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. Adapting
to the recent novel COVID-19 pandemic, the impact of the COVID-19
on Battery monitoring system Market is included in the present report.
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.
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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