The report, now available on ASDReports, "Battery Monitoring System Market by Component (Hardware, Software), Type (Wired, Wireless), Battery Type (Lithium-Ion Based, Lead-Acid), End-User (Telecommunications, Automotive, Energy, Industries), and Region - Global Forecast to 2022", The battery monitoring system market is expected to grow from an estimated value of USD 2.37 Billion in 2017 to USD 5.47 Billion by 2022, at a CAGR of 18.23%, from 2017 to 2022. The global market is set to witness significant growth due to the increasing demand for electric vehicles and the need to prevent unplanned power outages.
The hardware segment is expected to hold the largest share of the battery monitoring system market, by type, during the forecast period.
The hardware segment is expected to hold a major share of the battery monitoring system market during the forecast period. Hardware components include sensors, hubs, controllers, data loggers, data recorders, and communication networks. All these components are easy to install, can record real-time battery parameters, require less cabling, and have high-resolution data recording capabilities. For instance, sensors have advanced circuits that help in powerful measurement algorithms and fast data sampling, thereby, resulting in the efficient use of data accumulated from batteries. All these factors have resulted in the larger share of the hardware segment of the battery monitoring system market.
The lithium-ion based segment accounts for the largest share of the battery monitoring system market, by battery type, during the forecast period.
The lithium-ion based segment is expected to be the largest market, by battery type, from 2017 to 2022. The key applications of lithium-ion battery monitoring systems are electric and hybrid electric vehicles, power tools, and power supply backup. The increasing deployment of lithium-ion batteries in these applications has resulted in the largest share of the lithium-ion batteries segment compared to other battery types.
The telecommunications segment is expected to be the largest end-user segment of the battery monitoring system market during the forecast period.
The telecommunications segment is expected to be the largest battery monitoring system market from 2017 to 2022. In the telecommunications segment, data centers are the prime users of battery monitoring systems as they heavily rely on UPS systems for reliable backup power. These systems aid in assuring the performance of backup battery power systems and reducing UPS battery maintenance and replacement costs. Moreover, continuous monitoring allows for an all-time knowledge of the state-of-health of batteries. Battery monitoring systems enable UPS backup batteries to consume lesser energy, be protected from failure, and last longer which, ultimately, leads to overall decreased expenditure for the company. All these factors are likely to drive the telecommunications segment of the battery monitoring system market.
Asia Pacific: the fastest growing market for battery monitoring systems.
In this report, the battery monitoring system market has been analyzed with respect to 5 regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and South America. The market in Asia Pacific is expected to grow at the fastest rate due to increasing investments in the data centers sector and growing renewable power generation in the region. The Chinese market is expected to dominate the battery monitoring system market in Asia Pacific. The battery monitoring system market is expected to grow at a high rate in countries such as China, South Korea and those in South-East Asia. An all-round effort by the governments of various countries in the region to reduce greenhouse gases and an emphasis on obtaining power from renewable sources is also likely to drive the battery monitoring system market in the region.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the battery monitoring system market. These include NDSL (UK), Texas Instruments (US), PowerShield (New Zealand), BatteryDAQ (US), Canara (US), and Eagle Eye (US). The leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their market shares.
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Source: ASDReports - Market Research
Date: Feb 19, 2018