Battery Monitoring System Market is forecast to reach $5.47 billion by 2022 from $2.37 billion in 2017 at a CAGR of 18.23% during (2017-2022) driven by the need to prevent unplanned outages, increasing demand for electric vehicles, improved operational efficiency of batteries, increasing renewable power generation and the growing use of battery monitoring systems in data center applications.
- Advertising -
Access the Sample Papers of 62 Market Data Tables and 41 Figures spread through 139 Pages and in-depth TOC on “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” at www.reportsnreports.com/contacts/r…aspx?name=1341540 .
The leading players in the battery monitoring system market include NDSL (UK), Texas Instruments (US), Power Shield (New Zealand), Battery DAQ (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.
North America is expected to be the largest battery monitoring system market in 2017 followed by Asia Pacific and Europe.
- Advertising -
The market in North America is driven by rising electric vehicle sales, growing investments in datacenters, and rising renewable power generation capacities in the region. It is projected to grow at the second-fastest rate during the forecast period.
The US and Canada are estimated to be the largest markets for battery monitoring systems in the region. For instance, investments in datacenters in the US were around US 18.2 million in 2017 which are double the amount invested in 2016.
Canada’s new wind energy projects represented about USD 1.5 billion in 2016 and by 2017, the country is expected to install approximately 700 MW of new wind energy capacity as stated by the Canadian Wind Energy Association (Can WEA). All these factors are expected to boost the growth of the battery monitoring system market in North America.
The hardware segment is estimated to be the fastest-growing battery monitoring system market by component, from 2017 to 2022. The growth of this segment can be attributed to simple installation, reduced need of cabling, and fast data sampling of components such as sensors, hub, and controllers.
Asia Pacific and North America are the key markets for hardware due to the rising demand for monitoring the state of health and state of charge of batteries with the help of hardware components. All these factors are expected to drive the battery monitoring system market during the forecast period.
The wired segment is expected to dominate the Battery Monitoring System Market from 2017 to 2022. Wired systems are used in applications where there is more electrical interference such as datacenters, which is expected to be the largest end-user segment of battery monitoring systems.
The high costs of battery monitoring systems for larger battery solutions would act as a restraint for the battery monitoring system market.
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 report helps solutions providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
Report at www.reportsnreports.com/.aspx?name=1341540 .
The report defines, describes, and forecasts the global battery monitoring system market by component, type, battery type, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market.
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1 - 10%, Tier 2 - 40%, Tier 3 - 50%
- By Designation: C-Level - 10%, D-Level - 10%, Others - 80%
- By Region: Asia-Pacific - 60%, North America - 10%, Europe - 10%, Middle East & Africa - 10%, South America - 10%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2016: Tier 1 = > USD 10 billion, Tier 2 = from USD 1 billion to USD 10 billion, and Tier 3 = < USD 1 billion.