Battery Monitoring Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Wired, Wireless), By Component (Hardware, Software), By Battery Type (Lithium Ion, Lead Acid, Others), By End User (Automotive, Consumer Electronics, Energy And Power, Others), And By Geography - Forecasts From 2019 To 2024

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.

DRIVERS
Rising demand for electric vehicles.
The growing importance of energy-efficient systems.

RESTRAINTS
The high cost of battery monitoring systems.

INDUSTRY UPDATE
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.

Battery Monitoring Market Scope:

Report Metric	Details
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
Base year	2018
Forecast period	2019–2024
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

Segmentation

The battery monitoring market has been analyzed through the following segments:

By Type
Wired
Wireless

By Component
Hardware
Software

By Battery Type
Lithium Ion
Lead Acid
Others

By End User
Automotive
Consumer electronics
Energy and Power
Others

By Geography
North America
USA
Canada
Mexico

South America
Brazil
Argentina
Others

Europe
Germany
France
United Kingdom
Spain
Others

Middle East and Africa
Saudi Arabia
Israel
Others

Asia Pacific
China
Japan
South Korea
India
Others

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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.

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