Battery Monitoring Systems Market Forecast till 2027

Battery Monitoring Systems Market Forecast till 2027

Market Overview
The global market for battery monitoring systems is likely to grow at a substantial rate during the forecast period. The battery monitoring systems comprises of automotive, solar power, data centers, power utilities and consumer electronics, all with hardware and software components that transmit data through ethernet to a remote location or a centralized control room and display fault alarms and battery status on a control unit.

The demand for battery monitoring systems has been driven by the growing adoption of electric vehicles. This shift is mainly due to the depletion of fossil fuels, the rising levels of vehicular pollution, and energy shortages, as well as the high cost of fuel for internal combustion (IC) engines. EVs are seen as the future of the transportation system globally, as they offer a zero-emission alternative. The battery plays a key role in powering an electric vehicle, and its advantages, such as high energy density, low emissions, and long lifecycles, are what make it an ideal energy source for EVs. The global market growth for battery monitoring systems has been propelled by the increasing demand across various industry verticals due to the advancements in EV batteries and associated technologies. Also, various governments around the world have also provided support to battery manufacturers to help transition to renewable energy sources.

Segment Overview
The component, type, battery type, product, end-use and regional segments have been used to divide the global market for battery monitoring systems market. The global market has been divided into lithium-ion, lead-acid and others based on the type of battery monitoring systems. Lithium-ion segment is likely to dominate the market over the forecast period.
The type segment has been divided into wired and wireless. Based on end use, the global market has been divided into automotive, consumer electronics, aerospace & defense, telecommunications, utilities and others. Based on product, the global market is segmented into stationary batteries and motive batteries.

Regional Analysis
Among the various regional markets, the North American region is estimated to record the highest market share during the forecast period due to its impeccable demand from the Asia-Pacific, South America, Middle East & Africa, and Europe. To gain a thorough understanding of the market, a detailed analysis of the competitive landscape has been carried out.

In February 2020, the US Department of Energy (DOE) collaborated with national laboratories to improve batteries, battery monitoring systems, and electric drive systems. Similarly in September 2018, Alibaba Group (China) opened its second Availability Zone in Mumbai, India. Additionally, in February 2019, CtrlS Datacenters Ltd (India) planned to invest USD 278.6 million for setting up three hyper-scale data centers in India.

Major Players
HBL Power Systems Ltd, Storage Battery Systems, Nuvation Energy, Socomec, ABB, Vertiv Holdings Co., and Schneider Electric are among the leading companies operating in the global battery monitoring systems market.

COVID 19 Impacts
The battery monitoring systems market has been greatly impacted by COVID 19, just like any other sector around the world. Reduced product sales have forced the industry to implement new strategies to increase sales and maintain growth projections for 2026. The pandemic has disrupted the global market production and supply chain, so various measures have been taken to stop it from affecting market statistics.

Companies Mentioned
HBL Power Systems Ltd
Storage Battery Systems
Nuvation Energy
Socomec
ABB
Vertiv Holdings Co.
and Schneider Electric

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