Growing demand for monitoring health of battery in electric vehicles to drive the demand for global battery monitoring system market for the forecast period.
According to TechSci Research report, “Battery Monitoring System Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027”, Global battery monitoring system market was valued at over USD3742 billion in 2021 and is forecast to grow at a CAGR of 14.21% to reach USD8376.15 billion by 2027. The battery monitoring system monitors the status of individual cells within the battery pack, therefore, stretching the line span of battery cells and ensuring that the battery operates within safety limits. As a result of these benefits, a battery monitoring system is observing increased adoption in end user industries.
In terms of longevity, batteries are quite unpredictable in nature. Even during the warranty term, over 3% of new batteries are most likely to fail. In such instances, any industry that relies on batteries will want to keep track of it so that they know when it is the right time to replace it. The battery monitoring system not only checks the battery 24 hours a day, but also sends out alert messages to the service team so that they can respond quickly in the event of a probable battery failure.
Browse 187 market Figures spread through 244 Pages and an in-depth TOC on “Global Battery Monitoring System Market”.
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Global battery monitoring systems market is segmented into battery type, component, type, end user, and company. On the basis of type, the market can be segmented into wired and wireless battery monitoring systems. Wireless battery monitoring system is the fastest-growing segment in the overall battery monitoring system market with a CAGR of 14.42% between 2022 and 2027 owing to easy installation, quick data sampling, eliminating cabling and high-resolution data recording capabilities of these components have led to the growth of wireless battery monitoring system segment of the market.
Leading players operating in the global battery monitoring system market include:
- Curtis Instruments, Inc.
- Power Shield Limited
- Schneider Electric SE
- Socomec Group
- Capitol Power Group, LLC
- BTECH, Inc.
- ABB Ltd.
- Battery Data Acquisition
- Exponential Power, Inc.
- HBL Power Systems Limited
- Texas Instruments Inc.
- Analog Device Inc.
- Shenzhen Relat Electronic Technology Co., Ltd.
- Eagle Eye Power Solutions, LLC
- Raytheon Technologies Corp.
The major global battery monitoring systems market players are forming strategic mergers and acquisitions to maintain their position in the market and expand their product portfolio of battery monitoring systems that have more features and are more reliable.
For example, in February 2021, Sensata Technologies, a leading company that develops sensors, sensor-based solutions, including controllers and software, announced the full acquisition of Denmark-based Battery Management System (BMS) provider, Lithium Balance, to offer battery monitoring solutions to a variety of vehicle OEMs (Original Equipment Manufacturers).
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“North America is the largest region in the global battery monitoring systems market, with a share of 32.78% in 2021 owing to the rapid adoption of electric vehicles in the region. The major factors that further drive the growth of the battery monitoring systems market in North America include the increasing adoption of cutting-edge battery health monitoring technologies for higher cost savings and addressing safety and security concerns.
Moreover, the growing prevalence of battery monitoring systems in North America can be attributed to rising investment in data centers and increasing focus on clean energy resources. The region is setting up large renewable power plants such as solar or wind energy plants. All these plants require energy storage batteries and a monitoring system to obtain accurate and real-time results.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Battery Monitoring System Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027 Segmented By Battery Type (Lithium Ion Based Battery, Lead Acid Battery, Others), By Component (Hardware, Software), By Type (Wired Battery Monitoring System, Wireless Battery Monitoring System), By End User (Telecommunications, Energy, Automotive, Others), By Region, By Company” has evaluated the future growth potential of global battery monitoring system market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global battery monitoring systems market.
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