Increased concerns regarding global warming has also led to an increase in the demand for clean energy, which has further led to a shift toward sources of energy such as solar, wind, and eco-friendly electric and hybrid vehicles. Since energy storage has been a matter of concern for quite some time now, it can be only resolved by using batteries of different capacities. Therefore, monitoring of these batteries is necessary to ensure the efficient working of these clean technologies. Battery monitoring systems ensures the optimal usage of energy inside the battery by continuously measuring, monitoring, and analyzing the various cells of the battery. Moreover, it also operates smartly and helps in preventing costly downtime due to unexpected battery failures.
Market overview
The global battery monitoring system market is projected to grow at a CAGR of 18.23% during the forecast period 2017-2022, to reach a value of USD 5.47 billion by 2022 from an estimated USD 2.37 billion in 2017.
Based on type, the wired segment is expected to hold the largest market share over the forecast period, whereas the wireless segment is projected to witness the highest growth, since wireless systems help in remote monitoring of operations as all the operations can be monitored from a central location. On the basis of battery type, the lithium-ion batteries segment is expected to lead the market with the largest share in the coming years, owing to the increasing deployment of lithium-ion batteries in electric vehicles, power tools, and battery backup. It is also expected to grow at the highest CAGR, driven by the increasing electric vehicle sales.
Among end-users, the telecommunications segment is projected to be the largest market over the forecast period, since they aid in assuring the performance of backup battery power systems and reducing the UPS battery maintenance and replacement costs.
Geographical growth scenario of the market
The battery monitoring system market in North America is expected to hold the largest market share by 2022, and is also projected to witness the second-highest growth over the forecast period. This growth can be attributed to the increasing investments in data centers and growing renewable power generation capacities. Among countries, the US and Canada are expected to be the key markets for battery monitoring systems in this region over the next few years. However, the market in Asia Pacific is expected to witness the fastest growth. The market in China is expected to dominate the battery monitoring system market in the Asia Pacific region. The market is expected to witness a high growth in nations such as China, South Korea, and those in South-East Asia. This growth can be contributed to the increased government initiatives for reducing greenhouse gases and increased focus on obtaining power from renewable sources.
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Factors impacting market growth
The growth of the global market for battery monitoring systems is being primarily influenced by the following factors:
- Rising demand for electric vehicles
- Increased operational efficiency of batteries
- Preventing unplanned outages
In addition, growing demand for battery monitoring systems for datacenter applications and increasing renewable power generation are the factors expected to further offer major growth opportunities in the market.
On the downside, high cost of battery monitoring systems for larger battery solutions is expected to hinder market growth to a certain extent in the coming years. Moreover, presence of a large number of local and regional players is a major challenge being faced by the leading market players.
Major companies and strategies implemented
NDSL (UK), Texas Instruments (US), PowerShield (New Zealand), BatteryDAQ (US), Canara (US), and Eagle Eye (US) are the leading players operating in the global market for battery monitoring systems. Among strategies, new product launches was the most common strategy adopted by these companies from 2014 to 2017, followed by contracts & agreements, expansions and investments, and partnerships in order to increase their shares and gain a stronger hold on the market.
