Battery Monitoring System Market Analysis
Market Research Future (MRFR)
reports that the Battery
Monitoring System Market is set to demonstrate a CAGR of 18.20% CAGR
during the forecast period (2018-2023).
Battery monitoring systems find a
wide range of application in different industries. They are key a tool that
helps is avoiding costly downtime due to unexpected battery failure. Technological
advancements have led to introduction of more efficient systems that offer real
time monitoring and subsequently help in improving battery life and reducing
replacement cost and maintenance cost. Moreover, stricter safety regulations
and importance of managing battery backup system is influencing the adoption
rate. The growing industrial application of battery monitoring remains a
positive indication for market player. The automotive sector, especially the
electric and hybrid segment also presents attractive market opportunities. Such
factors are expected to propel the market during the projection period.
Global Battery Monitoring System Market: Segmental Analysis
The segmental analysis
of the market has been conducted on the basis of component, battery type, type,
and end-user.
On the basis of
component, the market has been segmented into software & service and
hardware.
On the basis of battery type, the market
has been segmented into lithium-ion and lead-acid. The former will continue to
outperform the later throughout the assessment period.
On the basis of type,
the market has been segmented into wireless battery monitoring system and wired
battery monitoring system.
On the basis of end-use,
the market has been segmented into telecommunications, energy and others.
Regional Analysis
North America is expected to remain
an important market for battery monitoring systems over the next couple of
years. The market growth in the region is supported by growing number data centres
and adoption of renewable power generation systems. The growth of hybrid
electric vehicle industries is also propelling the market forward.
Opportunities are arising from increased adoption in end use sectors in
countries such as the U.S. and Canada. The
data released by CBRE reveals that in North America, nearly USD 20 Bn was
invested towards development of data centres in 2017. The countries that are
mentioned above are highly active in investments towards end use market. The
government in Canada has committed nearly 1.5 Bn in wind energy projects. Such investments have augured well for market
players operating in the region. The application scope has continued to grow in
the region over time.
Competition Analysis
Some of the key companies functioning
in the global market for battery monitoring system include NDSL (India), HBL
(India), ABB (Switzerland), Eagle Eye (US), Embitel (India), Schneider Electric
(France), Texas Instruments (US), Canara (US), SBS (US), Batterydaq (US),
Powershield (New Zealand), Curtis (US) and Btech (US).
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