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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.