ID: MRFR/E&P/5520-CR | 155 Pages | Published By Priya Nagrale on October 2020
Global Battery Monitoring Systems Market is expected to reach USD 5540 Million by 2030, growing at a CAGR of 18.7% during forecast period 2022-2030.
By measuring the battery voltage, charge level, and load, the battery monitoring systems help in monitoring the functioning of batteries. These systems transmit the data through ethernet to a remote location or a centralized control room and display the fault alarms and battery status on a control unit. Both hardware and software components are battery monitoring systems. The battery Monitoring Systems Market has included automotive, solar power, data centers, power utilities, and consumer electronics.
The increasing adoption of electric vehicles is the key driving factor to increase the demand for Battery Monitoring Systems Market. The primary factors that have led to the development of EVs are the depletion of fossil fuels, rising vehicular pollution levels, and energy shortage. Additionally, the need for EVs has triggered the high costs of fuels used in internal combustion (IC) engines. Globally, an EV is considered to be the future of the transportation system as it is a zero-emission vehicle. In powering an electric vehicle, the battery plays an important role. The high energy density, low emission rates, and long lifecycles are various advantages of the batteries, which are used as the power source in EVs. To help transition the domestic energy supplies to renewable, many governments all over the world have supported battery manufacturers for EVs.
Moreover, the global battery monitoring systems market has grown with the growing demand for battery monitoring systems in data centers. The data centers consist of storage resources, servers, and networking systems that process data and information by organizing and storing the data. In carrying out the core applications, the data centers help organizations. Like lithium-ion batteries and lead-acid batteries, various types of batteries are used in data centers to support UPS systems and provide back-up power over long periods as battery failures may disrupt operations and result in financial losses; proper monitoring of batteries in data centers is necessary. Thus, data centers' operations and safety have been enhanced with the battery monitoring systems that are integrated with the batteries.
The global market for battery monitoring systems report focuses on explaining the overall Battery Monitoring Systems Market potential of the related industry. The report also highlights the market segmentation, competitive analysis, market dynamics, regional analysis, recent developments, and other factors. The Market Size was immense in the previous forecast years.
COVID 19 impact has hampered the Battery Monitoring Systems Market, just like any other sector across the world. The demand for product sales was impacted and reduced, which forced the battery monitoring systems industry to adopt new measures to develop the entire practices and increase the sales rate amongst the targeted audience. COVID 19 has affected the global market production and demand and has disrupted the entire supply chain.
Hence, the proposed various business strategies and techniques to handle the battery monitoring systems Industry’s growth plans in the present forecast year of 2026 prevent the pandemic outbreak from hampering the global market statistics. The key battery monitoring systems Industry players have adapted tactical strategies to fight the global market issues and threats.
The advances in EV batteries and associated technologies are the major battery monitoring systems industry growth driving factors. Thus, the surge in demand for battery monitoring systems across various industry verticals has thrived the global market growth.
Moreover, Battery Monitoring Systems Market is meant to offer diverse applications to commercial firms. Therefore, the global market is growing, and opportunities are being evolved for better work efficiency.
The recent advances in EV batteries and associated technologies have brought immense business opportunities in the global market. Many vendors are focusing on the Battery Monitoring Systems Industry product for the advancement in an offering of solutions and services.
The market analysis report has found that many customers are attracted to adopt the advanced services on a larger scale due to service customization. Thus, the market players are maintaining, implementing, and offering their support and investment for Battery Monitoring Systems Market product.
Within these forecast years, the market's restraint is COVID 19, which has impacted the global Battery Monitoring Systems Market's sales and demand in the first half of 2020. As a result, to increase the demand for the products, the manufacturers and key players had to adopt different new measures that are currently being implemented.
The key battery monitoring systems Industry players have decided to adopt suitable measures for overcoming such a pandemic situation.
Nowadays, the demand and supply gap of battery components became a global market challenge. Moreover, the battery monitoring systems industry value might face challenges in eliminating the regional boundaries to produce quality products to demanding consumers and companies. To ensure that the quality of goods can be manufacture and supply to the demanding target audience, the battery monitoring systems Industry is now in need of more key players across different regions of the globe.
The Battery Monitoring Systems Market has always faced challenges, and the key players' collaborative efforts have helped the industry get rid of the situation.
As per the Market Analysis, the Battery Monitoring Systems Market's major key players are implementing quality measures to seek expansion, acquisition, and agreement in terms of growth. The key players are making efforts to enhance the market's ability and meet the growing demands of a product worldwide.
Moreover, these Market players have now understood the global market's real efficacy and demand. Thus, strategic ideologies are being imposed to increase the battery monitoring systems Industry.
In the global market, the battery monitoring systems Market Revenue is generating more market values. Therefore, it is essential to understand the present market value and market size of the global market. During the forecast period, the proper understanding of the market value can give an accurate future prediction of the global Market Growth.
The report mentions that various battery monitoring systems Industry are preferring the product, which is about to grow slowly in the upcoming years.
Based on the type segmentation, the global Battery Monitoring Systems Market has been divided into two segmental types, i.e., wired and wireless. These two types have different functions.
According to the requirement, the report has explained that the battery monitoring systems Industry prefers these types to use in their marketing field.
Based on the component segmentation, the Battery Monitoring Systems Market has three components: hardware, services, and software.
The Market Analysis explains these components have been chosen according to their preference over the Market.
The global Battery Monitoring Systems Market is classified into lead-acid, lithium-ion, and others based on the battery type segmentation.
The Market Analysis explains that these battery types are meant to offer their consumers the ideal solution and help the diverse sectors meet their business requirements.
The global Market Outlook is segmented into stationary batteries and motive batteries, based on the product segmentation. In the global world, these products help the market to prove the efficacy of productive goods.
Battery Monitoring Systems Market products are used in various standard applications for various requirements.
Based on the end-use segmentation, the Market Trends is segmented into utilities, aerospace & defense, automotive, telecommunications, consumer electronics, and others.
The Market Analysis explains these end-users choose the products according to their preference over the global Market.
Based on the regional classification, people from different parts of the world are well aware of the efficacy of global Market Share. To help meet consumers' increased demands in the respective regions, the key players across these regions put up their collective efforts.
Some of the regions where the market has impeccable demands are Asia-Pacific, the Middle East & Africa, North America, Europe, and South America. The North American region is expected to increase the largest Market Share during the forecast period. Competitive Analysis of the Global Market
In the Battery Monitoring Systems Market, some top key players have made efforts to grow the market revenue. The major key players are:
The battery monitoring systems Market Analysis explains these players hold the responsibility to meet the global market's significant needs with considerable production ability.
The holistic study of the global Battery Monitoring Systems Market has covered all the following points:
The battery monitoring systems Market Growth report overview has highlighted the global market's overall development and opportunities.
|Market Size||2030: USD 5,540 Million|
|CAGR||2030: 18.7% CAGR|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Component, Battery Type, Product, End Users|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Vertiv Holdings Co, Cellwatch, Batterydaq, Powershield Limited, CPG (Canara), Btech Inc., Eagle Eye Power Solutions, LLC, Curtis Instruments, Inc., HBL Power Systems Ltd, Socomec, Storage Battery Systems, LLC, Texas Instruments Incorporated, Nuvation Energy, ABB, and Schneider Electric|
|Key Market Opportunities||recent advances in EV batteries and associated technologies|
|Key Market Drivers||Diverse applications to commercial firms|
The CAGR expected for battery monitoring system market is 18.7%.
The type-based segments of the battery monitoring system market are wired and wireless.
The battery type-based segments of the battery monitoring system market are lithium-ion and lead-acid
The battery monitoring system market, on the basis of component, is projected to be led by the hardware segment.
The primary players of the battery monitoring system market are Texas Instruments (US), Powershield (New Zealand), NDSL (India), HBL (India), Schneider Electric (France), ABB (Switzerland), Canara (US), Batterydaq (US), Btech (US), Eagle Eye (US), SBS (US), Curtis (US), and Embitel (India).