Global Battery Monitoring System Market: Snapshot
A technological ecosystem in the global battery monitoring system market comprises of various mechanical and digital components. These include various sensors, data loggers, communication networks, hubs, controllers, and data recorders. These systems assist end users in monitoring various aspects of their battery-charged device or equipment such as voltage, load level, and charge level of their batteries. Using the solutions provided by the global battery monitoring system market allows enablers to provide solutions for the service providers by supplying either hardware or software, or both to the end user directly. The enablers in the global battery monitoring system market are responsible for delivering and implementing these systems directly in the end-user facilities.
Rising concerns regarding the impact of emissions created by internal combustion (IC) engines has seen a noticeable shift towards using electric vehicles. Electric vehicles use various kinds of batteries that need to be charged, maintained, and optimized for the better usage. Rising consumer preference for electric and hybrid vehicles and increasing need for efficient and effective smart electric grid management solutions are two of the most important growth factors for the global battery monitoring system market. Integration of emerging technologies such as AI and IoT can also present interesting growth opportunities for the stakeholders and vendors operating within the global battery monitoring system market in the next few years.
Demand for clean energy has increased significantly due to the rise in awareness and increase in concerns regarding global warming. This has led to a shift toward sources of energy such as solar, wind, and environmentally-friendly electric and hybrid vehicles. Energy storage is a grave concern for successful implementation of these clean solutions. It can be resolved by the application of battery of various capacities for energy storage. Hence, monitoring of these batteries is an important task that helps ensure the proper working of these clean technologies and applications that are directly or indirectly dependent on battery. Battery monitoring system continuously measures, records, monitors, and analyzes various parameters for individual cells and battery modules. Analyzing the data obtained from battery monitoring helps one to know the condition of the battery or cell. It would also help in taking proper actions in order to avoid unplanned power outages.
The battery monitoring system aims to notify the user about the existing scenario and health of the battery or battery bank. It alerts the user about the failure of batteries in the bank. It also alerts the user about the net charge existing or total backup available from battery or the battery bank. Any particular damage to the battery can be easily monitored in order to take necessary action to guard the battery from any major damage hindering its ability to perform. Hence, battery monitoring can prolong the overall battery life and its efficiency. A battery monitoring system generally monitors charging, discharging, and load on the battery; AC mains frequency & voltage; and ambient temperature and temperature of the battery. The battery monitoring system also helps generate live report of the battery performance and triggers alarm if any fault is detected.
Based on end-user, the battery monitoring system market can be segmented into energy industry, automotive industry, IT & telecommunication industry, and others. In the energy industry, the battery monitoring system is used to monitor battery conditions used for storing power generated from solar and wind energy, or for monitoring the battery utilized as power backup in power generation and oil and gas segments of the energy industry. In the automotive sector, the battery monitoring system is used primarily in electric and hybrid electric vehicles to indicate the status of the various parameters of the battery used. In the IT & telecommunication industry, the battery monitoring system is employed to ensure the proper working of the battery that provides power to various intensive and critical devices. The others segment includes manufacturing, defense, and healthcare.
In terms of region, the battery monitoring system market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is likely to hold major share of the global battery monitoring system market during the forecast period. Europe is expected to follow the lead of North America during the forecast period. However, Asia Pacific is anticipated to have significant growth potential; the market in the region is estimated to expand at a significant pace during the forecast period.
Key players operating in the battery monitoring system market include ABB Group, Crucial Power Products, BTECH, Inc., C&D TECHNOLOGIES, INC., NDSL Group LTD, General Electric Company, and PowerShield Limited.
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