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. The 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 are driving the demand for electric vehicles which, in turn, is boosting the growth of the 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 sensors, controllers, data recorders 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.
|Market size value in 2018||US$1,901.168 million|
|Market size value in 2024||US$8,053.489 million|
|Growth Rate||CAGR of 27.20% from 2018 to 2024|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Component, Battery Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Texas Instruments Incorporated, BatteryDAQ, Eagle Eye Power Solutions, LLC, ABB, Schneider Electric, Canara, Inc., Socomec, Curtis Instruments Inc., Storage Battery Systems LLC, Powershield Ltd., Btech Inc., HBL Power Systems Ltd.|
|Customization scope||Free report customization with purchase|
The battery monitoring market has been analyzed through the following segments:
By Battery Type
By End User
Energy and Power
Middle East and Africa
Frequently Asked Questions (FAQs)
Q1. What will be the battery monitoring market size by 2024?
A1. The battery monitoring market is projected to reach a total market size of US$8,053.489 million in 2024.
Q2. What are the growth prospects for the battery monitoring market?
A2. The global battery monitoring market is projected to witness a CAGR of 27.20% over the forecast period.
Q3. What factors are anticipated to drive the battery monitoring market growth?
A3. The rising focus on electric vehicles is one of the major drivers of the battery monitoring system market.
Q4. What is the size of the global battery monitoring market?
A4. Battery Monitoring Market was valued at US$1,901.168 million in 2018.
Q5. Which region holds the largest market share in the battery monitoring market?
A5. 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.
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.6. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Secondary Sources
3. KEY FINDINGS
4. MARKET DYNAMICS
4.1. Market Segmentation
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Porter’s Five Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Buyers
4.5.3. Threat of New Entrants
4.5.4. Threat of Substitutes
4.5.5. Competitive Rivalry in the Industry
4.6. Life Cycle Analysis - Regional Snapshot
4.7. Market Attractiveness
5. BATTERY MONITORING MARKET BY TYPE
6. BATTERY MONITORING MARKET BY COMPONENT
7. BATTERY MONITORING MARKET BY BATTERY TYPE
7.1. Lithium Ion
7.2. Lead Acid
8. BATTERY MONITORING MARKET BY END USER
8.2. Consumer electronics
8.3. Energy and Power
9. BATTERY MONITORING MARKET BY GEOGRAPHY
9.1. North America
9.2. South America
9.3.3. United Kingdom
9.4. Middle East and Africa
9.4.1. Saudi Arabia
9.5. Asia Pacific
9.5.3. South Korea
10. COMPETITIVE INTELLIGENCE
10.1. Competitive Benchmarking and Analysis
10.2. Recent Investments and Deals
10.3. Strategies of Key Players
11. COMPANY PROFILES
11.1. Texas Instruments Incorporated
11.3. Eagle Eye Power Solutions, LLC
11.5. Schneider Electric
11.6. Canara, Inc.
11.8. Curtis Instruments Inc.
11.9. Storage Battery Systems LLC
11.10. Powershield Ltd.
11.11. Btech Inc.
11.12. HBL Power Systems Ltd.
LIST OF FIGURES
LIST OF TABLES
Texas Instruments Incorporated
Eagle Eye Power Solutions, LLC
Curtis Instruments Inc.
Storage Battery Systems LLC
HBL Power Systems Ltd.
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.