Power Battery Management System Market Analysis:
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.
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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 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.
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.
Leading players profiled in the power battery management system market report include Exide Industries Limited (India), Su-Kam Power Systems Ltd (India), Greensmith Energy (US), AEG Power Solutions (Germany), Kefico Corporation (Korea), Continental AG (Germany), AES Energy Storage (US), Robert Bosch GmbH (Germany), ABB (Switzerland), and LG Chem Ltd (South Korea), among others.
Industry Related News:
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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