The battery monitoring system market is estimated to grow at a CAGR of 18.23%, from 2017 to 2022, to reach a market size of USD 5.47 billion by 2022. Deployed to monitor parameters such as state of charge, state of health, electrolyte levels, impedance, current, and temperature for batteries, these systems are used by end-users such as telecommunications, automotive, energy, and industries. The rising demand for electric vehicles and the need to prevent unplanned outages are some of the factors contributing to the growth of the battery monitoring system market.
The battery monitoring system market is dominated by both global and regional players. The key players operating in the market include NDSL (UK), Texas Instruments (US), PowerShield (New Zealand), BatteryDAQ (US), Canara (US), and Eagle Eye (US). The other players in this market include HBL (India), Schneider Electric (France), Curtis (US), Socomec (France), BTECH (US), ABB (Switzerland), and SBS (US).
Asia Pacific is estimated to be the fastest growing market for battery monitoring systems from 2017 to 2022. The rising population in the region has led to significant increase in demand for connectivity. This has caused the accumulation of more data, subsequently, increasing the region’s investments in data centers. Thus, factors such as rising investments in data centers and the electric vehicle sector are driving the battery monitoring system market in Asia Pacific. China and Japan are estimated to be the largest markets for battery monitoring systems in the region in 2017. Moreover, the battery monitoring system market is also expected to grow significantly in countries such as South Korea and India during the forecast period.
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The hardware segment is expected to be the fastest-growing segment of the battery monitoring system market from 2017 to 2022. The growth of this segment can be attributed to the easy installation, reduced need for excessive cabling, ability to spot trends, and fast data sampling capabilities of components such as sensors, hubs, controllers, data loggers, and data recorders. Asia Pacific and North America are the fastest growing markets for hardware components and offer lucrative business opportunities to hardware component manufacturers.
The wireless segment is expected to be the fastest growing market, by type, from 2017 to 2022. Wireless monitoring systems are used where electrical interference is less, such as in small telecom applications. These systems do not require manual testing and can be installed in half the time and for less money than wired battery monitoring systems, thereby, resulting in the highest growth rate of the wireless segment. Moreover, these systems can be easily integrated into existing applications such as building and process control systems. All these factors offer lucrative business opportunities in the wireless segment.
The lithium-ion based segment is expected to be the fastest-growing segment of the battery monitoring system market, from 2017 to 2022. Lithium-ion batteries are high power and high capacity batteries. These batteries have different parameters such as current, temperature, voltage range, and charge/discharge levels, which require external monitoring. Hence, battery monitoring systems are deployed more extensively for lithium-ion batteries than other battery types. All these factors are expected to lead to promising business opportunities in the lithium-ion based segment of the battery monitoring system market.
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The telecommunications segment is expected to be fastest-growing battery monitoring system market, by end-user, from 2017 to 2022. The use of telecom devices has been increasing globally, consequently, demanding equally dedicated service. Collapsing cell towers and other communication-related structures pose serious threats to the brand images of telecom companies. Thus, telecom companies have realized the importance of using battery monitoring systems to maintain employee productivity and prevent costly repairs. Thus, the increased reliance of the telecom industry on battery monitoring systems for generating overall business and the rising number of connected devices is likely to create new revenue pockets for the telecommunications end-user segment of the battery monitoring system market during the forecast period.