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.

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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.

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“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.

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