Global Power Battery Management System Market Growth and Forecast to 2025

Posted by Anvi on January 29th, 2020

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 market with their trending tracks, future opportunities, regional occupancy and more. The Global Power Battery Management System Market 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 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:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Like it? Share it!


About the Author

Joined: October 25th, 2019
Articles Posted: 461

More by this author