Dublin, July 20, 2021 (GLOBE NEWSWIRE) -- The "Global Battery Monitoring System Market, By Component (Hardware and Software), By Type (Wired Battery Monitoring System and Wireless Battery Monitoring System), By Battery Type, By End-User, By Region, Competition, Forecast & Opportunities, 2016-2026" report has been added to ResearchAndMarkets.com's offering.
The Global Battery Monitoring System Market is projected to grow at a CAGR of 12.89% during the forecast period, to reach a market size of USD4734.34 million by 2026, from an estimated USD1814 million in 2016.
The market growth can be attributed to rising investments in data centers and growing renewable power generation globally. The increased operational efficiency of batteries and rising demand for electric vehicles are expected to boost the demand for battery monitoring systems.
The report segments the market, by type, into wired and wireless. The wired segment is expected to lead the market during the forecast period. The wireless segment is projected to grow at the fastest rate during the forecast period as wireless systems enable remote monitoring of operations as all the operations can be monitored from a central location.
The hardware segment of the battery monitoring system, by component, accounted for the largest market size in 2016. Hardware components include the physical components involved in a battery monitoring system, such as sensors, hubs, controllers, data loggers, data recorders, and communication networks. The simple installation, fast data sampling, reduced cabling, and high-resolution data recording capabilities of these components have led to the growth of the hardware segment of the market.
Based on battery type, the battery monitoring system has been segmented into lithium-ion based, lead-acid, and others. The others segment includes nickel-based and flow batteries. The lithium-ion based segment is estimated to hold the largest share of the market in 2019 due to the increasing deployment of lithium-ion batteries in electric vehicles, power tools, and battery backup applications. This segment is expected to grow at the highest CAGR, from 2021 to 2026, due to the increasing electric vehicle sales, wherein lithium-ion batteries are deployed.
In this report, the battery monitoring system has been analyzed with respect to 5 regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and South America. The market in North America is expected to lead the global market and is projected to grow at the second highest CAGR from 2016 to 2026.
The Market growth in this region can be attributed to increasing investments in data centers and growing renewable power generation capacities. Countries such as the US and Canada are the key markets for battery monitoring systems in North America.
Objective of the Study:
To analyze historical growth in market size of the Global Battery Monitoring System Market from 2016 to 2020.
To estimate and forecast the market size of the Global Battery Monitoring System Market from 2021 to 2026 and growth rate until 2026.
To identify drivers and challenges for the Global Battery Monitoring System Market.
To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc. in the Global Battery Monitoring System Market.
To conduct the pricing analysis for the Global Battery Monitoring System Market.
To identify and analyze the profiles of leading Battery Monitoring System manufacturers involved in the Global Battery Monitoring System Market.
Some of the leading players in the Global Battery Monitoring System Market are
HBL Power System Limited
Curtis Instruments, Inc.
Schneider Electric SE
SOCOMEC Group S.A.
Storage Battery Systems LLC
Capitol Power Group
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Global Battery Monitoring System Market, By Component:
Global Battery Monitoring System Market, By Type:
Wired Battery Monitoring System
Wireless Battery Monitoring System
Global Battery Monitoring System Market, By Battery Type:
Lithium-Ion Based Battery
Global Battery Monitoring System Market, By End-User:
Global Battery Monitoring System Market, By Region:
Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/vqg789
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