PUBLISHER: Market Research Future | PRODUCT CODE: 1619008
PUBLISHER: Market Research Future | PRODUCT CODE: 1619008
Global Battery Monitoring System Market Research Report Information by Component (Hardware, Software, Services) By Type (Wired, Wireless) By Battery Type (Lithium-Ion, Lead-acid, Others) By Product (Stationary Battery, Motive Battery), By End Use (Automotive, Consumer Electronics, Utilities, Aerospace & Defense, Telecommunications, Others) and By Region Forecast to 2030
In 2023, the battery monitoring system market was valued at USD 6,662.2 million. The Battery Monitoring System Market is expected to register a compound yearly growth rate (CAGR) of 18.10% over the forecast period.
The battery monitoring system assists in monitoring the functions of a battery, such as measuring the battery voltage, charge state, and load activities. The data from the battery monitoring system is transmitted to a centralized control room or a remote site via Ethernet. It also shows the battery condition and failure alarms on the control device. It consists of both hardware and software components. Battery monitoring systems are used in a variety of industries, including data centers, power utilities, consumer electronics, automobiles, solar power, and others.
Battery monitoring systems are in high demand in the global market due to a variety of factors, including increased adoption in data centers and ease of installation. However, the high cost of battery monitoring systems is projected to limit market growth.
Market Segment insights
The Battery Monitoring System Market is segmented by component, which includes hardware, software, and services.
The market is divided into two categories: wired and wireless. BMS can be delivered or installed both wired and wirelessly.
The market is divided into three segments based on battery type: lithium-ion batteries, lead-acid batteries, and others.
The market is divided into two product categories: stationary batteries and motive batteries.
The Battery Monitoring System Market is segmented by end use, including telecommunications, automotive, utilities, consumer electronics, aerospace and defense, and others.
Market Regional Insights
The Battery Monitoring System Market is divided into five regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Over the last few years, this region has seen a steady increase in demand for electric vehicles. In North America, the sale of electric vehicles has doubled since 2018, indicating that demand for electric vehicles is rapidly increasing. This demand is predicted to raise the need for BMS to monitor and manage the batteries in EVs throughout the United States, Canada, and Mexico. The demand for BMS is also coming from the data centre. Several new data center projects have begun in the region, including Google's recent announcement that it will invest billions of dollars in its US headquarters and data centers.
Vertiv Holdings Co. (Vertiv), Cellwatch, BatteryDAQ, PowerShield, Canara, Inc., BTECH Inc., Eagle Eye Power Solution LLC (Eagle Eye), Curtis Instruments Inc., HBL Power Systems Limited (HBL), Socomec, Storage Battery Systems, LLC (SBS), and others are among the key players in the Battery Monitoring System Market.
SECTION I: EXECUTIVE SUMMARY AND KEY HIGHLIGHTS
SECTION II: SCOPING, METHODOLOGY AND MARKET STRUCTURE
SECTION III: QUALITATIVE ANALYSIS
NOTE: QUANTIFYING DATA WILL BE PROVIDED TO SUPPORT QUALITATIVE ANALYSIS
SECTION IV: QUANTITATIVE ANALYSIS
SECTION V: COMPETITIVE ANALYSIS