Battery Monitoring System Market to Surpass USD8376.15 million by 2027
Growing demand for monitoring health of battery in electric vehicles to drive the demand for global battery monitoring system market for the forecast period.
According to TechSci Research report, “Battery Monitoring System Market - Global Industry Size, Share, Trends, Competition, Opportunity
and Forecast, 2017-2027”, Global battery monitoring system market was
valued at over USD3742 million in 2021 and is forecast to grow at a CAGR of
14.21% to reach USD8376.15 million by 2027. The battery monitoring system
monitors the status of individual cells within the battery pack, therefore,
stretching the line span of battery cells and ensuring that the battery
operates within safety limits. As a result of these benefits, a battery
monitoring system is observing increased adoption in end user industries.
In terms of longevity, batteries are quite
unpredictable in nature. Even during the warranty term, over 3% of new
batteries are most likely to fail. In such instances, any industry that relies
on batteries will want to keep track of it so that they know when it is the
right time to replace it. The battery monitoring system not only checks the
battery 24 hours a day, but also sends out alert messages to the service team
so that they can respond quickly in the event of a probable battery failure.
Browse 187 market Figures spread through 244 Pages and
an in-depth TOC on "Global Battery Monitoring System Market”.
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Global battery monitoring system market is segmented
into battery type, component, type, end user, and company. On the basis of
type, the market can be segmented into wired and wireless battery monitoring
systems. Wireless battery monitoring system is the fastest-growing segment in
the overall battery monitoring system market with a CAGR of 14.42% between 2022
and 2027 owing to easy installation, quick data sampling, eliminating cabling
and high-resolution data recording capabilities of these components have led to
the growth of wireless battery monitoring system segment of the market. Leading players
operating in the global battery monitoring system market include:
·
Curtis Instruments,
Inc.
·
Power Shield Limited
·
Schneider Electric
SE
·
Socomec Group
·
Capitol Power Group,
LLC
·
BTECH, Inc.
·
ABB Ltd.
·
Battery Data
Acquisition
·
Exponential Power,
Inc.
·
HBL Power Systems
Limited
·
Texas Instruments
Inc.
·
Analog Device Inc.
·
Shenzhen Relat
Electronic Technology Co., Ltd.
·
Eagle Eye Power
Solutions, LLC
·
Raytheon
Technologies Corp.
The major global battery monitoring
systems market players are forming strategic mergers and acquisitions to
maintain their position in the market and expand their product portfolio of
battery monitoring systems that have more features and are more reliable. For
example, in February 2021, Sensata Technologies, a leading company that
develops sensors, sensor-based solutions, including controllers and software,
announced the full acquisition of Denmark-based Battery Management System (BMS)
provider, Lithium Balance, to offer battery monitoring solutions to a variety
of vehicle OEMs (Original Equipment Manufacturers).
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“North America is the largest region in
the global battery monitoring system market, with a share of 32.78% in 2021
owing to the rapid adoption of electric vehicles in the region. The major
factors that further drive the growth of the battery monitoring system market
in North America include the increasing adoption of cutting-edge battery health
monitoring technologies for higher cost savings and addressing safety and
security concerns.
Moreover, the growing prevalence of
battery monitoring systems in North America can be attributed to rising
investment in data centers and increasing focus on clean energy resources. The
region is setting up large renewable power plants such as solar or wind energy
plants. All these plants require energy storage batteries and a monitoring
system to obtain accurate and real-time results.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Battery Monitoring
System Market - Global Industry Size, Share, Trends, Competition, Opportunity
and Forecast, 2017-2027 Segmented By Battery
Type (Lithium Ion Based Battery, Lead Acid Battery, Others), By Component
(Hardware, Software), By Type (Wired Battery Monitoring System, Wireless
Battery Monitoring System), By End User (Telecommunications, Energy,
Automotive, Others), By Region, By Company” has
evaluated the future growth potential of global battery monitoring system market
and provided statistics & information on market size, shares, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the of global battery
monitoring system market.
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