Power battery management systems, for certain applications, allow for charge and discharge control and also reports errors to a head-end system. It uses a triple security system based on a combination of software and hardware security. A PBMS may also allow a safe way to connect the battery to different loads and eliminate excessive inrush currents to load capacitors. Moreover, it has been used in a large range of applications such as automotive, building energy storage, and remote area storage with all different demands of the product. These diverse applications and the issues met in these applications have made the battery management system very robust.
The Global Power Battery Management System Market is expected to reach approximately USD 6,564.6 million by the end of 2023, growing at a CAGR more than 10% between 2017 and 2023.
Market Research Future Analysis:
Market Research Future analysis states that the global market of power battery management system market is estimated to grow at USD 6,564.6 million by the end of year 2023. The remarkable growth in renewable energy storage applications and growing trend of battery-driven public transport, also drives the growth of the market. Asia-Pacific is the expected to grow in power battery management system market across the globe .Power battery management system market is emerging in countries such as China, India, and Japan, and is estimated to grow at a high rate in the forecast period. Europe also plays an important roles in global market and will be worth million USD 593.8 Million in 2023, with a CAGR of more than 10%. Many countries in Europe such as the U.K., Germany, Italy, and others are rapidly adopting trams and battery-driven buses to reduce emissions and ensure a green city.
The major players operating in the market of global power battery management system are LG Chem Ltd (Korea), ABB (Switzerland), AES Energy Storage, LLC(U.S.), AEG Power Solutions GmbH (Germany), Eos Energy Storage (U.S.), Greensmith Energy Management Systems (U.S.), HID-europe GmbH + Co. KG (Germany), 1Energy (South Africa), Elithion, Inc. (U.S.) and Su-Kam Power Systems Ltd. (India)
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