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Global Power Battery Management Systems Market growth key factor is low cost in the market during forecast period

power battery management systems market

Global Power Battery Management Systems Market: Battery is a device consisting of one or more electrochemical cells with external connections provided to power electrical devices such as flashlights, smartphones, and electric cars. When battery is supplying electric power, its positive terminal is the cathode and its negative terminal is the anode. Three core functions of power battery management systems are cell monitoring, state of charge (SOC) estimation, and single-cell battery balancing. Power battery management systems monitors the operating temperature and electric quantity of single lithium battery cell, and automatically takes steps to balance charge/discharge current and prevent occurrence of over-temperature.

Light weight, high energy and power density, and low standby losses are major factors boosting growth of global power battery management systems market. In addition, low cost, favourable government initiatives, and its growing adoption in wide range of applications such as electric vehicle, UPS, telecommunication, and renewable energy system are some other factors expected to drive growth of the global power battery management systems market.

However, storing batteries is major factor hampering growth of the global power battery management systems market. Also, lack of proper standards for development of BMS and safety concern are restraining growth of the global power battery management system market during forecast period.

The global power battery management systems market is segmented on the basis of battery type, component, application, topology, and region.

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North America accounts largest revenue to the global power battery management systems market. This is attributed to high demand for battery-powered electric vehicles, e-bikes, and automated guided vehicles in the region. However, the Asia Pacific market is projected to register highest CAGR in terms of revenue during the forecast period.

Key players in the global power battery management systems market include Denso Calsonic Kansei, Hitachi Automotive Systems, Mitsubishi Electric, Hyundai Kefico, LG Chem, SK Innovation, Tesla Motors, Lithium Balance, and Vecture.

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