Battery Monitoring Systems Market Research Report - Global Forecast till 2030

Impact of the Covid-19 Outbreak on the Battery Monitoring System Market

The spread of the COVID-19 pandemic has negatively impacted the global battery monitoring system market owing to the lockdowns imposed in the majority of the countries across the globe since December 2019. A battery monitoring system is a combination of hardware and software which ensures the optimal utilization of energy inside a battery. It operates by preventing costly downtime due to unexpected battery failures. The main functions of the battery monitoring system include providing real-time monitoring, preventing costly downtime, maximizing battery life, reducing maintenance and replacement costs, and enhancing safety and security of the critical battery backup system. The demand for these products has been interrupted due to the temporary shutting down of businesses in recent months. However, the efforts from several countries to restore their economic conditions, coupled with the numerous advantages offered by these products are anticipated to boost the demand for battery monitoring systems in the coming years.

FIGURE: GLOBAL INVESTMENT IN POWER (USD BILLION)

The demand for battery monitoring systems is anticipated to grow in the coming years owing to the increasing investments in renewable power generation and data centers in North America. Also, the growing demand for hybrid electric vehicles globally is projected to contribute to the growth of the battery monitoring system market during the next five years. Additionally, the global battery monitoring system market is estimated to exhibit a significant growth rate owing to the increasing need for efficient protection of electrical devices and the constant rise in the demand and consumption of electricity, leading to its increased storage. According to Bloomberg NEF, global electricity demand would reach around 38,700 terawatt-hours by 2050 from 25,000 terawatt-hours in 2017, driving new investments in the power sector, which would increase the need for electrical devices such as battery monitoring systems.

Source: Primary Experts, Secondary Sources and MRFR Analysis

Source: International Energy Agency (IEA)