Power Battery Management System Market Comprehensive Analysis 2019 | Industry Trend, Global Analysis and Forecast to 2023 | MRFR


Posted March 22, 2019 by DhanashreeP

Global Power Battery Management System Market, By Type (Distributed, Centralized, Modular), BY applications (Grid Energy Storage, Specialty Vehicles / Marine / Robots, Telecom / Datacom, Others) and Region - Forecast 2017-2023.
 
Power battery management systems manage and protect the cells in a battery pack. These manage the rechargeable batteries by monitoring the state of the device and data ensure log life battery by protecting the battery from damage. The increasing integration of battery management systems in consumer electronics and renewable energy systems, applications is the major driver for the battery management system market. Moreover, PBMS market for lithium-ion-based battery, is expected to witness the highest growth rate during the forecast period. 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. The global power battery management system market is expected to reach, approximately, USD 6,564.6 million by the end of 2023, growing at a CAGR of more than 10% between 2017 and 2023.

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The power battery management system utilizes various technologies that comprises numerous associated equipment. The gradual downfall in the price of raw material and manufacturing cost have resulted in the increase use of power battery management system. The reduction in battery cost, and related equipment such as anode materials, cathode materials, electrolyte and separators have given end-user, a strong framework to the investment in the energy storage system.

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)

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Regional Analysis

Asia Pacific accounted for the largest market share of 47.35% in 2016, followed by North America, which is expected to grow at a CAGR of 11.85% during the forecast period. Asia-Pacific has a cumulative energy storage capacity of 73.51 GW. Open pumped hydro storage contributed about 72.6 GW and the remaining 0.91 GW capacity came through batteries and thermal, chemical & electro-chemical energy storage. The government of India has set up a target of 6-7 billion electric vehicle by end of 2020. This increase in the production of electric vehicle will drive the power battery management system. Asia Pacific has a great potential in overall energy storage capacity due to growing concern to develop renewable energy resources and carbon footprint.

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Last Updated March 22, 2019