New York, US, Dec. 13, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Power Battery Management System Market: Information by Applications, Type, and Region- Forecast 2030”, the global market for power battery management system to thrive considerably during the review timeframe from 2022 to 2030 at a healthy growth rate of approximately 18.59%.
Power Battery Management System Market Overview:
Battery management systems are available in either single-board or master-slave architecture and are utilized for overcharge/deep discharge, short circuit protection, pre-charge, over/under voltage, over/under temperature, and over current. These systems are incorporated with particular algorithms such as real-time control over charge/ discharge current, cell/ module balancing, SOH, and SOC. Battery management systems are utilized in specialty vehicles, residential energy storage, commercial & industrial facilities, and utility grid support. Marine batteries, leisure submarines, and E-wakeboards depend on marine battery management systems for better performance.
The catalog for leading participants across the global power battery management system market includes players such as:
- Toshiba Corporation (Japan)
- Analog devises Inc. (US)
- Robert Bosch GmbH (Germany)
- Merlin Equipment (UK)
- Johnson Matthey (UK)
- Texas Instruments Incorporated (US)
- Edition (US)
- Panasonic Corporation (Japan)
- EBERSPÄCHER (Germany)
- Ricardo (UK)
- Lithium Balance (Denmark)
- MASTERVOLT (Netherlands)
- Microchip Technology, Inc. (US)
- East Penn Manufacturing Company (US)
- STARTED Development (France)
- Medtronic's, Inc. (US)
- NXP Semiconductors (Netherlands)
- NUVATION (US)
- Auto Motive Power, Inc. (united states of America)
- EWERT Energy Systems, Inc. (United States of America)
- DEUTZ AG (Germany)
- AVL (Austria)
- Lithium WERKS (Netherlands)
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The global power battery management system market has demonstrated a massive expansion in recent times. The growing demand for developing renewable energy sources is the primary parameter supporting the market's growth. In other terms, the power battery management system is called the battery packs brain. It has an electronic system that monitors and controls the battery's status and informs the users about the condition and status of battery packs. The primary function of the power battery management system is to safeguard the battery from damage crucially. These new systems also involve functional blocks such as temperature monitors, real-time clocks, microcontrollers, and cell voltage monitors.
The global power battery management system market trends imply that there has been a growing demand for energy efficiency in the manufacturing sector, increasing adoption of IoT & cloud-based platforms, and rising installation of renewables in the industry is boosting the market's growth over the coming years.
Power Battery Management System Market Report Scope:
| Report Metrics | Details |
| Power Battery Management System Market Size by 2027 | 2027: USD 14042.04 Million |
| CAGR during 2022-2030 | 18.59% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | New product launches and R&D amongst major key players |
| Key Market Drivers | Increasing demand for developing renewable energy sources Reduction of carbon footprint in the region |
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Power Battery Management System Market USP Covered
Market Drivers
The global power battery management system market has shown massive expansion in recent times. The primary parameter supporting the market's growth is the stringent regulations and policies implemented by governments worldwide, such as Kyoto Protocol, to lower Greenhouse Gas (GHG) emissions. Furthermore, the factors such as the rise in consumer demand to maximize vehicle efficiency & minimize fuel costs, an increase in awareness regarding the harmful effects of petrol & diesel-fuelled vehicles, and the requirement to optimize the utilization of battery storage volume are also likely to fuel the growth of the Power Battery Management System Market over the coming years.
Market Restraints
On the other hand, the disruption in the demand and supply chain mechanism will likely restrict the market's growth.
Power Battery Management System Market Segment Analysis
Among all the battery types, the lithium-ion battery segment is anticipated to secure the top position across the global power battery management system market over the review era. The growing application areas in all the end use sectors are believed to be the prime parameter supporting the segment's growth. Compared to contemporary batteries such as nickel and acid lead batteries, these lithium batteries are gaining interest amongst vehicle manufacturers due to their high charge density and low weight qualities. Renaissance Electronics, a prominent supplier of semiconductor solutions, has disclosed the form's 4th generation lithium-ion battery management integrated circuit offering a better battery cell life for electric and hybrid vehicles.
Based on topology, the modular topology segment is anticipated to secure the leadership position across the global power battery management systems market over the forecasted period. Numerous manufacturers chose modular topology as it has excellent computational power and is considered safe as it does not need vast wire harnesses in energy storage systems, drones, medical mobility vehicles, industrial ups, and the parts of electric vehicles. Modular topology is beneficial, so there is a massive demand for modular topology, which is anticipated to increase during the forecast.
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Among all the application areas, the energy storage segment is anticipated to hold the top position across the global power battery management systems market during the review timeframe. In times of power outages, the crucial participants rely on the UPS and generators apart from the utilization of batteries. These are primarily utilized in telecom industries for power generation. The power generation and telecom sectors will significantly contribute to the systems market. The demand for battery systems is anticipated to increase as there is a rise in demand for hybrid and electric vehicles. In the electric automotive high voltage battery packs are utilized in stationary applications in energy storage systems.
COVID-19 Impact
The global power battery management system market has recently faced several unexpected changes, given the arrival of the global health crisis in the shape of COVID-19. With global financial and industrial activities returning to normal, the global power battery management system market is anticipated to show substantial development over the years.
Power Battery Management System Market Regional Analysis
The global power battery management systems market is analyzed across five significant geographies: the Middle East & Africa, South America, North America, Europe, and Asia-Pacific.
According to the research reports by MRFR, the Asia-Pacific region is predicted to secure the top position across the global market for power battery management systems over the review era. The constantly increasing number of stores selling electronic vehicles is considered the primary parameter is supporting regional market growth. The prime participants across the market are making heavy investments across the region to offer electric scooters for short distances, which is believed to be a crucial parameter likely to boost the growth of the regional market.
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The North American regional market for power battery management systems is likely to show considerable development during the assessment era, given factors such as rising penetration of electric vehicles, favorable government policies, and an increase in automotive sales.
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