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 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.
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Power Battery Management System Industry Highlights
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. A detailed analysis report of COVID-19 impact on Power Battery Management System Market is provided with the report.
Global Power Battery Management System Market Segmentation:
The Market Research Future report offers a wide segmental analysis of the power battery management system market based on type and applications.
Based on type, the power battery management system market is segmented into modular, centralized, and distributed.
Based on applications, the power battery management system market is segmented into datacom, telecom, robots, marine, specialty vehicles, grid energy storage, and others.
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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)
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.
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.
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.
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