This research report titled ‘Global Battery Monitoring Solutions Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various technology segments, including battery monitoring unit, sensors, and software.
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“APAC is predicted to pip other regions and emerge as the fastest-growing market for battery monitoring solutions over the next four years. The demand for battery monitoring solutions is driven by the need to improve environment and energy security in some of the fast-growing economies in regions like China, Japan, and India. The region has seen continuous investments in renewables and smart grids and is likely to result in high-capacity renewable installations during the forecast period,” said Sayani Roy, one of Technavio’s lead analysts for energy storage research.
Global battery monitoring solutions market by end-users
- Automotive 34.50%
- Energy 23.50%
- Telecom and datacenters 20.32%
Source: Technavio research
Global battery monitoring solutions market by automotive industry
The battery monitoring solutions market by the automotive industry was valued at USD 720 million in 2015. EVs were introduced in the early 1990s but lacked popularity among end-users in the initial years. However, improved energy density was made possible due to technological advances that reduced its cost and created widespread awareness about the benefits of battery vehicles applications in EVs. The battery is an essential component of the electric vehicle as it is critical for the operating the motor and the other elements in a vehicle. Unlike other battery applications for mission critical purposes, batteries in EVs deal with changing functionalities ranging from discharging at the point of acceleration to recharging while braking in harsh and uncontrollable environmental conditions.
Global battery monitoring solutions market by energy industry
The battery monitoring solutions market by the energy industry was valued at USD 540 million in 2015. Globally, power grid networks are in a transitional stage due to the efforts made by national governments to improve grid efficiency and reliability. This has made renewable energy sources such as wind, solar, and hydro to rise and play an important role in the energy mix.
Thanks to the proliferation of renewables, the use of energy storage in utilities has accelerated considerably. Utilities have started using battery energy storage to manage peak power demand instead of using reserve plants. This trend indicates that battery energy storage is being used to store intermittent renewable power to be supplied during peak hours.
Global battery monitoring solutions market by telecom and data center industry
The battery monitoring solutions market by telecom and data center sector was valued at USD 460 million in 2015. The use of batteries in renewable power supply will likely bring down the dependency on diesel generator sets for power generation in telecom tower and data centers. The installation of high-efficiency batteries like Li-ion batteries has thereby shown an advantage in terms of power-weight-volume ratio and provide a long life span. With this, the report anticipates this end-user segment to post a steady growth rate over the next four years.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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