Global Non-Volatile Memory Market Research Report: Forecast to 2023
Global Power Battery Management System Market Research Report: Forecast to 2025
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Copyright Š 2017 Market Research Future.
Global Non-Volatile Memory Market Research Report: Forecast to 2023
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Copyright © 2017 Market Research Future.
Global Non-Volatile Memory Market Research Report: Forecast to 2023
Summary 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 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.
Competitive Landscape 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)
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Copyright Š 2017 Market Research Future.
Global Non-Volatile Memory Market Research Report: Forecast to 2023
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 battery-driven 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-ionbased 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.
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.
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Copyright Š 2017 Market Research Future.
Global Non-Volatile Memory Market Research Report: Forecast to 2023
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.
Industry Updates: April 2019: Canberra-based management and control technology company Reposit Power and electricity supplier Ausgrid together has launched a one-megawatt VPP (virtual power plant) trial. This trial is opened to households which already installed Reposit power battery management system.
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Copyright Š 2017 Market Research Future.
Global Non-Volatile Memory Market Research Report: Forecast to 2023
owned company based in Norway that has developed a field-proven portfolio of completion systems and intervention tools.
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Copyright Š 2017 Market Research Future.