Battery Monitoring System Market

Battery Monitoring System Market Size (2023 - 2028):

The Global Battery Monitoring System Market was worth USD 7.77 billion in 2022 and is projected to reach a valuation of USD 27.95 billion in 2028 and is predicted to register a CAGR of 24.25% during 2023-2028.

Market Trends:

The call for clean energy has increased dramatically due to awareness and growing concern about worldwide warming. This has led to a transition to energy sources such as solar, wind, and eco-friendly electric and hybrid vehicles. Energy storage is a major concern for the successful implementation of these clean solutions. It can be solved by applying batteries of different capacities for energy storage. Therefore, monitoring these batteries is an important task to ensure the correct operation of these clean technologies and applications that depend directly or indirectly on the battery.

Market Drivers:

The factor determining the call for battery monitoring systems is their escalating adoption in electric vehicles. Energy shortages, the depletion of fossil fuels, and escalating pollution levels from vehicles are the main factors that have led to the development of electric vehicles. Additionally, the high costs of fuels employed in internal combustion (IC) engines have also led to the need for electric vehicles. An EV is a zero-emission vehicle that is worldwide seen as the future of the transportation system. Batteries have several advantages, such as low emission rates, high energy density, and long life cycles, and are employed as a power source in electric vehicles. Many governments around the world have supported electric vehicle battery manufacturers to help them transition their household power supplies to renewable energy.

Market Restraints:

Battery monitoring systems are apparently expensive and complex, especially for larger battery solutions. Large solar and wind energy storage projects require specific guidance on the type and size of storage. Additionally, larger energy storage systems require more battery monitors to obtain accurate real-time parameter results. Therefore, this results in a significant increase in the total cost of battery monitoring systems. Therefore, the high cost of battery monitoring systems for larger battery solutions is predicted to be a limitation in the market.

Market Opportunities:

The growing call for battery monitoring systems in data centres is predicted to drive the worldwide market for battery monitoring systems. Data centres are made up of servers, network systems, and storage resources, which organize, store, and process data and information. Data centres help organizations run their core applications. Different types of batteries, such as lithium-ion batteries and lead-acid batteries, are employed in data centres to support UPS systems and provide backup power for long periods of time. Proper battery monitoring in data centres is essential, as battery failures can disrupt operations and lead to financial losses. Therefore, battery monitoring systems embedded in batteries improve the operation and security of data centres.

Market Challenges;

The high cost associated with battery monitoring systems for larger battery solutions and the presence of a large number of local and regional players are some difficult factors that can hamper the expansion of this market.

Market Recent Developments:

• Lithium-ion battery company Inverted Energy announced today that it launched its first advanced battery management system, OJAS BMS, on Thursday. The company, based here, said the technology offers greater control over the battery, delivering efficient performance. He plans to make the system a standard offering on all planned battery models.
• Nuvation launches a new battery management system. Nuvation Engineering has released a modular, scalable, ready-to-use BMS that decreases the requirement for makers in the electric vehicle, storage, and battery industries. energy and telecommunications networks develop their own customized solutions.

BATTERY MONITORING SYSTEM MARKET REPORT COVERAGE:

Market Segmentation:

Battery Monitoring System Market - By Component:

• Hardware
• Software

The hardware segment is predicted to be the fastest-growing battery monitoring systems market, by component, from 2022 - 2027. Asia-Pacific and North America are the main hardware markets due to the growing call for battery monitoring. All of these factors are predicted to drive the battery monitoring system market over the foreseen period.

Battery Monitoring System Market - By Type:

• Wired
• Wireless

The wired segment is predicted to be the largest market for battery monitoring systems in 2021. Wired systems are employed in applications where there is the most electrical interference, such as data centres, which are predicted to be the largest end-user segment of battery monitoring systems.

Battery Monitoring System Market - By Battery Type:

• Lithium-ion based
• Lead-acid

Battery Monitoring System Market - By End-User:

• Telecommunications
• Automotive
• Energy
• Industries

Market Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

North America is predicted to have the largest market share during the foreseen period, due to the sharp increase in call for electric vehicles in recent years. In North America, the sale of electric cars has doubled since 2015, implying that the call for electric cars is escalating at a rapid rate. This call is predicted to increase the need for BMS to monitor and manage batteries for electric vehicles in the United States, Canada, and Mexico. Call for BMS are also coming from data centres. Several new data centre projects have been launched in the region, including Google's new plan to invest billions in its offices and data centres in the United States in 2020. The North American market is driven by increased sales of electric vehicles, growing investment in data centres, and increased renewable energy production capacity in the region. It is predicted to grow at the second fastest rate during the foreseen period. The United States and Canada are expected to be the largest markets for battery monitoring systems in the region.

Impact of COVID-19 on the Battery Monitoring System Market:

The battery industry has grown at an impressive rate over the past two decades, supported by the growing call for power from modern portable consumer electronics, electric vehicles, and the growing adoption of power generation. intermittent renewable. The COVID-19 endemic has slowed the pace of battery supply chains as most battery cells are made in China, highlighting the overwhelming dependence on China and the risks related to the supply chain. This has sparked the interest of various stakeholders in localizing/regionalizing supply chains in the US and EU regions to mitigate supply chain risks. 5G is predicted to become the backbone of telecommunications in the coming years. Most telecom operators are embarking on network upgrades and new construction in the coming years to cope with increased traffic, offer improved mobile broadband, and respond to IoT and mission-critical applications. In turn, this trend, which translates into increased investment in infrastructure by telecommunications and tower companies, is predicted to significantly boost the call for critical backup power systems to maintain availability close to 100%.

Market Key Players:

The Prominent Players in the Global Battery Monitoring Systems Market are

1. Vertiv Holdings Co
2. Cellwatch
3. Batterydaq
4. Powershield Limited
5. CPG (Canara), Btech Inc
6. Eagle Eye Power Solutions, LLC
7. Curtis Instruments, Inc
8. HBL Power Systems Ltd
9. Socomec
10. Storage Battery Systems, LLC
11. Texas Instruments Incorporated
12. Nuvation Energy
13. ABB and Schneider Electric.