Battery Monitoring Systems Market to Witness Growth Owing to Demand from Renewable Energy Applications | Technavio

October 11, 2017

LONDON–(BUSINESS WIRE)–#EnergyStorage–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.

This report is available at a USD 1,000 discount for a limited time
only: View
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The market research analysis categorizes the global battery monitoring
systems into three major end-user segments. They are:

Automotive
Energy
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:

ABB
BTECH
General Electric
NDSL Group
Vertiv

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