Battery Monitoring System Market to exceed $5.47 Billion by 2022

 The global battery monitoring system market is projected to grow at a CAGR of 18.23%, to reach a market size of USD 5.47 Billion by 2022, from an estimated USD 2.37 Billion in 2017. North America is estimated to be the largest market for battery monitoring systems, followed by Asia Pacific and Europe. The growth of the battery monitoring system market is mainly driven by a booming demand for global connectivity, accompanied by an increasing demand for data centers, increasing investments in renewable energy, energy storage, and the infrastructure industry to accommodate the rising demand for power globally. The increased operational efficiency of batteries and rising demand for electric vehicles are expected to boost the demand for battery monitoring systems.

The battery monitoring system has been segmented based on battery type into lithium-ion based, lead-acid, and others. The others includes nickel-based and flow batteries. The lithium-ion based segment accounts for the largest share of the battery monitoring system market. The key applications of lithium-ion battery monitoring systems are electric and hybrid electric vehicles, power tools, and power supply backup. The increasing deployment of lithium-ion batteries in these applications has resulted in the largest share of the lithium-ion batteries segment compared to other battery types.

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The North America region is expected to be the Largest Market for Battery Monitoring System

The battery monitoring system market in North America is expected to lead the global market by 2022 and is projected to grow at the second-highest CAGR from 2017 to 2022. Market growth in this region can be attributed to increasing investments in data centers and growing renewable power generation capacities. Countries such as the US and Canada are the key markets for battery monitoring systems in North America.

Asia Pacific: the fastest growing market for battery monitoring systems

The battery monitoring system market in Asia Pacific is expected to grow at the fastest rate due to increasing investments in the data centers sector and growing renewable power generation in the region. The Chinese market is expected to dominate the battery monitoring system market in Asia Pacific. The battery monitoring system market is expected to grow at a high rate in countries such as China, South Korea and those in South-East Asia. An all-round effort by the governments of various countries in the region to reduce greenhouse gases and an emphasis on obtaining power from renewable sources is also likely to drive the battery monitoring system market in the region.

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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).

Battery Monitoring System Market to See Massive Growth in Near Future

The global Battery Monitoring System Market is expected to grow from an estimated value of USD 2.37 Billion in 2017 to USD 5.47 Billion by 2022, at a CAGR of 18.23%, from 2017 to 2022. North America is estimated to be the largest market for battery monitoring systems, followed by Asia Pacific and Europe. The global market is set to witness significant growth due to the increasing demand for electric vehicles and the need to prevent unplanned power outages. The growth of the battery monitoring system market is mainly driven by a booming demand for global connectivity, accompanied by increasing demand for data centers, increasing investments in renewable energy, energy storage, and the infrastructure industry to accommodate the rising demand for power globally.

Based on battery type, the battery monitoring system has been segmented into lithium-ion based, lead-acid, and others. The lithium-ion based segment is expected to be the largest segment of battery monitoring system market from 2017 to 2022. The key applications of lithium-ion battery monitoring systems are electric and hybrid electric vehicles, power tools, and power supply backup. The increasing deployment of lithium-ion batteries in electric vehicles, power tools, and battery backupa pplications has resulted in the largest share of the lithium-ion batteries segment compared to other battery types.

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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.

In the telecommunications industry, data centers are the prime users of battery monitoring systems as they heavily rely on UPS systems for reliable backup power. These systems aid in assuring the performance of backup battery power systems and reducing UPS battery maintenance and replacement costs. Moreover, continuous monitoring allows for an all-time knowledge of the state-of-health of batteries. Battery monitoring systems enable UPS backup batteries to consume lesser energy, be protected from failure, and last longer which, ultimately, leads to overall decreased expenditure for the company. All these factors are likely to drive the telecommunications segment of the battery monitoring system market.

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The global 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).

Battery Monitoring System Market: Rising Demand for Battery Monitoring Systems for Electric Vehicles

The global battery monitoring system market is projected to grow at a CAGR of 18.23%, to reach a market size of USD 5.47 Billion by 2022, from an estimated USD 2.37 Billion in 2017. North America is estimated to be the largest market for battery monitoring systems, followed by Asia Pacific and Europe. The growth of the battery monitoring system market is mainly driven by a booming demand for global connectivity, accompanied by an increasing demand for data centers, increasing investments in renewable energy, energy storage, and the infrastructure industry to accommodate the rising demand for power globally. The increased operational efficiency of batteries and rising demand for electric vehicles are expected to boost the demand for battery monitoring systems.

The battery monitoring system has been segmented based on battery type into lithium-ion based, lead-acid, and others. The others includes nickel-based and flow batteries. The lithium-ion based segment accounts for the largest share of the battery monitoring system market. The key applications of lithium-ion battery monitoring systems are electric and hybrid electric vehicles, power tools, and power supply backup. The increasing deployment of lithium-ion batteries in these applications has resulted in the largest share of the lithium-ion batteries segment compared to other battery types.

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Battery monitoring systems are mainly used for electric vehicles, e-bikes, and automated guided vehicles. Batteries that are integrated in these vehicles are usually of medium or high-power density, requiring the assistance of a battery monitoring system for optimal utilization. With rapid innovations in the automotive industry, the usefulness and significance of battery monitoring systems are also expected to increase.

The North America region is expected to be the Largest Market for Battery Monitoring System

The battery monitoring system market in North America is expected to lead the global market by 2022 and is projected to grow at the second-highest CAGR from 2017 to 2022. Market growth in this region can be attributed to increasing investments in data centers and growing renewable power generation capacities. Countries such as the US and Canada are the key markets for battery monitoring systems in North America.

Asia Pacific: the fastest growing market for battery monitoring systems

The battery monitoring system market in Asia Pacific is expected to grow at the fastest rate due to increasing investments in the data centers sector and growing renewable power generation in the region. The Chinese market is expected to dominate the battery monitoring system market in Asia Pacific. The battery monitoring system market is expected to grow at a high rate in countries such as China, South Korea and those in South-East Asia. An all-round effort by the governments of various countries in the region to reduce greenhouse gases and an emphasis on obtaining power from renewable sources is also likely to drive the battery monitoring system market in the region.

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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).