Battery Monitoring System Market Synopsis
Battery Monitoring System Market is expected to be valued at USD 5.47 Billion, with a CAGR of 15.00% Forecast by 2030.
The data experts at Market Research Future Reports (MRFR) have evaluated the worldwide battery monitoring system market. The growing investments in renewable power generation and data centres is estimated to drive the global battery monitoring system market 2020. Besides, the increasing demand for protection of electric vehicle is estimated to drive the market.
Furthermore, the increasing consumption and demand for electricity have resulted in increased storage. Also, the increased demand would also result in new investments in the power sector which directly augment the need for battery monitoring systems.
However, the outbreak of COVID-19 pandemic has brought a negative impact on the global battery monitoring system. The lockdown imposed in the primary countries across the world has adversely impacted the daily operations. The demand and supply cycle has been severely affected owing to the halt in the daily operations.
Request Sample Report @ https://www.marketresearchfuture.com/sample_request/6985
Base Year
2021
Forecast Period
2022 to 2030
Historical Data
2019 & 2020
Forecast Units
Value (USD Million)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Component, Battery Type, Product, End Users
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
However, several countries are making efforts to recover from the losses incurred during the lockdown. The various benefits provided by the products are likely to augment the demand for battery monitoring systems in the forthcoming period. We will provide an impact analysis report on COVID-19.
Market Segmentation
The global battery monitoring system market can be segmented on the basis of battery type, type, end-user, component, and geography.
- On the basis of battery type, the worldwide battery monitoring system market can be segmented into lithium-ion based battery and lead-acid battery.
- On the basis of type, the worldwide battery monitoring system market can be segmented into wired and wireless.
- On the basis of end-user, the worldwide battery monitoring system market can be segmented into telecommunications, energy, industries, automotive, and others.
- On the basis of component, the worldwide battery monitoring system market can be segmented into software and services and hardware.
- On the basis of geography, the worldwide battery monitoring system market can be segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
Geographical Analysis
The worldwide market for battery monitoring is estimated to expand significantly during the review period. Regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America have been evaluated meticulously.
The market is estimated to be dominated by North America. The growing investment in renewable power generation and data centres is estimated to drive the North American market. Besides, the increasing demand for hybrid electric vehicles is projected to be another crucial factor in strengthening the market during the forecast period. Countries like the US and Canada are likely to make a substantial contribution in enlarging the market. Besides, there have been several investments which are further going to drive the market for the battery monitoring system.
On the other hand, the APAC region is estimated to grow substantially during the assessment period. The developing countries like India, China, and Japan are estimated to make a maximum contribution during the review period.
However, market dynamics are likely to change significantly during the review period. Several regions have been affected substantially due to the spread of COVID-19. It will take some time to recover from the losses incurred during the lockdown. We will provide the aftermath COVID-19 report on the impact analysis of the market.
Key Players
The renowned players of the global battery monitoring system market are NDSL (India), Texas Instruments (US), Powershield (New Zealand), Canara (US), HBL (India), ABB (Switzerland), Eagle Eye (US), Batterydaq (US), Btech (US), Schneider Electric (France), SBS (US), Curtis (US), Embitel (India), and a few others.
Global battery monitoring system market is valued approximately USD 2.10 billion in 2017 and is anticipated to grow with a growth rate of more than 18.25 % over the forecast period 2018-2025.The advancements in battery technology is considered as a major growth trend for the Global Battery Monitoring System Market.
Key drivers for the battery monitoring system market are increasing operational efficiencies of batteries, growing adoption of electric vehicles, coupled with growing investment in data centers.
Growing demand for electrical vehicles is significantly driving the demand for battery monitoring system.
Battery monitoring system in electric vehicle calculate the state of health of multiple batteries in a battery bank.
On the basis of end-user segment the market is classified into telecommunication, automotive, energy industries and other end-users out of which telecommunication is expected to grow at a lucrative rate.
The growth of Asia-Pacific region is witnessed owing to the untapped opportunities in countries such as India and China.Some market players active in the market include- NDSL Texas Instruments Powershield Batterydaq Canara Eagle Eye HBL Btech SBS Schneider Electric ABB Socomec Curtis The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years.
