Market Overview The report by Market Research Future (MRFR) states that the Global Battery Monitoring System Market is set to witness a moderate CAGR of 18.20% CAGR during the review period (20182023). Drivers and Restraints Battery monitoring systems are gaining impetus on account of the growing adoption of renewable energy that needs practical storage. Battery monitoring systems find a broader range of applications in various industries. They are a primary tool that helps is avoiding costly downtime due to unexpected battery failure. Technological advancements are leading to the advent of more efficient systems that offer realtime monitoring and subsequently help in improving battery life and lessening replacement cost and maintenance cost. Moreover, stricter safety regulations and the importance of managing the battery backup system are influencing the adoption rate. The rising industrial application of battery monitoring remains a positive indication for the market players. The automotive sector, particularly the electric and hybrid segments also opens up lucrative market opportunities. these factors are slated to propel the market during the review period. Segmental Analysis Based on the component, the market has been bifurcated into software & service and hardware. The hardware segment covers data recorders, sensors, controllers, and communication networks among others. The hardware segment presently represents the larger share of the market in terms of value. The segment is likely to sustain its dominant position over 2023. Battery monitoring hardware components have undergone incredible technological advancements across various fronts include installation, high-resolution data recording capabilities, wiring, among others. On the basis of battery type, the market has been bifurcated into lithium-ion and lead-acid. The former will continue to outdo the later throughout the review period. Lithium-ion batteries have become the favored option in several end-use segments including backup power, power tools, and hybrid & electric vehicles. Based on the type, the market has been segmented into a wireless battery monitoring system and a wired battery monitoring system. The wired segment is slated to remain highly lucrative during the assessment period. Most of the current battery monitoring systems are used in wired components. Nevertheless, wireless battery monitoring systems are poised to gain traction in the coming years. Wireless variants come with the ease of remote monitoring of all operations. Based on the end-use, the market has been segmented into energy, telecommunications, and others. Regional Analysis North America is slated to remain a vital market for battery monitoring systems over the review period. The market growth in the region is supported by the rising number of data centers and the implementation of renewable power generation systems. The development of hybrid electric vehicle industries is also driving the market forward. Opportunities are rising from augmented adoption in end-use sectors in developed countries such as the U.S. and Canada. These countries
are highly lucrative in investments in the battery monitoring systems market. Such investments have predicted lucrative growth opportunities for the leading market players operating in the region. On the other hand, the application scope has sustained to grow in the area over time. Competitive Analysis The key market players of global battery monitoring system market are Schneider Electric (France), Texas Instruments (US), Powershield (New Zealand), NDSL (India), HBL (India), Canara (US), Batterydaq (US), ABB (Switzerland), Eagle Eye (US), SBS (US), Curtis (US), Btech (US), Embitel (India). About Market Research Future: At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. Contact: Market Research Future +1 646 845 9312 Email: sales@marketresearchfuture.com