LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global battery monitoring systems market is expected to grow at a CAGR of close to 23% during the forecast period.
This research report titled ‘Global Battery Monitoring Systems Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global battery monitoring systems into three major end-user segments. They are:
- Telecom and data center
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Global battery monitoring systems market by automotive industry
EVs were introduced in the early 1990s but lacked popularity among end-users in the initial years. However, improved energy density made possible due to technological advances, reduction in costs, and widespread awareness of the benefits of battery vehicles have led to the rise in popularity of EVs. A battery is a major component of an EV as it is the only source of power that is critical to run the motor and other elements in an EV.
Unlike other battery applications for different purposes, batteries in EVs have more demands placed on them as their functionality always changes, from discharging during acceleration to recharging during braking even under harsh and uncontrollable environmental conditions. The primary function of a battery monitoring system in an EV is to keep the battery in a safer mode to prolong its life and provide information on battery replacement as well as on the factors that prevent the battery from functioning optimally.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio for energy storage research, “It is crucial to monitor the state of health and state of charge of the battery at all times to prevent the vehicle from being stranded and exploit the full range of the vehicle. These functions are enabled by battery monitoring systems in vehicles that keep a constant check on the current, voltage, and temperature.”
Global battery monitoring systems market by energy industry
Globally, power grid networks are in a transitional stage owing to the efforts made by national governments to expand grid efficiency and reliability while simultaneously addressing the climate change problem with the addition of low-carbon fuels. This has resulted in renewable energy sources such as wind, solar, and hydro playing an important role in the energy mix. However, utilities faced the challenge of not being able to utilize fully the potential of these renewables due to the absence of energy storage technologies that are economical and reliable.
The rapid increase in the need for renewable energy investments is owing to mandates by various governments to reduce carbon emissions and maintain the energy mix. This is leading to an increase in demand for energy storage worldwide, owing to the above-mentioned reasons, the growth of the energy storage industry will boost the global battery monitoring systems market during the forecast period.
Global battery monitoring systems market by telecom and data center industry
Batteries are the major element in the telecom and data center sector. Owing to the rising number of power outages and voltage fluctuations, many telecom tower operators are using batteries to store energy and ensure uninterrupted power supply at all times. The use of batteries in renewable power supply also eliminates the need to depend on diesel generators for power generation in telecom tower and data centers.
“The installation of high-efficiency batteries such as Li-ion and lead-acid batteries has advantages in terms of power-weight-volume ratio. With the increase in battery energy storage for telecom towers and data centers, the demand for battery monitoring systems is also increasing and is expected to increase further during the forecast period,” says Thanikachalam.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- General Electric
- NDSL Group
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