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Battery Monitoring System Market
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Battery Monitoring System Market

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Battery Monitoring System Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2018–2028, Segmented By Component (Hardware, Software); By Type (Wired Battery Monitoring System, Wireless Battery Monitoring System); By Battery Type (Lithium-Ion Based Battery, Lead-Acid Battery, Others); By End User (Telecommunication, Energy, Automotive, Manufacturing, Others); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

  • Published Date: November 2022
  • Report ID: BWC22521
  • Available Format: PDF
  • Page: 241

Report Overview

Global battery monitoring system market is growing owing to increasing demand for technical development, widespread internet penetration and growing use of internet of things technologies. Since wireless battery monitoring systems are more adaptable, lightweight, and quick than their wired counterparts, their debut is anticipated to open up profitable potential for market expansion.

Global Battery Monitoring System Market - Industry Trends & Forecast Report 2028

Global battery monitoring system market was worth USD 5.38 billion in 2021 and is further projected to reach USD 19.59 billion by the year 2028, exhibiting a CAGR of 20.7% during 2022-2028 (forecast period). The rapid expansion of the market is predominantly due to the rising need for battery monitoring systems in numerous sectors, including transportation, power generation, and information technology, is a key factor in the market's expansion. More and more people want to drive electric cars, and that means more and more car manufacturers need battery monitoring systems. Additionally, the necessity for battery monitoring systems in the energy business has expanded as a result of growing expenditures in renewable energy sources like solar power and wind power. In addition, there has been a rise in demand for battery monitoring systems from the data center and telecom network sectors as a result of increased investment in these sectors across different locations worldwide.

Battery Monitoring System Market

Global Battery Monitoring System Market - Overview

Lead acid and nickel cadmium batteries require a separate instrument called a battery monitoring system. The battery's performance is recorded and transmitted until the very end of the battery's lifespan. It monitors and controls battery conditions, providing useful data every second and producing reports that can be used to forestall battery degradation and unscheduled power outages. A mechanism for monitoring the battery's health ensures that its stored energy is being used efficiently. Investments in data centers and renewable energy sources are on the rise, which is fueling the industry expansion. Battery monitoring systems are projected to see greater demand due to the growing popularity of electric vehicles and improved battery performance.

Global Battery Monitoring System Market Forecast and Trends

Growth Drivers

Growing demand of electric energy in place of other exhaustible energies

It is anticipated that the growing demand for electric vehicles would be the primary driver of growth in the market for battery monitoring systems. The rising need for efficient methods of energy storage is also anticipated to play a role in driving the expansion of this market. In the next years, the size of the market for battery monitoring systems will also increase as a result of the increasing need for power producing facilities and renewable energy sources.

Increasing investments in research and development activities are anticipated to provide a significant impetus to this market over the forecast period

It is anticipated that increased investments in activities related to research & development would be of great benefit to this market over the course of the forecast period. This is due to the fact that they will lead to the development of new products and innovations that will assist in improving the efficiency levels of batteries, which will, in turn, drive up the demand for batteries across various industries such as the transportation, power generation, and telecommunications sectors, amongst other industries. 

Demand for sustainable energy has risen due to global warming knowledge and concern

Global warming awareness and worries have boosted demand for sustainable energy. This change has led to solar, wind, and electric and hybrid automobiles. Energy storage is crucial for implementing clean solutions. Various-capacity batteries can be used to store energy. Monitoring these batteries ensures the proper functioning of clean technologies and applications that rely on them. Continuously measures, records, monitors, and analyses cell and module parameters. Monitoring a battery's data helps determine its condition. It would help prevent unanticipated power outages.

Restraint

Financial instability in many developing countries hurts the global battery monitoring system industry

Many developing countries' lack of financial stability is causing problems for the global battery monitoring system business. Components imported from developed countries have faced steadily increasing import tariffs compared to their equivalents in developing countries. Import duties on parts and machinery are an additional annoyance. Over the projected period, the automotive battery management system market is expected to be hampered by the high cost of manufacturing battery management systems due to hurdles such as port obligation, import tariffs, and taxes.

Impact of COVID-19 on Global Battery Monitoring System Market

The market was not immune to the widespread destruction wreaked by the Covid-19 outbreak last year. The global market saw supply chain disruptions and halts in industrial activity as a result of lockdowns and other severe restrictions on travel, resulting in enormous financial losses for market participants. It saw a precipitous fall in consumer demand as a result of people's increased focus on cutting back on discretionary spending as a result of the uncertain state of the economy. Additionally, threats or challenges from existing industry competitors and prospective new entrants are expected to enter the market in the next years. However, it is on the mend, and its regular growth rate is expected to resume sometime during the projected period as a result of the gradual easing of requirements and the resumption of production units.

Global Battery Monitoring System Market - By Component

On the basis of component, the market is segmented into hardware and software. The component market for battery monitoring systems is expected to be led by hardware sector throughout the forecast period, which has accounted for the highest share of the total market. Sensors, hubs, controllers, data loggers, data recorders, and communication networks are all examples of hardware components that can be found in a battery monitoring system. Other examples of hardware components are data recorders and data loggers. The expansion of the hardware sector of the market can be attributed to the capabilities of these components, which include easy installation, rapid data sampling, a reduction in the amount of cabling required, and high-resolution data recording.

Global Battery Monitoring System Market - By Type

On the basis of type, the market is segmented into wired battery monitoring system and wireless battery monitoring system. During the time period covered by the forecast, the wireless battery monitoring system is anticipated to hold the dominant position in the market. Because wireless systems allow for the remote monitoring of operations and all of the operations can be watched from a central location, it is anticipated that the wireless segment will experience the highest rate of growth over the course of the forecast period.

Global Battery Monitoring System Market - By Battery Type

On the basis of battery type, the market is segmented into lithium-ion based battery, lead-acid battery and others. The lithium-ion based segment is anticipated to hold a considerable market share during the forecast period. This is anticipated to be the case due to the increasing deployment of lithium-ion batteries in electric vehicles, power tools, and battery backup applications as well as the increasing sales of electric vehicles, which are applications where lithium-ion batteries are deployed. Because of this, lithium-ion batteries have a shorter life cycle than they otherwise would due to being completely discharged and then overcharged. Because of this, manufacturers are seeing more pressure to incorporate battery monitoring systems into their varied product lines.

In addition, other types of batteries, such as lead-acid batteries, are not as effective as lithium-ion batteries in terms of the environmental consequences they cause, the mileage they provide, and the amount of time it takes to charge them. As a result, this is yet another significant factor that is anticipated to boost the demand for lithium-ion batteries among electric vehicles, which will, in turn, contribute to the expansion of the global battery monitoring system market.

Competitive Landscape

Key players operating in global battery monitoring system market are ABB, Analog Devices Inc., Eberspacher, General Electric, Infineon Technologies AG, Johnson Matthey, NXP Semiconductors, Raytheon Technologies Corporation, Texas Instruments Incorporated and other prominent players. The competitive landscape of the battery management system market includes facts pertaining to each player. Details such as a company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launches, product width and breadth, application dominance, and global presence are all included in the market study.

Recent Development

  • The new "intelligent" battery management system (BMS) from Brill Power launched in 2021. This BMS has the potential to increase battery life by as much as 60%. In order to extend the life of the system, the BrillMS B62 Premium battery management system can increase storage capacity by as much as 129%. Both passive and active balancing mechanisms are supported by it.

  • Texas Instruments, Inc. introduced its Wireless Battery Management System for Electric Vehicles in January 2021. Weight reduction and the absence of cables are two further benefits of the modern BMS wireless control and monitoring of superior cells.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2018–2021

Base Year – 2021

Estimated Year – 2022

Forecast – 2022–2028

Facts Covered

Revenue in USD Billion

Market Coverage

North America, Europe, Asia Pacific, Latin America, and Middle East and Africa

Product Service/Segmentation

By Component (Hardware, Software); By Type (Wired Battery Monitoring System, Wireless Battery Monitoring System); By Battery Type (Lithium-Ion Based Battery, Lead-Acid Battery, Others); By End User (Telecommunication, Energy, Automotive, Manufacturing, Others); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Key Players

ABB, Analog Devices Inc., Eberspacher, General Electric, Infineon Technologies AG, Johnson Matthey, NXP Semiconductors, Raytheon Technologies Corporation, Texas Instruments Incorporated and other prominent players.

 

By Component

  • Hardware

  • Software

By Type

  • Wired Battery Monitoring System

  • Wireless Battery Monitoring System

By Battery Type

  • Lithium-Ion Based Battery

  • Lead-Acid Battery

  • Others

By End User

  • Telecommunication

  • Energy

  • Automotive

  • Manufacturing

  • Others

By Region

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East and Africa

  1. Research Framework
    1. Research Objective
    2. Treatment Component Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents
    5. Assumption & Limitation
  3. Executive Summary
  4. Global Battery Monitoring System Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Advancement/Recent Development
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. Global Battery Monitoring System Market Overview
    1. Market Size & Forecast by Value, 2018-2028
    2. Market Share & Forecast, By Segment
      1. By Component
        1. Hardware
        2. Software 
      2. By Type
        1. Wired Battery Monitoring System
        2. Wireless Battery Monitoring System
      3. By Battery Type
        1. Lithium-Ion Based Battery
        2. Lead-Acid Battery
        3. Others
      4. By End-User
        1. Telecommunication
        2. Energy
        3. Automotive
        4. Manufacturing
        5. Others
      5. By Region
        1. North America
        2. Europe
        3. Asia Pacific
        4. Latin America
        5. Middle East and Africa
  6. North America Battery Monitoring System Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Type
      3. By Battery Type
      4. By End User
      5. By Country
        1. United States
        2. Canada
  7. Europe Battery Monitoring System Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Type
      3. By Battery Type
      4. By End User
      5. By Country
        1. Germany
        2. United Kingdom
        3. Italy
        4. France
        5. Spain
        6. The Netherlands
        7. Belgium
        8. Rest of Europe
  8. Asia Pacific Battery Monitoring System Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Type
      3. By Battery Type
      4. By End User
      5. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Australia
        6. Indonesia
        7. Malaysia
        8. Rest of Asia Pacific
  9. Latin America Battery Monitoring System Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Type
      3. By Battery Type
      4. By End User
      5. By Country
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  10. Middle East and Africa Battery Monitoring System Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Type
      3. By Battery Type
      4. By End User
      5. By Country
        1. Saudi Arabia
        2. UAE
        3. South Africa
        4. Iran
        5. Nigeria
        6. Egypt
        7. Turkey
        8. Rest of Middle East & Africa
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
  12. Impact of Covid-19 on Global Battery Monitoring System Market
  13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. ABB
    2. Analog Devices Inc.
    3. Eberspacher
    4. General Electric
    5. Infineon Technologies AG
    6. Johnson Matthey
    7. NXP Semiconductors
    8. Raytheon Technologies Corporation
    9. Texas Instruments Incorporated
    10. Other Prominent Players
  14. Key Strategic Recommendations

Note: Financial in information in case of non-listed companies will be provided as per availability

The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List of Figures

 

Figure 1: Global Battery Monitoring System Market Segmentation

Figure 2: Global Battery Monitoring System Market Industry Value Chain Analysis

Figure 3: Global Battery Monitoring System Market Size, By Value (USD Million), 2018-2028

Figure 4: Global Battery Monitoring System Market Share (%), By Component, By Value, 2018-2028

Figure 5: Global Battery Monitoring System Market Share (%), By Type, By Value, 2018-2028

Figure 6: Global Battery Monitoring System Market Share (%), By Battery Type, By Value, 2018-2028

Figure 7: Global Battery Monitoring System Market Share (%), By End-User, By Value, 2018-2028

Figure 8: Global Battery Monitoring System Market Share (%), By Region, By Value, 2018-2028

Figure 9: North America Battery Monitoring System Market Size, By Value (USD Million), 2018-2028

Figure 10: North America Battery Monitoring System Market Share (%), By Component, By Value, 2018-2028

Figure 11: North America Battery Monitoring System Market Share (%), By Type, By Value, 2018-2028

Figure 12: North America Battery Monitoring System Market Share (%), By Battery Type, By Value, 2018-2028

Figure 13: North America Battery Monitoring System Market Share (%), By End-User, By Value, 2018-2028

Figure 14: North America Battery Monitoring System Market Share (%), By Country, By Value, 2018-2028   

Figure 15: Europe Battery Monitoring System Market Size, By Value (USD Million), 2018-2028

Figure 16: Europe Battery Monitoring System Market Share (%), By Component, By Value, 2018-2028

Figure 17: Europe Battery Monitoring System Market Share (%), By Type, By Value, 2018-2028

Figure 18: Europe Battery Monitoring System Market Share (%), By Battery Type, By Value, 2018-2028

Figure 19: Europe Battery Monitoring System Market Share (%), By End-User, By Value, 2018-2028

Figure 20: Europe Battery Monitoring System Market Share (%), By Country, By Value, 2018-2028

Figure 21: Asia Pacific Battery Monitoring System Market Size, By Value (USD Million), 2018-2028

Figure 22: Asia Pacific Battery Monitoring System Market Share (%), By Component, By Value, 2018-2028

Figure 23: Asia Pacific Battery Monitoring System Market Share (%), By Type, By Value, 2018-2028

Figure 24: Asia Pacific Battery Monitoring System Market Share (%), By Battery Type, By Value, 2018-2028 

Figure 25: Asia Pacific Battery Monitoring System Market Share (%), By End-User, By Value, 2018-2028 

Figure 26: Asia Pacific Battery Monitoring System Market Share (%), By Country, By Value, 2018-2028

Figure 27: Latin America Battery Monitoring System Market Size, By Value (USD Million), 2018-2028

Figure 28: Latin America Battery Monitoring System Market Share (%), By Component, By Value, 2018-2028

Figure 29: Latin America Battery Monitoring System Market Share (%), By Type, By Value, 2018-2028

Figure 30: Latin America Battery Monitoring System Market Share (%), By Battery Type, By Value, 2018-2028

Figure 31: Latin America Battery Monitoring System Market Share (%), By End-User, By Value, 2018-2028

Figure 32: Latin America Battery Monitoring System Market Share (%), By Country, By Value, 2018-2028

Figure 33: Middle East and Africa Battery Monitoring System Market Size, By Value (USD Million), 2018-2028

Figure 34: Middle East and Africa Battery Monitoring System Market Share (%), By Component, By Value, 2018-2028

Figure 35: Middle East and Africa Battery Monitoring System Market Share (%), By Type, By Value, 2018-2028

Figure 36: Middle East and Africa Battery Monitoring System Market Share (%), By Battery Type, By Value, 2018-2028

Figure 37: Middle East and Africa Battery Monitoring System Market Share (%), By End-User, By Value, 2018-2028

Figure 38: Middle East and Africa Battery Monitoring System Market Share (%), By Country, By Value, 2018-2028

Figure 39: Global Battery Monitoring System Market Share Analysis, 2021

 

List of Tables

 

Table 1: Global Battery Monitoring System Market Size, By Component, By Value (USD Million), 2018-2028

Table 2: Global Battery Monitoring System Market Size, By Type, By Value (USD Million), 2018-2028

Table 3: Global Battery Monitoring System Market Size, By Battery Type, By Value (USD Million), 2018-2028

Table 4: Global Battery Monitoring System Market Size, By End-User, By Value (USD Million), 2018-2028

Table 5: Global Battery Monitoring System Market Size. By Region, By Value (USD Million), 2018-2028

Table 6: North America Battery Monitoring System Market Size, By Component, By Value (USD Million), 2018-2028

Table 7: North America Battery Monitoring System Market Size, By Type, By Value (USD Million), 2018-2028

Table 8: North America Battery Monitoring System Market Size, By Battery Type, By Value (USD Million), 2018-2028

Table 9: North America Battery Monitoring System Market Size, By End-User, By Value (USD Million), 2018-2028

Table 10: North America Battery Monitoring System Market Size (USD Million), By Country, By Value 2018-2028 

Table 11: Europe Battery Monitoring System Market Size, By Component, By Value (USD Million), By Value 2018-2028

Table 12: Europe Battery Monitoring System Market Size, By Type, By Value (USD Million), By Value 2018-2028

Table 13: Europe Battery Monitoring System Market Size, By Battery Type, By Value (USD Million), By Value 2018-2028

Table 14: Europe Battery Monitoring System Market Size, By End-User, By Value (USD Million), By Value 2018-2028

Table 15: 40 Europe Battery Monitoring System Market Size (USD Million), By Country, By Value 2018-2028

Table 16: Asia Pacific Battery Monitoring System Market Size, By Component, By Value (USD Million), By Value 2018-2028

Table 17: Asia Pacific Battery Monitoring System Market Size (USD Million), By Component, By Value 2018-2028

Table 18: Asia Pacific Battery Monitoring System Market Size (USD Million), By Type, By Value 2018-2028

Table 19: Asia Pacific Battery Monitoring System Market Size (USD Million), By Battery Type, By Value 2018-2028

Table 20: Asia Pacific Battery Monitoring System Market Size (USD Million), By End-User, By Value 2018-2028

Table 21: Asia Pacific Battery Monitoring System Market Size (USD Million), By Country, By Value 2018-2028

Table 22: Latin America Battery Monitoring System Market Size, By Component, By Value (USD Million), By Value 2018-2028

Table 23: Latin America Battery Monitoring System Market Size, By Type, By Value (USD Million), 2018-2028

Table 24: Latin America Battery Monitoring System Market Size, By Battery Type, By Value (USD Million), 2018-2028

Table 25: Latin America Battery Monitoring System Market Size, By End-User, By Value (USD Million), 2018-2028

Table 26: Latin America Battery Monitoring System Market Size (USD Million), By Country, By Value 2018-2028 

Table 27: Middle East and Africa Battery Monitoring System Market Size, By Component, By Value (USD Million), 2018-2028

Table 28: Middle East and Africa Battery Monitoring System Market Size, By Type, By Value (USD Million), 2018-2028

Table 29: Middle East and Africa Battery Monitoring System Market Size, By Battery Type, By Value (USD Million), 2018-2028

Table 30: Middle East and Africa Battery Monitoring System Market Size, By End-User, By Value (USD Million), 2018-2028

Table 31: Middle East and Africa Battery Monitoring System Market Size (USD Million), By Country, By Value 2018-2028 

Table 32:  List of Key Players and Their Offerings

Table 33:  Competitive Benchmarking, by Operating Parameters

Table 34             ABB Company Overview

Table 35             ABB Financial Overview

Table 36        Analog Devices Inc. Company Overview

Table 37             Analog Devices Inc. Financial Overview

Table 38             Eberspacher   Company Overview

Table 39             Eberspacher   Financial Overview

Table 40        General Electric   Company Overview

Table 41             General Electric   Financial Overview

Table 42             Infineon Technologies AG Company Overview

Table 43             Infineon Technologies AG Financial Overview

Table 44        Johnson Matthey Company Overview

Table 45             Johnson Matthey Financial Overview

Table 46             NXP Semiconductors Company Overview

Table 47             NXP Semiconductors Financial Overview

Table 48             Raytheon Technologies Corporation Company Overview

Table 49             Raytheon Technologies Corporation Financial Overview

Table 50        Texas Instruments Corporation Company Overview

Table 51             Texas Instruments Corporation Financial Overview

Market Segmentation

By Component

  • Hardware

  • Software

By Type

  • Wired Battery Monitoring System

  • Wireless Battery Monitoring System

By Battery Type

  • Lithium-Ion Based Battery

  • Lead-Acid Battery

  • Others

By End User

  • Telecommunication

  • Energy

  • Automotive

  • Manufacturing

  • Others

By Region

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East and Africa

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Frequently Asked Questions (FAQs):

Ans: Global battery monitoring system market reached USD 5.38 billion in 2021.
Ans: The major factors driving the growth of the global battery monitoring system market are the need for advanced technology, extensive internet penetration, and rising adoption of internet of things technologies are all contributing to the expansion of the global battery monitoring system market. The introduction of wireless battery monitoring systems is expected to usher in a period of fruitful market expansion as a result of their superior flexibility, portability, and speed in comparison to its wired predecessors.
Ans: The key players in the global battery monitoring system market are ABB, Analog Devices Inc., Eberspacher, General Electric, Infineon Technologies AG, Johnson Matthey, NXP Semiconductors, Raytheon Technologies Corporation, Texas Instruments Incorporated and other prominent players.
Ans: The hardware segment accounted for the largest share in the global battery monitoring system market.
Ans: Asia Pacific region has the largest share in global battery monitoring system market.