Battery monitoring system Market is Projected to Witness a CAGR of 18.20% by 2027 :
Market Research Future has published a Cooked Research Report on the Global Battery monitoring system Market.
Market Highlights
Battery monitoring systems help in monitoring the functioning of batteries, through the measurement of the battery voltage, charge level, and load. These systems transmit the data to a centralized control room or a remote location through ethernet.
The growing adoption of battery monitoring systems in electric vehicles is likely to drive market growth during the forecast period. Energy shortage, depletion of fossil fuels, and increasing vehicular pollution levels are the primary factors that have led to the development of EVs. Additionally, the high costs of fuels used in the internal combustion (IC) engines have also triggered the need for EVs. An EV is a zero-emission vehicle that is globally considered to be the future of the transportation system. The battery plays an important role in powering an electric vehicle.
Batteries have several advantages such as low emission rates, high energy density, and long lifecycles and are used as the power source in EVs. Many governments across the globe have supported battery manufacturers for EVs to help transition their domestic energy supplies to renewables. In February 2020, the US Department of Energy (DOE) collaborated with the national laboratories to improve batteries, battery monitoring systems, and electric drive systems. The research program by DOE aimed at reducing the cost of EV batteries to USD 80/kWh. Such developments would trigger the demand for battery monitoring systems for EVs.
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Moreover, the growing usage of battery monitoring systems in data center applications is likely to boost the market growth. Data centers consist of servers, networking systems, and storage resources, which organize, store, and process data and information. Data centers help organizations in carrying out their core applications. Different types of batteries, such as lithium-ion batteries and lead-acid batteries, are used in data centers to support UPS systems and provide backup power over long periods. Proper monitoring of batteries in data centers is essential as battery failures may disrupt operations and result in financial losses. Thus, battery monitoring systems’ integration with the batteries enhances the operations and safety of data centers.
Moreover, the demand for data centers across the world is growing significantly, and many countries in the world, such as Saudi Arabia, India, and the US, are focusing on the development of data centers. For instance, in Saudi Arabia, in February 2018, Google (US) collaborated with Saudi Arabian Oil Co. to establish a data center. Moreover, in India, in September 2018, Alibaba Group (China) opened its second Availability Zone in Mumbai, India. In February 2019, CtrlS Datacenters Ltd (India) planned to invest USD 278.6 million for setting up three hyper-scale data centers in India. Furthermore, in February 2019, Google (US) announced that it would invest more than USD 13 billion in developing data centers and offices across the US. BMS is a major component in data centers as they are used to enhance the functions of the UPS. For instance, in 2019, Vertiv (US) introduced a lithium-ion battery cabinet for use with larger capacity, uninterruptible power supply (UPS) systems. Products of Vertiv allow direct communication between the battery monitoring system within the unit and the external UPS. Similarly, Schneider Electric (France) provides a varied range of products to monitor the batteries for data centers. Such developments are driving the demand for battery monitoring systems in data center applications globally.
The global market for battery monitoring systems is segmented based on component, type, battery type, product, end use, and region. Based on component, the global market has been segmented into hardware, software, and services. Based on the type, the global market has been segmented into wired and wireless. By battery type, the market has been segmented as lithium-ion, lead-acid, and others. Based on the product, the global market has been segmented into stationary batteries and motive batteries. Based on end-use, the global market has been segmented into automotive, telecommunications, consumer electronics, utilities, aerospace defense, and others.
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Market Research Analysis
In terms of region, the market is segmented as Europe, Asia-Pacific, North America, the Middle East Africa, and South America. North America region dominates the global Battery monitoring system Market. The factors driving the growth of the battery monitoring systems (BMS) market in the region are the increased demand for electric vehicles (EVs) and the growing use of renewable energy as a solution for power outages.
Scope of the Report
This study provides an overview of the global Battery monitoring system Market, tracking four market segments across five geographic regions. The report studies key players, providing a four-year annual trend analysis that highlights market size, and share for North America, Europe, and Asia-Pacific. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Global Battery monitoring system Market , By Component, Type, Battery Type, Product, End User, and Region.
By Component
Hardware
software
Services
By Type
Wired
Wireless
By Battery Type
Lithium-Ion
Lead-Acid
Others
By Product
Stationary Batteries
Motive Batteries
By End-User
Automotive
Telecommunications
Consumer Electronics
Aerospace Defense
Utilities
By Regions
North America
Asia-Pacific
Europe
Middle East Africa
South America
Key Players
The key industry participants of the global market for battery monitoring systems include Vertiv Holdings Co, Cellwatch, Batterydaq, Powershield Limited, CPG (Canara), Btech Inc., Eagle Eye Power Solutions, LLC, Curtis Instruments, Inc., HBL Power Systems Ltd , Socomec, Storage Battery Systems, LLC, Texas Instruments Incorporated, Nuvation Energy, ABB, and Schneider Electric.
