Battery Monitoring System Industry Segmentation, COVID – 19 Outbreak by 2023
Posted by mrfr123 on July 15th, 2020
Global Battery Monitoring System Market Analysis
Battery monitoring systems are gaining momentum on account of the increasing adoption of renewable energy that needs effective storage.Battery monitoring systems find a wide range of application in different industries. They are key a tool that helps is avoiding costly downtime due to unexpected battery failure. Technological advancements have led to introduction of more efficient systems that offer real time monitoring and subsequently help in improving battery life and reducing replacement cost and maintenance cost.
The growing demand for battery monitoring is attributed to the rising demand of electric vehicles. Moreover, preventing operational efficiency of batteries is also driving the market for battery monitoring system. One of the major restraints of the global battery monitoring system is high cost of battery monitoring systems, especially for large battery solutions.
Battery monitoring system is an integral part of the entire battery management system. It ensures the optimal usage of energy inside the battery which is providing power to an equipment. The main functions of battery monitoring system include providing real-time monitoring, preventing costly downtime, maximizing battery life, reducing maintenance & replacement cost, and enhancing safety and security of the critical battery backup system.
Moreover, stricter safety regulations and importance of managing battery backup system is influencing the adoption rate. The growing industrial application of battery monitoring remains a positive indication for market player. The automotive sector, especially the electric and hybrid segment also presents attractive market opportunities. Such factors are expected to propel the market during the projection period.
Global Battery Monitoring System Market: Segmental Analysis
The segmental analysis of the Battery Monitoring System Industry has been conducted on the basis of component, battery type, type, and end-user.
On the basis of type, the market has been segmented into wireless battery monitoring system and wired battery monitoring system. The wired segment is expected to remain highly lucrative during the assessment period. Most of the existing battery monitoring systems are used wired components. Nevertheless, the wireless battery monitoring systems are likely to gain traction in the forthcoming years. Wireless variants come with the convenience of remote monitoring of all operations.
On the basis of battery type, the market has been segmented into lithium-ion and lead-acid. The former will continue to outperform the later throughout the assessment period. Lithium-ion batteries have become the preferred option in many end-use segments including power tools, backup power and hybrid & electric vehicles.
On the basis of component, the market has been segmented into software & service and hardware. The hardware segment covers data recorders, controllers, sensors, and communication networks among others. The hardware segment currently represents the larger share of the market in terms of value. The segment is likely to retain its leading position over 2023. Battery monitoring hardware components have undergone tremendous technological advancements across various fronts include installation, high-resolution data recoding capabilities, wiring etc.
On the basis of end-use, the market has been segmented into telecommunications, energy and others.
North America is expected to remain an important market for battery monitoring systems over the next couple of years. The market growth in the region is supported by growing number data centres and adoption of renewable power generation systems. The growth of hybrid electric vehicle industries is also propelling the market forward. Opportunities are arising from increased adoption in end use sectors in countries such as the U.S. and Canada. The data released by CBRE reveals that in North America, nearly USD 20 Bn was invested towards development of data centres in 2017. The countries that are mentioned above are highly active in investments towards end use market. The government in Canada has committed nearly 1.5 Bn in wind energy projects. Such investments have augured well for market players operating in the region. The application scope has continued to grow in the region over time.
Access Full Report at: https://www.marketresearchfuture.com/reports/battery-monitoring-system-market-6985
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.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.Also See: Monitoring System, Battery Monitoring, Monitoring Systems, Market Research, System, Research, Monitoring
Guitar Success System - The Only Guitar Course You'll Ever Need!
See Why The Guitar Success System Is the Only Guitar Course You'll Ever Need!