Global Battery monitoring system Market Overview
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. The global battery monitoring system market is estimated to expand at 18.20% CAGR during the forecast period. The COVID-19 Analysis of Global Battery Monitoring System Market possess various significant features such as automatic recording of data during charge and discharge of batteries, rapid voltage sampling, temperature compensation, and flexible to suit battery model & application, among others.
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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 restraint of the global battery monitoring system is high cost of battery monitoring systems, especially for large battery solutions.
Industry Segmentation
The market for battery monitoring system market is segmented based on component as hardware and software & services. Hardware segment dominates the market as hardware include component such as sensors, controllers, hub, data recorders, and communication network. Factors such as easy installation, fast data sampling, high-resolution data recording, reduced cabling are likely to drive the market for hardware segment.
Based on type, the market is segmented into wired and wireless battery monitoring system.
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Regional Outlook
Region wise, North America held the largest market share of the global battery monitoring system market in 2017. The major economies in North America include the US, and Canada which are actively participating in the investment being made in industries. For instance, the Canadian government invested around USD 1.5 billion in wind energy projects. Similarly, the US invested around USD 18.2 million in data centers in 2017. This would further drive the market for battery monitoring system which finds its significant application in these key areas.
Leading players
The key players of the global Battery monitoring system market are Texas Instruments (US), NDSL (India), Powershield (New Zealand), HBL (India), Canara (US), ABB (Switzerland), Batterydaq (US), Eagle Eye (US), Btech (US), SBS (US), Schneider Electric (France), Curtis (US), Embitel (India).
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