Market Research Future (MRFR) expects the global power battery management system market to reach USD 14042.04 million at a CAGR of 18.59% from 2020 to 2027 (forecast period).
The global power battery management system market's growth drivers are environmental sustainability and the increasing need for battery management in electric vehicles and hybrid electric vehicles. Furthermore, the high demand for battery management systems from renewable energy storage system applications, as well as the increasing trend of battery-powered public transportation, drive the market. High maintenance costs and a lack of technical know-how regarding installation, on the other hand, limit the growth of the global power battery management systems market. In addition, an increase in the development of equipment related to the storage of energy technology, combined with a decrease in raw material costs, is creating a favorable environment for current and new service providers to provide viable energy storage solutions at a low cost.
COVID-19 Impact on the Global Power Battery Management System Market
The implementation of a body of norms by governments around the world to deal with the COVID-19 outbreak, like a complete shutdown of manufacturing units, has been expected to have an influence on the growth of the global power battery management system market.
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Market Segmentation
The global power battery management system industry has been segmented on the basis of type and application.
On the basis of type, the global power battery management system market has been segmented into distributed, centralized, and modular. Centralized earns the largest market share in the battery management system market. A centralized power battery management system provides one printed circuit board with one microchip. A decentralized power battery management system has been expected to be the second-largest market for the power battery management system market.
On the basis of application, the worldwide power battery management system industry has been segmented into grid energy storage, specialty vehicles/marine/robots, and telecom/datacom. Grid energy storage captures the largest market share due to its features of storing energy when energy demand is more than the energy produced. Telecom/Datacom is predicted to be the second-largest market for the power battery management system market owing to its application in the telecom sector to protect the systems from power fluctuations.
Regional Analysis
Region-specific analysis of the global power battery management system market spans across North America, Europe, Asia Pacific, and the rest of the world.
Because of the region's growing demand for developing renewable energy sources and lowering its carbon footprint, Asia Pacific is expected to be a prominent region for the power battery management system industry. China has the largest market share in the Asia Pacific region, owing to the region's growing demand for electric vehicles. In addition, during the forecast period, North America is projected to be the second-largest market for power battery management systems. Because of the development of battery-powered vehicles, which drive the battery management system market in the region, the United States is expected to be the leading market in the North American power battery management system market.
Competitive Landscape
The global power battery management system industry is fiercely competitive, with numerous players from around the world. To increase their global footprint and market share, the players employed a range of strategies. Some of the key strategies employed by the players include mergers and acquisitions, as well as strategic alliances and collaborations.
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Key Players
Notable players in the global power battery management system market are Continental AG (Germany), ABB (Switzerland), Robert Bosch GmbH (Germany), AEG Power Solutions (Netherlands), The AES Corporation (US), Hyundai Kefico Corporation (South Korea), Exide Industries Limited (India), Su-Kam Power Systems Ltd (India), Nuvation Energy (US), Roboteq (US), Sedemac (India), Wärtsilä (US), Lincad Ltd (UK), and Lincad Ltd (UK).
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