Global Battery Monitoring System Market Analysis
Battery monitoring systems are gaining momentum on
account of the increasing adoption of renewable energy that needs effective
storage. 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.
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 restraints of the global battery monitoring
system is high cost of battery monitoring systems, especially for large battery
solutions.
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.
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.
Competition Analysis:
·
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).
Global Battery Monitoring System Market: Segmental
Analysis
The segmental analysis of the Battery Monitoring System Market has been conducted on the
basis of component, battery type, type, and end-user.
On the basis of type, the 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 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 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 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.
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