Battery Monitoring System Market is Expected to Grow at a CAGR of 12.90% from 2021-2026
Growing demand for the monitoring of
functioning of batteries to drive global battery monitoring system market
According to TechSci Research report, “Global Battery
Monitoring System Market By Component (Hardware and Software), By Type
(Wired Battery Monitoring System and Wireless Battery Monitoring System), By
Battery Type (Lithium-Ion Based Battery, Lead-Acid Battery and Others), By End-User
(Data Centre, Telecommunications, Energy, Automotive and Others), By Region,
Competition, Forecast & Opportunities, 2016-2026’’, Global
Battery Monitoring System (BMS) market is projected to grow at a CAGR of over
12.90%, owing to the government push for electric vehicles to conserve energy
and decrease the environmental pollution associated with the combustion of
conventional energy sources. Moreover, the growing necessity of generating
renewable power and the rising need to increase the operational efficiency of
batteries, will drive the growth of the global battery monitoring system market
through 2026. Global Battery Monitoring System Market is segmented based on component,
type, battery type, end user and region. Based on the component, hardware
segment dominates the market and is expected to maintain its position until
2026, due to the ease of installation, faster sampling of data, reduced
cabling, and high-resolution data recording abilities of hardware components
such as sensors, data loggers, etc.
Based on the type of battery, the lithium-ion based
battery segment is expected to dominate the market due to the growing adoption
of lithium-ion batteries in power tools, battery backup and electric vehicles.
Regionally, North America is expected to lead the
market due to growing investments in data centers and renewable power
generation capacities by constituent nations like Canada and the US. Moreover,
presence of leading companies in the countries such as the US and Canada are bolstering
the regional market growth.
Browse 161
Figures spread through 110 Pages and an in-depth TOC on" Global
Battery Monitoring System Market "
https://www.techsciresearch.com/report/global-battery-monitoring-system-market/2131.html
Battery monitoring systems help in monitoring the functioning
of batteries, through the measurement of battery voltage, charge level, and
load. These systems transmit the data to a centralized control room or a remote
location through ethernet and also display the battery status and fault alarms
on a control unit. Battery monitoring systems consist of both hardware and
software components and find applications in various sectors, including data centers,
power utilities, consumer electronics, automotive, and solar power.
The factor driving the demand for battery monitoring systems
is their increasing adoption in electric vehicles. Energy shortage, depletion
of fossil fuels, and rising vehicular pollution levels are the primary factors
that have led to the development of electric vehicles (EVs). Additionally, the
high costs of fuels used in 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.
Furthermore, the growing demand for battery monitoring
systems in data centers is expected to boost the Global Battery Monitoring Systems
Market. 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 back-up 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 that are integrated with the batteries enhance the
operations and safety of data centers.
Some of the leading players in the Global Battery Monitoring System Market
are HBL Power System Limited, Curtis Instruments, Inc.,
PowerShield Limited, Schneider Electric, Socomec Group, Storage Battery Systems
LLC, ABB Limited, BatteryDAQ, SOCOMEC Group S.A., Capitol Power Group, and BTECH Inc.
Download Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=2131
Customers can also request for 10% free
customization on this report.
“North
America is estimated to hold the largest market share during the forecast
period, owing to the healthy rise in demand for EVs during the past few years.
In North America, the sale of electric cars has doubled since 2017, which
implies that the demand for electric cars has been rising at a rapid pace. This
demand is expected to increase the need for BMS to control and manage the
batteries in EVs across the US, Canada, and Mexico. The demand for BMS also
comes from data centers. Several new data center projects have been initiated
in the region, including Google’s new plan to invest billions in its US offices
and data centers in 2021.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global Battery Monitoring System Market By
Component (Hardware and Software), By Type (Wired Battery Monitoring System and
Wireless Battery Monitoring System), By Battery Type (Lithium-Ion Based
Battery, Lead-Acid Battery and Others), By End-User (Data Center,
Telecommunications, Energy, Automotive and Others), By Region, Competition,
Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of
global battery monitoring system market and provides statistics and information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in the
global battery
monitoring system market.
About TechSci Research
TechSci Research is a leading
global market research firm publishing premium market research reports. Serving
700 global clients with more than 600 premium market research studies, TechSci
Research is serving clients across 11 different industrial verticals. TechSci
Research specializes in research-based consulting assignments in high growth
and emerging markets, leading technologies and niche applications. Our
workforce of more than 100 fulltime analysts and consultants employing
innovative research solutions and tracking global and country specific high
growth markets helps TechSci clients to lead rather than follow market trends.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel:
+1-646-360-1656
Email: [email protected]
Web: https://www.techsciresearch.com/