Battery Monitoring Market - Forecasts from 2019 to 2024

The battery monitoring market is projected to witness a CAGR of 27.20% to reach US$8,053.489 million by 2024, from US$1,901.168 million in 2018. Battery monitoring refers to the system which manages the battery through monitoring its state, calculating data and controlling its environment. Rising focus on electric vehicles is one of the major drivers of the battery monitoring system market. Favorable government initiatives to support the renewable energy sector while reducing air pollution is driving the demand for electric vehicles which, in turn, is boosting the growth of battery monitoring system market.

The battery monitoring market has been segmented on the basis of type, components, battery type, end user and geography. In the component segment, hardware holds a significant market share owing to the simple installation, fast sampling, and high-resolution recording capabilities. The hardware components comprise of sensors, controllers, data recorder among others. Further, in the battery type segment, lithium-ion batteries are growing at a substantial rate on account of the increasing application of lithium-ion batteries in electric vehicles. Geographically, North America dominates the global monitoring market due to the early adoption of advanced technologies coupled with increasing investments in data centers and renewable energy.

Drivers

Rising demand for electric vehicles.

The growing importance of energy efficient systems.

Restraints

The high cost of battery monitoring systems.

Industry Update

In April 2018, Canara acquired Power Service Concepts, Inc., a leading battery services firm based in the greater New York metro area.

The major players profiled in the Battery Monitoring market include Texas Instruments Incorporated, BatteryDAQ, Eagle Eye Power Solutions, LLC, ABB, Schneider Electric, Canara, Inc., Socomec, Curtis Instruments Inc., Storage Battery Systems LLC, Powershield Ltd.

Segmentation

The battery monitoring market has been analyzed through the following segments:

By Type
Wired
Wireless

By Component
Hardware
Software

By Battery Type
Lithium Ion
Lead Acid
Others

By End User
Automotive
Consumer electronics
Energy and Power
Others

By Geography
North America
USA
Canada
Mexico

South America
Brazil
Argentina
Others

Europe
Germany
France
United Kingdom
Spain
Others

Middle East and Africa
Saudi Arabia
Israel
Others

Asia Pacific
China
Japan
South Korea
India
Others