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A battery monitoring system is a mixture of hardware and software that guarantees optimum energy use within the battery. It works by avoiding expensive downtime owing to unexpected battery failures. The battery monitoring system's primary tasks include providing real-time tracking, preventing expensive downtime, maximizing battery life, decreasing maintenance and replacement costs, and improving the critical battery backup system's safety and security.
The increased use of renewable energy storage technologies increased adoption of electric vehicles (EVs), hybrid electric vehicles (HEVs) and PHEVs and grown incorporation of BMS into consumer electronics are anticipated to drive the development of the BMS industry during the forecast period. Market growth can be attributed to rising data center investments and global growth in renewable energy generation. It is anticipated that enhanced battery operating efficiency and heightened demand for electric vehicles will increase demand for battery monitoring devices.
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The battery monitoring system market is categorized by component, type, battery type, and end-user. The easy setup, quick data sampling, decreased cabling and high-resolution information recording capacities of parts involved such as sensors, hub, controller, data loggers, data recorders, and communication networks has resulted in the development of the battery monitoring system market's hardware segment.
The wireless segment is expected to develop at the highest pace as wireless devices allow remote operational monitoring as all activities can be controlled from a central place. Due to the increasing deployment of lithium-ion batteries in electric vehicles, power tools, and battery backup applications, the lithium-ion batteries are expected to hold the largest share. Owing to the increase in demand for electric vehicles, the automotive industry is expected to be the highest end-user.
An increase in demand for electric vehicles to decrease carbon footprint, the fast rise in automotive revenues, elevated demand from the battery replacement market and increased share of alternative energy sources in the energy mix are the main drivers of the development of the battery monitoring system market. Additionally, increasing the adoption of consumer electronics, prevention from unplanned outages, and increased operational efficiency of batteries has affected the market positively.
However, the high cost of battery monitoring systems for more extensive battery solutions is the major restraint for the market, along with the presence of a large number of local and regional players. Additionally, lithium-ion batteries lack recycling technology. The present techniques are not profitable and require subsidies to make them commercially viable.
Some of the major companies that are present in Battery Monitoring System market are 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.
By Battery Type
· Lead Acid
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
The global battery monitoring system market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In North America, the Electric Vehicles Initiative (EVI) is a multi-government strategy to speed up electric vehicle adoption. Additionally, increasing investments in data centers and growing renewable power generation capacities in economies such as the US and Canada are the key markets for battery monitoring systems in the region. In Europe, governments have started offering subsidies related to electric vehicle manufacturing, which is expected to increase the demand for a battery monitoring system in EV batteries. Asia-Pacific is expected to the dominant player as the market for battery monitoring system is boosting due to the rising demand from various end-use industries, such as electric vehicles, energy storage, and portable consumer electronics. The demand is also triggered by the increasing number of telecom towers, raising awareness on clean energy generation, rising command for industrial storage, rising electrification drive in developing countries, increasing automobiles sales, falling solar energy costs, etc. The Latin America battery monitoring system market is expected to grow due to the expanding the automotive industry, in Brazil and Mexico due to NAFTA between the US- Mexico, which is expected to project electric vehicle sales. The market in the Middle East & Africa is expected to experience considerable growth in the coming years with increasing investments on smart, clean, and sustainable development projects.
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