The Battery Monitoring System Market is expected to grow from USD 3.64 billion in 2020 to USD 11.40 billion by 2026 at a CAGR of 17.8% from 2020 to 2026.
The battery monitoring system intends to notify the user regarding the forthcoming scenario and health of the battery. It notifies the user about the failure of batteries within the bank. It also notifies the user about the net charge left or total backup available from the battery or the battery bank. Any specific damage to the battery is often easily monitored to require the needed action to protect the battery from any vital damage hampering its ability to perform. Since, battery monitoring can extend the general battery life and its efficiency. The rising adoption of electric vehicles is the major propelling factor to stimulate the demand for battery monitoring systems market. The key factors which have led to the development of electric vehicles are the exhaustion of fossil fuels, increasing vehicular pollution levels, and energy shortage. In addition, the requirement for electric vehicles has prompted the high costs of fuels used in internal combustion (IC) engines. Across the world, an EV is regarded as the future of the transportation system since it is a zero-emission vehicle. In powering an electric vehicle, the battery plays a prominent role. The high energy density, low emission rates, and long lifecycles are several benefits of the batteries, which are used as the power source in electric vehicles. To help transition the domestic energy supplies to renewable, various governments all across the world have supported battery manufacturers for electric vehicles. However, huge cost of battery management system for better battery solutions is the key constraint in the market.
Furthermore, the global battery monitoring systems market has grown with the rising demand for battery monitoring systems in data centers. The data centers include storage resources, servers, and networking systems which process data and information by organizing and storing the data. In performing the core applications, the data centers help organizations. Similar to lithium-ion batteries and lead-acid batteries, different types of batteries are used in data centers to assist UPS systems and offer back-up power over long periods as battery failures may impede operations and result in financial losses; proper monitoring of batteries in data centers is required. Therefore, data centers' operations and safety have been improved with the battery monitoring systems which are integrated with the batteries. Furthermore, the integration of emerging technologies such as AI and IoT can present lucrative growth opportunities for the stakeholders and players operating in the global battery monitoring system market in the forecasted period.
The global Battery Monitoring System Market is segregated on the basis of Type as Wired and Wireless. Based on Component the global Battery Monitoring System Market is segmented in Hardware and Software. Based on Battery Type the global Battery Monitoring System Market is segmented in Lithium-Ion Based, Lead-Acid and Others.
The global Battery Monitoring System Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Battery Monitoring System Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
ABB, BTECH, General Electric, 6th Energy Technologies, NDSL Group and others are among the major players in the global Battery Monitoring System Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global Battery Monitoring System Market has been segmented as below:
Battery Monitoring System Market, By Type
Battery Monitoring System Market, By Component
Battery Monitoring System Market, By Battery Type
Battery Monitoring System Market, By Region
Battery Monitoring System Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global Battery Monitoring System Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Battery Monitoring System Market share. Major industry players with significant revenue share include ABB, BTECH, General Electric, 6th Energy Technologies, NDSL Group and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. Battery Monitoring System Market, By Type
5.1. Key Points
5.2. Wired
5.3. Wireless
6. Battery Monitoring System Market, By Component
6.1. Key Points
6.2. Hardware
6.3. Software
7. Battery Monitoring System Market, By Battery Type
7.1. Key Points
7.2. Lithium-Ion Based
7.3. Lead-Acid
7.4. Others
8. Competitive Landscape
8.1. Introduction
8.2. Start-up companies- Battery Monitoring System Market
8.3. Recent Developments
8.3.1. Mergers & Acquisitions
8.3.2. New Product Developments
8.3.3. Portfolio/Production Capacity Expansions
8.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
8.3.5. Others
9. Company Profile
9.1. ABB
9.2. BTECH
9.3. General Electric
9.4. 6th Energy Technologies
9.5. NDSL Group
9.6. Vertiv
9.7. BatteryDAQ
9.8. Canara
9.9. Curtis Instruments
9.10. Dukosi
9.11. Eagle Eye Power Solutions
9.12. Eberspacher
9.13. Efftronics Systems
9.14. Enertect
9.15. GENEREX Systems
9.16. HBL Power Systems
9.17. Johnson Matthey Battery Systems
9.18. Analog Devices
9.19. Midtronics Stationary Power
9.20. Nuvation
9.21. PowerShield
9.22. Schneider Electric
9.23. Sosaley Technologies
9.24. Texas Instruments
Battery Monitoring System Market, By Type
Battery Monitoring System Market, By Component
Battery Monitoring System Market, By Battery Type
Battery Monitoring System Market, By Company