Global Battery Monitoring System Market
Analysis
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. The hardware segment covers data recorders, controllers,
sensors, and communication networks among others. The hardware segment
currently represents the larger share of the market in terms of value. The
segment is likely to retain its leading position over 2023. Battery monitoring
hardware components have undergone tremendous technological advancements across
various fronts include installation, high-resolution data recoding
capabilities, wiring etc.
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. Lithium-ion batteries have become the preferred option in
many end-use segments including power tools, backup power and hybrid &
electric vehicles.
On
the basis of type, the Battery Monitoring System Market has been segmented into wireless battery monitoring
system and wired battery monitoring system. The wired segment is expected to
remain highly lucrative during the assessment period. Most of the existing
battery monitoring systems are used wired components. Nevertheless, the
wireless battery monitoring systems are likely to gain traction in the
forthcoming years. Wireless variants come with the convenience of remote
monitoring of all operations.
On
the basis of end-use, the market has been segmented into telecommunications,
energy and others.
Global Battery Monitoring System Regional
Industry 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 battery
monitoring system industry 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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