Battery monitoring systems are gaining momentum on account of the increasing adoption of renewable energy that needs effective storage. Market Research Future (MRFR) reports that the Automatic Battery Monitoring System Market is set to demonstrate a CAGR of 18.20% CAGR during the forecast period (2018-2023).
Battery monitoring systems find a wide range of application in different industries. They are key a tool that helps is avoiding costly downtime due to unexpected battery failure. Technological advancements have led to introduction of more efficient systems that offer real time monitoring and subsequently help in improving battery life and reducing replacement cost and maintenance cost. Moreover, stricter safety regulations and importance of managing battery backup system is influencing the adoption rate. The growing industrial application of battery monitoring remains a positive indication for market player. The automotive sector, especially the electric and hybrid segment also presents attractive market opportunities. Such factors are expected to propel the market during the projection period.
Automatic Battery Monitoring System Market: Segmental Analysis
The segmental analysis of the market has been conducted on the basis of component, battery type, type, and end-user.
On the basis of component, the market has been segmented into software & service and hardware. The hardware segment covers data recorders, controllers, sensors, and communication networks among others.
On the basis of battery type, the market has been segmented into lithium-ion and lead-acid.
On the basis of type, the market has been segmented into wireless battery monitoring system and wired battery monitoring system.
On the basis of end-use, the market has been segmented into telecommunications, energy and others.
Automatic Battery Monitoring System Market: Regional Analysis
North America is expected to remain an important market for battery monitoring systems over the next couple of years. The market growth in the region is supported by growing number data centres and adoption of renewable power generation systems. The growth of hybrid electric vehicle industries is also propelling the market forward. Opportunities are arising from increased adoption in end use sectors in countries such as the U.S. and Canada. The data released by CBRE reveals that in North America, nearly USD 20 Bn was invested towards development of data centres in 2017. The countries that are mentioned above are highly active in investments towards end use market. The government in Canada has committed nearly 1.5 Bn in wind energy projects. Such investments have augured well for market players operating in the region. The application scope has continued to grow in the region over time.
Competition Analysis
Some of the key companies functioning in the global market for battery monitoring system include NDSL (India), HBL (India), ABB (Switzerland), Eagle Eye (US), Embitel (India), Schneider Electric (France), Texas Instruments (US), Canara (US), SBS (US), Batterydaq (US), Powershield (New Zealand), Curtis (US) and Btech (US).
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