, other factors that are triggering the growth of the power battery management systems market are the increasing use of the battery in an electric vehicle, e-bike, portable devices and more. Different batteries such as lithium-ion–based batteries, advanced lead-acid batteries, flow batteries, and nickel-based batteries are being used for various applications as rechargeable batteries. These are considered to be the major type of batteries that are used in the battery management system. As lithium-ion–the based battery is accepted in different applications, its lightweight, high energy and power density, and low standby losses capabilities are making it prominent with usages. Thus, this is expected to propel the growth of the power battery management systems market in the coming years. Power Battery Management System Market Segmentation
Market Research Future Reports analysts have accumulated segmental analysis of the global power battery management system market. Thus, the market has been segmented as type, applications, and region. By the segmentation of type, this market segmentation consists of distributed, centralized, and modular. By the segmentation of applications, this market segmentation consists of grid energy storage, specialty vehicles/marine/robots. 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. 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) About Market Research Future:
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