Battery Monitoring Systems Market Forecasts to 2030 – Global Analysis By Component (Hardware, Software, Services and Other Components), Monitoring, Technology, Application, End User and By Geography

Battery Monitoring Systems Market Forecasts to 2030 – Global Analysis By Component (Hardware, Software, Services and Other Components), Monitoring, Technology, Application, End User and By Geography

According to Stratistics MRC, the Global Battery Monitoring Systems Market is accounted for $4.3 billion in 2024 and is expected to reach $11.4 billion by 2030 growing at a CAGR of 17.7% during the forecast period. Battery Monitoring Systems (BMS) are devices that track important characteristics including voltage, current, temperature, and state of charge in real-time in order to monitor and control the safety, performance, and health of batteries. By spotting possible problems like deep discharge, overcharging, overheating, or cell imbalance, they help prolong battery life and avoid battery failures. The battery pack's individual cells' voltage and temperature are tracked by the BMS, which helps detect any safety risks including overcharging or overheating. In order to ensure battery longevity and safety, it also offers protection against damage such as deep discharge and overcharge.

Market Dynamics:

Driver:

Increase in data centers and telecom sector

As data centers grow, more energy will be needed to run them efficiently. Because of this requirement, dependable battery systems are required for backup power solutions; therefore, Battery Management Systems (BMS) are essential for keeping an eye on battery performance and guaranteeing continuous operations. In order to reduce downtime and operating expenses, BMS optimizes energy use, keeps an eye on the condition of batteries, and controls backup systems like uninterruptible power supplies.

Restraint:

Complexity of systems

The development of sophisticated algorithms, hardware components, and communication protocols associated with Business Management Systems (BMS) has resulted in higher expenses. For some end customers, particularly in price-sensitive sectors, this has made BMS solutions less cheap. Adoption may also be impeded by technical difficulties arising from the intricacy of BMS.

Opportunity:

Emphasis on battery safety and performance

Advances in battery technology for renewable energy storage and electric cars have raised safety requirements and necessitated the use of sophisticated battery management systems (BMS). These systems keep an eye on battery conditions to make sure rules are followed and to stop deep draining, overcharging, and overheating. The need for sophisticated BMS systems, which maximize battery performance to increase longevity and dependability, is driven by the need for effective energy management in applications like EVs and data centers.

Threat:

Battery degradation and performance variability

Performance variability is a problem for battery management systems (BMS), making data interpretation more difficult and necessitating the use of sophisticated algorithms and technologies. The complexity and cost of BMS solutions may rise as a result. Furthermore, doubts regarding the efficiency of BMS systems in handling degraded batteries may cause market reluctance, which could result in postponed purchases or the use of substitute alternatives.

Covid-19 Impact

The COVID-19 pandemic has significantly impacted the Battery Monitoring Systems (BMS) market by disrupting supply chains and altering consumer behavior. Lockdowns and restrictions led to delays in manufacturing and project implementations, slowing down market growth. Additionally reduced investments in infrastructure and electric vehicle (EV) projects during the pandemic further constrain demand for Battery Monitoring Systems.

The software segment is expected to be the largest during the forecast period

The software is expected to be the largest during the forecast period owing to new developments in BMS software allow for real-time monitoring of battery performance measures such as health and state of charge, as well as extensive data analytics. By enabling remote monitoring, the incorporation of IoT technology into BMS software enhances operational efficiency. Additionally, user-friendly dashboards, visualization tools, and interfaces are features of contemporary software solutions that streamline battery system management and increase BMS accessibility for a larger group of users.

The wireless battery monitoring systems segment is expected to have the highest CAGR during the forecast period

The wireless battery monitoring systems segment is expected to have the highest CAGR during the forecast period particularly in applications such as electric vehicles and renewable energy storage, wireless battery monitoring systems enable real-time data collecting and remote monitoring, which enhances operational efficiency. By facilitating the early identification of possible battery failures, lowering maintenance costs, and improving worker safety, this improves safety and maintenance and increases the appeal of BMS in sectors such as healthcare and telecommunications.

Region with largest share:

North America is expected to have the largest market share over the projection period due to the growing adoption of electric vehicles and renewable energy investments in North America are driving market growth, increasing the demand for battery management systems (BMS) to monitor battery performance and ensure safety. Government initiatives and incentives are also enhancing the importance of BMS in managing battery systems effectively.

Region with highest CAGR:

Asia Pacific is anticipated to witness the highest rate of growth during the forecast period owing to the ongoing innovations in battery technology and monitoring systems are enhancing the capabilities of BMS, making them more attractive to various industries. This technological progress supports the market's growth by providing more reliable and efficient solutions. Moreover many countries in the Asia Pacific region are implementing policies to promote electric vehicles and renewable energy adoption which boosts the regions market growth.

Key players in the market

Some of the key players in Battery Monitoring Systems market include Benchmark Electronics, NDSL Group Limited , Texas Instruments, Powershield, Batterydaq, Canara Inc., Eagle Eye Power Solutions, LLC, HBL Power Systems Ltd, BTECH Inc., Storage Battery Systems, LLC, Schneider Electric, ABB, Socomec Group, General Electric (GE) and Curtis Instruments, Inc.

Key Developments:

In April 2024, GE Aerospace announced its official launch as an independent public company defining the future of flight, following the completion of the GE Vernova spin-off. GE Aerospace will trade on the New York Stock Exchange (NYSE) under the ticker “GE”.

In April 2024, GE Vernova Inc. announced the launch of its new 6 MVA, 2000-volt direct current utility-scale inverter, with a multi-megawatt pilot installation in North America. This initiative is aimed at further reducing solar energy costs and accelerating the transition to renewable energy and decarbonization.

In April 2024, ABB announced that it has signed an agreement to acquire Födisch Group, a leading developer of advanced measurement and analytical solutions for the energy and industrial sectors. The acquisition enhances ABB’s offering in continuous emission monitoring systems (CEMS) and bolsters its competitiveness in technology and innovation.

Components Covered:
• Hardware
• Software
• Services
• Other Components

Monitorings Covered:
• Voltage Monitoring
• Temperature Monitoring
• Current Monitoring
• State of Charge (SOC) Monitoring
• State of Health (SOH) Monitoring
• Battery String Monitoring
• Other Monitorings

Technologies Covered:
• Wired Battery Monitoring Systems
• Wireless Battery Monitoring Systems
• Other Technologies

Applications Covered:
• Data Centers
• Energy Storage Systems
• Telecommunication
• Electric Vehicles (EVs)
• Other Applications

End Users Covered:
• Automotive
• Energy & Utilities
• Healthcare
• Aerospace & Defense
• Marine
• Residential
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
Market share assessments for the regional and country-level segments
Strategic recommendations for the new entrants
Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
Strategic recommendations in key business segments based on the market estimations
Competitive landscaping mapping the key common trends
Company profiling with detailed strategies, financials, and recent developments
Supply chain trends mapping the latest technological advancements