WiseGuyReports published new report, titled “Power Battery Management System Market”
Introduction
The global Power Battery Management System (PBMS) Market size is anticipated to reach USD 6,944.2 million by 2023. Environmental sustainability, and growing need for battery management in electric vehicles and hybrid electric vehicles, act as growth drivers for the market. Moreover, the high demand for battery management systems from the renewable energy storage system applications, and growing trend of battery-driven public transport, further drive the market. Whereas, high maintenance cost and lack of technical know-how regarding installation, may restrain the growth of the global power battery management systems market. Moreover, increase in the production of equipment related to storage of energy technology with reduction in raw material cost, is creating a favorable environment for the existing and new service provider to provide viable energy storage solution in a cost effective way.
Global Power Battery Management System (PBMS) Market has had a broad market in recent years. MRFR analysts have predicted that power battery management system (PBMS) market would grow at a rapid pace. Moreover, the downfall in the technology cost, increasing application of battery management system across end-user industries has given power battery management system (PBMS) market, growth momentum. The global market for power battery management system (PBMS) has been segmented based on type, application and region. On the basis of Type, Centralized type accounted for the largest market share and is projected to grow at the highest CAGR of 12.60% during the forecast period. Based on application, grid energy storage application accounted for the largest market share of 58.67% in 2016, with a market value of USD 2,091.4 million.
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Key Players
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)
Objectives of Global Power battery management system Market Analysis & Forecast, from 2017 to 2023
• To provide detailed analysis of the market structure along with forecast for the next five to ten years of the various segments and sub-segments included in global power battery management system market with analysis of its development and demand in the market
• To identify high growth regions and countries
• To study regional and country specific demand and forecast for global power battery management system market
• To cover the key segments of type, application and region
• To finalize unit breakdown for all different classifications required for forecasting, considering various factors
• To identify forecast demand for all probable segments for all the regions, and to collect the historical figure, data through primary and annual reports to derive the regional and country level market size
• To identify historical trends so as to forecast and estimate the future value data
Target Audience
• Manufactures
• Raw materials suppliers
• Aftermarket suppliers
• Research institute & education institute
• Potential investors
• Key executive (CEO and COO) and strategy growth manager
Key Findings
• Global Power battery management system market is expected to reach USD 6,944.2 million by 2023
• By Type, Centralized segment dominates the global power battery management system market with share of 46.00% in 2016, in terms of value. It is expected to grow at 12.60% CAGR during the forecast period
• By Application, Grid Energy Storage segment dominates the global power battery management system market with share of 58.67% in 2016, in terms of value. It is expected to grow at 12.04% CAGR during the forecast period
• Geographically, Asia Pacific has been projected to have the largest market share in global power battery management system market. China accounted for the largest market share of 36.92% in 2016, with a market value of USD 623.2 million
Regional and Country Analysis of Global Power Battery Management System Market Estimation and Forecast
Asia Pacific holds the largest market share of the global battery management system, owing to the rapid adoption of battery management systems in various applications such as portable device, automotive, renewable energy storage system. Asia Pacific has a great potential in overall energy storage capacity due to growing concerns to develop renewable energy resources and carbon footprint. Moreover, the trend of battery powered automotive such as electric vehicles, e-bikes, and automated guided vehicle and the increasing number of projects in North America, are expected to drive the battery management system market.
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