Global
Battery monitoring system Market Overview
Battery monitoring system is an
integral part of the entire battery management system. It ensures the optimal
usage of energy inside the battery which is providing power to an equipment.
The main functions of battery monitoring system include providing real-time
monitoring, preventing costly downtime, maximizing battery life, reducing
maintenance & replacement cost, and enhancing safety and security of the
critical battery backup system. The global battery monitoring system market is
estimated to expand at 18.20% CAGR during the forecast period.
The battery monitoring system
possess various significant features such as automatic recording of data during
charge and discharge of batteries, rapid voltage sampling, temperature
compensation, and flexible to suit battery model & application, among
others.
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The growing demand for battery
monitoring is attributed to the rising demand of electric vehicles. Moreover,
preventing operational efficiency of batteries is also driving the market for
battery monitoring system. One of the major restraint of the global battery
monitoring system is high cost of battery monitoring systems, especially for
large battery solutions.
Industry
Segmentation
The market for battery monitoring
system market is segmented based on component as hardware and software &
services. Hardware segment dominates the market as hardware include component
such as sensors, controllers, hub, data recorders, and communication network.
Factors such as easy installation, fast data sampling, high-resolution data
recording, reduced cabling are likely to drive the market for hardware segment.
Based on type, the market is
segmented into wired and wireless battery monitoring system. The wired segment
is estimated to dominate the battery monitoring system market during the
forecast period. Wired battery monitoring system enables remote monitoring of
all operations wherein all the operations can be monitored from a centralized
location.
North America is expected to hold
the largest share for hardware segment which is mainly driven by investment
made in the industrial sector in the region. For instance, North America has
invested around USD 20 billion towards the development of data centers in 2017.
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Regional
Outlook
Region wise, North America held the
largest market share of the global battery monitoring system market in 2017.
The major economies in North America include the US, and Canada which are
actively participating in the investment being made in industries. For
instance, the Canadian government invested around USD 1.5 billion in wind
energy projects. Similarly, the US invested around USD 18.2 million in data
centers in 2017. This would further drive the market for battery monitoring
system which finds its significant application in these key areas.
Leading
players
The key players of the global
Battery monitoring system market are Texas Instruments (US), NDSL (India),
Powershield (New Zealand), HBL (India), Canara (US), ABB (Switzerland),
Batterydaq (US), Eagle Eye (US), Btech (US), SBS (US), Schneider Electric
(France), Curtis (US), Embitel (India).
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