Monitoring System Market Forecast to 2030”. The report sheds light on the current as well as upcoming market trends. The report offers precise information about pricing, capacity, value, gross revenue, and profit of the market. The primary aim of the report is to offer in depth details about market size, revenue growth and overall market dynamics to readers, stakeholders, companies to strengthen their share in the global Battery Monitoring System Market. It also provides in depth information about key factors, restraints, limitations, challenges along with various market segmentations such as product type, application and regional bifurcation.The Global Battery Monitoring System Market research study published by Emergen Research is an extensive collection of insightful information about the Battery Monitoring System industry. The report covers the Battery Monitoring System Market segmentation along with a detailed outline of the Battery Monitoring System market size with regards to volume and valuation.
The global Battery Monitoring System Market size is expected to reach USD 13.40 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to key factors such as rising demand for eco-friendly electric vehicles, increasing awareness regarding the effects of pollution and global warming, and shifting preference among consumers towards electric and hybrid electric vehicles. Electric vehicles and hybrid electric vehicles utilize battery monitoring systems to address system parameters such as voltage, current, and temperature.
Increasing utilization of lithium-ion based batteries in electric vehicles as these are more lightweight is boosting demand for advanced battery monitoring systems. Moreover, rising need to enhance operational efficiency of lithium-ion based batteries is another key factor augmenting demand for battery monitoring systems. The automotive sector is increasingly utilizing battery monitoring systems in electric vehicles being developed and produced to minimize maintenance and replacement costs, maximize lifespan of batteries, and avoid costly downtime.
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Some Key Highlights from the Report
- In January 2020, Texas Instruments Incorporated unveiled its wireless battery management system for electric vehicles, which combines with ASIL-D requirements, thereby reducing design complexity and cost.
- Wired segment accounted for largest revenue share in 2020. The cost-effectiveness of wired battery monitoring systems in comparison to wireless battery monitoring systems is a key factor contributing to increasing demand and utilization.
- Hardware segment revenue is expected to expand at a rapid CAGR during the forecast period. The easy to use and easy to set up advantages offered by the hardware components are expected to increase demand across automotive and telecommunications sectors.
- Lithium-Ion based segment accounted for a significantly high revenue share in the battery monitoring system market in 2020. Increasing deployment of lithium-ion batteries in electric vehicles owing to lightweight and high-energy density solutions is expected to boost growth in demand from the automotive sector.
- Automotive segment accounted for a relatively larger revenue share in the global battery monitoring system market in 2020. Rising demand for electric vehicles is expected to increase utilization of battery monitoring systems in vehicles.
- North America accounted for largest revenue share contribution to the global battery monitoring system market in 2020. Presence of major players in the region such as Benchmark Electronics, Inc., NDSL, Texas Instruments Incorporated, BatteryDAQ, Eagle Eye Power Solutions, LLC, and General Electric is expected to boost growth of the battery monitoring system market in the region during the forecast period.
- Key players in the market include Benchmark Electronics Inc., NDSL, Texas Instruments Incorporated, PowerShield, BatteryDAQ, Eagle Eye Power Solutions, LLC, HBL Power Systems Ltd., Schneider Electric, ABB, and General Electric.
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Emergen Research has segmented the global battery monitoring system market on the basis of type, component, battery type, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
Component Outlook (Revenue, USD Billion; 2018–2028)
Battery Type Outlook (Revenue, USD Billion; 2018–2028)
- Lithium-Ion Based
End-use Outlook (Revenue, USD Billion; 2018–2028)
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Highlights of Table of Contents (TOC):
- Overview of Global Battery Monitoring System Market
- Competitive analysis of the Battery Monitoring System market
- Regional analysis of Global Battery Monitoring System market production and revenue
- Regional analysis of Global Battery Monitoring System market supply, consumption, and export & import
- Type-based market analysis of global Battery Monitoring System production, revenue, and price trends
- Application-based analysis of the global Battery Monitoring System market
- Manufacturer profiles, manufacturing cost, and upstream and downstream analysis of global Battery Monitoring System market
- Global Battery Monitoring System market forecast (2020-2027)
- Conclusion of the research report
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