Vancouver, British Columbia, June 02, 2021 (GLOBE NEWSWIRE) -- The global battery monitoring system market size is expected to reach USD 13.40 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. This steady market revenue growth can be attributed to increasing initiatives by governments encouraging development of more advanced batteries for electric vehicles. The U.S. Department of Energy (DOE) funded national laboratories to establish industry partnerships for battery manufacturing innovation. The Office of Energy Efficiency and Renewable Energy’s Advanced Manufacturing Office and Vehicles Technologies Office is expected to jointly invest up to USD 12 million in projects that address capability gaps for enhanced lithium-ion batteries, next-generation lithium-ion batteries, and battery monitoring systems.
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These factors are expected to drive growth of the global battery monitoring system market to a significant extent during the forecast period. Demand for wireless battery monitoring systems has been increasing as this type provides opportunity to eliminate any unscheduled power cuts due to battery failure. The remote monitoring and remote alarm notification, and easy to use and easy to set up features of wireless battery monitoring systems is driving demand and deployment in automotive and telecommunications sectors.
Some Key Highlights From the Report
- In May 2019, Texas Instruments Incorporated introduced reference designs for traction inverter and battery management system, along with analogue circuits with advanced protection and monitoring features, which are designed for hybrid and electric vehicles. The new design is expected to minimize CO2 emissions and help in advancement of hybrid electric vehicles and electric vehicles.
- Wireless segment revenue is expected to expand at a rapid CAGR during the forecast period. The automotive sector is increasingly utilizing wireless battery monitoring systems as these provide opportunity to eliminate any unscheduled power cuts due to battery failure, improves UPS uptime, reduces maintenance operation, and prevents battery malfunctions.
- Hardware segment accounted for largest revenue share in 2020. Hardware components help in real-time monitoring of battery voltage, inter-temperature, and charge and discharge current, which is driving demand for this type of system.
- Lithium-ion based segment accounted for a significantly high revenue share in the battery monitoring system market in 2020. Increasing sales of electric vehicles owing to rise in fuel prices and stringent regulations regarding pollution emission levels from conventional vehicles is projected to drive demand for lithium-ion batteries and electric vehicles going ahead.
- Automotive segment accounted for a relatively larger revenue share in the global battery monitoring system market in 2020. Rising need to enhance operational efficiency of lithium-ion batteries is a key factor driving demand for battery monitoring systems from the automotive sector.
- North America accounted for largest revenue share contribution to the global battery monitoring system market in 2020. Governments in countries like the U.S. are supporting initiatives by battery manufacturers to develop more efficient and advanced electric vehicles, which is boosting market growth.
- Key players in the market include Benchmark Electronics Inc., NDSL, Texas Instruments Incorporated, PowerShield, BatteryDAQ, Eagle Eye Power Solutions, LLC, HBL Power Systems Ltd., Schneider Electric, ABB, and General Electric.
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Emergen Research has segmented the global battery monitoring system market on the basis of type, component, battery type, end-use, and region:
- Type Outlook (Revenue, USD Billion; 2018–2028)
- Wired
- Wireless
- Component Outlook (Revenue, USD Billion; 2018–2028)
- Software
- Hardware
- Battery Type Outlook (Revenue, USD Billion; 2018–2028)
- Lead-Acid
- Lithium-Ion Based
- Others
- End-use Outlook (Revenue, USD Billion; 2018–2028)
- Automotive
- Telecommunication
- Industries
- Energy
- Others
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- North America
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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