Battery Monitoring System Market to be $5.47 Billion by 2022
Posted: May 08, 2021
The global 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. North America is estimated to be the largest market for battery monitoring systems, followed by Asia Pacific and Europe. 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 growth of the battery monitoring system market is mainly driven by a booming demand for global connectivity, accompanied by an increasing demand for data centers, increasing investments in renewable energy, energy storage, and the infrastructure industry to accommodate the rising demand for power globally.
Based on battery type, the battery monitoring system has been segmented into lithium-ion based, lead-acid, and others. The lithium-ion based segment is expected to be the largest segment of battery monitoring system market 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 electric vehicles, power tools, and battery backupa pplications has resulted in the largest share of the lithium-ion batteries segment compared to other battery types.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=256167204
The telecommunications segment is expected to be fastest-growing battery monitoring system market, by end-user, from 2017 to 2022. The use of telecom devices has been increasing globally, consequently, demanding equally dedicated service. Collapsing cell towers and other communication-related structures pose serious threats to the brand images of telecom companies. Thus, telecom companies have realized the importance of using battery monitoring systems to maintain employee productivity and prevent costly repairs. Thus, the increased reliance of the telecom industry on battery monitoring systems for generating overall business and the rising number of connected devices is likely to create new revenue pockets for the telecommunications end-user segment of the battery monitoring system market during the forecast period.
Asia Pacific is estimated to be the fastest growing market for battery monitoring systems from 2017 to 2022. The rising population in the region has led to significant increase in demand for connectivity. This has caused the accumulation of more data, subsequently, increasing the region’s investments in data centers. Thus, factors such as rising investments in data centers and the electric vehicle sector are driving the battery monitoring system market in Asia Pacific. China and Japan are estimated to be the largest markets for battery monitoring systems in the region in 2017. Moreover, the battery monitoring system market is also expected to grow significantly in countries such as South Korea and India during the forecast period.
The global Battery Monitoring System Market is dominated by both global and regional players. The key players operating in the Battery Monitoring System Market include NDSL (UK), Texas Instruments (US), PowerShield (New Zealand), BatteryDAQ (US), Canara (US), and Eagle Eye (US). The other players in this market include HBL (India), Schneider Electric (France), Curtis (US), Socomec (France), BTECH (US), ABB (Switzerland), and SBS (US).
Currently working as a Senior Research Associate with hands on experience in Market Research, Business Research, Consumer Research and Process Research