The battery monitoring market is projected to witness a CAGR of 27.20% to reach US$8,053.489 million by 2024, from US$1,901.168 million in 2018. Battery monitoring refers to the system which manages the battery through monitoring its state, calculating data and controlling its environment. Rising focus on electric vehicles is one of the major drivers of the battery monitoring system market. Favorable government initiatives to support the renewable energy sector while reducing air pollution is driving the demand for electric vehicles which, in turn, is boosting the growth of battery monitoring system market.
The battery monitoring market has been segmented on the basis of type, components, battery type, end user and geography. In the component segment, hardware holds a significant market share owing to the simple installation, fast sampling, and high-resolution recording capabilities. The hardware components comprise of sensors, controllers, data recorder among others. Further, in the battery type segment, lithium-ion batteries are growing at a substantial rate on account of the increasing application of lithium-ion batteries in electric vehicles. Geographically, North America dominates the global battery monitoring market due to the early adoption of advanced technologies coupled with increasing investments in data centers and renewable energy.
Rising demand for electric vehicles.
The growing importance of energy efficient systems.
The high cost of battery monitoring systems.
In April 2018, Canara acquired Power Service Concepts, Inc., a leading battery services firm based in the greater New York metro area.
The major players profiled in the Battery Monitoring market include Texas Instruments Incorporated, BatteryDAQ, Eagle Eye Power Solutions, LLC, ABB, Schneider Electric, Canara, Inc., Socomec, Curtis Instruments Inc., Storage Battery Systems LLC, Powershield Ltd.
The battery monitoring market has been analyzed through the following segments:
By Battery Type
By End User
Energy and Power
Middle East and Africa