Pune, India -- (SBWire) -- 12/13/2018 --Competitive Analysis
The evolution patterns are revised in tandem to the customer likings to realize the greatest growth, and in the long run, viability. The alterations seen in terms of strategy execution and creation are modifying the development pace of the market. The market is also well equipped to meet the challenges and keep up with the dynamic growth trends effectively. The framework for growth plans also has stimulated the market for potential new entrants. The market contenders are making considerable adjustments to minimize the incidence of competitive disadvantage. The leadership trends in the market are reinforcing the level of growth that can be achieved in present market scenario. The plan formulation process in the market has become significantly easier in which deviations are well accounted for; this approach increases the overall success of these plans in the market.
The major players functioning in the power battery management system market are Greensmith Energy (U.S.), Robert Bosch GmbH (Germany), ABB (Switzerland), Kefico Corporation (Korea), AES Energy Storage (U.S.), Continental AG (Germany), LG Chem Ltd (South Korea), AEG Power Solutions (Germany), Su-Kam Power Systems Ltd (India) and Exide Industries Limited (India).
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Power Battery Management System Market – Overview
The rising usage of crucial electronic devices is rising globally in various applications, which has created a need for battery management in them. Market reports connected to the energy and power industry have been made available by Market Research Future which creates reports on other industry verticals that outlines the current market scenarios. The market is expected to earn revenues totaling USD 6,564.6 million while progressing at 10% CAGR in the forecast period.
The applications of power battery management systems in grid energy storage, and marine/specialty vehicles/robots, datacom/ telecom, are expected to open up new growth prospects in the market. The PBMS market for lithium-ion-based batteries are expected to demonstrate an escalated growth rate in the coming years and will add considerably to the overall market growth in the upcoming forecast period.
Segmental Analysis
The power battery management system market is segmented on the basis of type, applications, and region. On the basis of type, the market is segmented into Centralized, Distributed and Modular. On the basis of applications, the market is segmented into Specialty Marine/ Vehicles / Robots, Grid Energy Storage, Telecom / Datacom, Others. The regions covered in the power battery management systems comprises of Europe, Asia Pacific, North America and rest of the world.
Detailed Regional Analysis
The regional analysis of the power battery management market comprises of regions such as Asia Pacific, Europe, North America and the rest of the world. The Asia Pacific region accounts for the major market portion of 47.35% in 2016, followed by the North American region, which is anticipated to advance at a CAGR of 11.85% through the forecast period. The Asia Pacific region has a collective energy storage capacity of 73.51 GW. Increase in the manufacture of electric vehicle will boost the power battery management system. The Asia Pacific region has increased potential in overall energy storage capacity owing to the increasing emphasis on developing renewable energy resources and carbon footprint.
The North American region held the major share of the market in 2016, due to the speedy adoption of power battery management systems in numerous applications such as automotive, portable device, renewable energy storage system, and telecommunication in this region. Country wise, the U.S. is one of the chief revenue generators of power battery management system. Though, for the producers there will be plenty of occasions to capitalize or increase the production capacity. The European region is addressing these novel challenges in the energy system by encouraging innovation in important technologies and developing suitable market rules. Resultantly, the Germany energy storage market has witnessed a vast enhancement in recent years; this is principally driven owing to Germany's ambitious energy transitions. The upgrading in technology in battery system has led to the development of the power battery management system market.
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Industry Updates:
Oct 2018 Phoenix Contact's has recently launched QUINT DC UPS battery management system (BMS) with IQ technology and a battery charger to ensure power reliability within a control system. The provides real-time information about a battery's health over standard industrial networking protocols, such as EtherNet/IP, PROFINET, EtherCAT, and USB.
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