Global Battery Monitoring System Market is projected to grow at a CAGR of 12.89% during the forecast period, to reach a market size of USD4734.34 million by 2026, from an estimated USD1814 million in 2016. Market growth can be attributed to rising investments in data centers and growing renewable power generation, globally. The increased operational efficiency of batteries and rising demand for electric vehicles are expected to boost the demand for battery monitoring systems.
The report segments the market, by type, into wired and wireless. The wired segment is expected to lead the market during the forecast period. The wireless segment is projected to grow at the fastest rate during the forecast period as wireless systems enable remote monitoring of operations as all the operations can be monitored from a central location.
The hardware segment of the battery monitoring system, by component, accounted for the largest market size in 2016. Hardware components include the physical components involved in a battery monitoring system, such as sensors, hubs, controllers, data loggers, data recorders, and communication networks. The simple installation, fast data sampling, reduced cabling, and high-resolution data recording capabilities of these components have led to the growth of the hardware segment of the market.
Based on battery type, the battery monitoring system has been segmented into lithium-ion based, lead-acid, and others. The others segment includes nickel-based and flow batteries. The lithium-ion based segment is estimated to hold the largest share of market in 2019 due to the increasing deployment of lithium-ion batteries in electric vehicles, power tools, and battery backup applications. This segment is expected to grow at the highest CAGR, from 2021 to 2026, due to the increasing electric vehicle sales, wherein lithium-ion batteries are deployed.
In this report, the battery monitoring system has been analyzed with respect to 5 regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and South America. The market in North America is expected to lead the global market and is projected to grow at the second highest CAGR from 2016 to 2026. Market growth in this region can be attributed to increasing investments in data centers and growing renewable power generation capacities. Countries such as the US and Canada are the key markets for battery monitoring systems in North America.
Some of the leading players in the global battery monitoring system market are HBL Power System Limited, Curtis Instruments, Inc., PowerShield Limited, Schneider Electric SE, Storage Battery Systems LLC, ABB Limited, BatteryDAQ, Inc., SOCOMEC Group S.A., Capitol Power Group, and BTECH Inc.
Years Considered for this Report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
- To analyze historical growth in market size of Global Battery Monitoring System Market from 2016 to 2020.
- To estimate and forecast the market size of Global Battery Monitoring System Market from 2021 to 2026 and growth rate until 2026.
- To identify drivers and challenges for the Global Battery Monitoring System Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc. in the Global Battery Monitoring System Market.
- To conduct the pricing analysis for the Global Battery Monitoring System Market.
- To identify and analyze the profiles of leading battery monitoring system manufacturers involved in the Global Battery Monitoring System Market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research also conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings, distribution channels and presence of all major collaboration solution providers across the globe.
TechSci Research calculated the market size of Global Battery Monitoring System using a Top-Down approach, where data for various application across various technology were recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated them through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company website, news articles, press releases, company annual reports, investor presentations and financial reports were also used by TechSci Research.
Key Target Audience:
- Battery monitoring system manufacturers
- Battery monitoring system suppliers
- Government and power research organizations
- Manufacturing industries
- Research organizations and consulting companies.
- Government institutions
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as battery monitoring system manufacturers, dealers, suppliers, distributors and partners, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, Global Battery Monitoring System Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Global Battery Monitoring System Market, By Component:
- Global Battery Monitoring System Market, By Type:
- Wired Battery Monitoring System
- Wireless Battery Monitoring System
- Global Battery Monitoring System Market, By Battery Type:
- Lithium-Ion Based Battery
- Lead-Acid Battery
- Global Battery Monitoring System Market, By End-User:
- Data Center
- Global Battery Monitoring System Market, By Region:
- South Korea
- United Kingdom
- North America
- United States
- South America
- Middle East & Africa
- Saudi Arabia
- South Africa
Company Profiles: Detailed analysis of the major companies present in Global Battery Monitoring System Market.
Voice of Customer: Brand awareness, brand satisfaction, price, reliability and performance, customer satisfaction level and product life are the major factors affecting decisions related to battery monitoring system for various users, globally.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).