Battery Monitoring System Market

Global Battery Monitoring System Market Size (2024-2032):

The size of the global battery monitoring system market was worth USD 9.65 billion in 2023. The global market is anticipated to grow at a CAGR of 24.25% from 2024 to 2032 and be worth USD 68.11 billion by 2032 from USD 12 billion in 2024. 

Current Scenario of the Global Battery Monitoring System Market

Escalating calls for electric vehicles, escalating battery operating efficiency, and the need to avoid unforeseen breakdowns are the main factors driving the battery monitoring system. It alerts the user to the existing net charge or total available battery or battery bank backup. Any particular damage to the battery can be easily monitored in order to take the necessary measures to protect the battery from any major damage affecting its ability to function. Therefore, battery monitoring can extend the life and efficiency of the battery. A battery monitoring system generally monitors battery charging, discharging, and charging; AC grid voltage and frequency; and ambient temperature and battery temperature. The battery monitoring system also enables a live report on battery performance to be generated and triggers an alarm if a fault is detected.

MARKET TRENDS

The call for clean energy has increased dramatically due to awareness and growing concern about worldwide warming. This has led to a transition to energy sources such as solar, wind, and eco-friendly electric and hybrid vehicles. Energy storage is a major concern for the successful implementation of these clean solutions. It can be solved by applying batteries of different capacities for energy storage. Therefore, monitoring these batteries is an important task to ensure the correct operation of these clean technologies and applications that depend directly or indirectly on the battery.

MARKET DRIVERS

The factor determining the call for battery monitoring systems is their escalating adoption in electric vehicles. Energy shortages, the depletion of fossil fuels, and escalating pollution levels from vehicles are the main factors that have led to the development of electric vehicles.

Additionally, the high costs of fuels employed in internal combustion (IC) engines have also led to the need for electric vehicles. An EV is a zero-emission vehicle that is worldwide seen as the future of the transportation system. Batteries have several advantages, such as low emission rates, high energy density, and long life cycles, and are employed as a power source in electric vehicles. Many governments around the world have supported electric vehicle battery manufacturers to help them transition their household power supplies to renewable energy.

MARKET RESTRAINTS

Battery monitoring systems are apparently expensive and complex, especially for larger battery solutions. Large solar and wind energy storage projects require specific guidance on the type and size of storage.

Additionally, larger energy storage systems require more battery monitors to obtain accurate real-time parameter results. Therefore, this results in a significant increase in the total cost of battery monitoring systems. Therefore, the high cost of battery monitoring systems for larger battery solutions is predicted to be a limitation in the market.

MARKET OPPORTUNITIES

The growing call for battery monitoring systems in data centres is predicted to drive the worldwide market for battery monitoring systems. Data centres are made up of servers, network systems, and storage resources, which organize, store, and process data and information. Data centres help organizations run their core applications. Different types of batteries, such as lithium-ion batteries and lead-acid batteries, are employed in data centres to support UPS systems and provide backup power for long periods of time. Proper battery monitoring in data centres is essential, as battery failures can disrupt operations and lead to financial losses. Therefore, battery monitoring systems embedded in batteries improve the operation and security of data centres.

MARKET CHALLENGES 

The high cost associated with battery monitoring systems for larger battery solutions and the presence of a large number of local and regional players are some difficult factors that can hamper the expansion of this market.

IMPACT OF COVID-19 ON THE BATTERY MONITORING SYSTEM MARKET

The battery industry has grown at an impressive rate over the past two decades, supported by the growing call for power from modern portable consumer electronics, electric vehicles, and the growing adoption of power generation. intermittent renewable. The COVID-19 endemic has slowed the pace of battery supply chains as most battery cells are made in China, highlighting the overwhelming dependence on China and the risks related to the supply chain. This has sparked the interest of various stakeholders in localizing/regionalizing supply chains in the US and EU regions to mitigate supply chain risks. 5G is predicted to become the backbone of telecommunications in the coming years. Most telecom operators are embarking on network upgrades and new construction in the coming years to cope with increased traffic, offer improved mobile broadband, and respond to IoT and mission-critical applications. In turn, this trend, which translates into increased investment in infrastructure by telecommunications and tower companies, is predicted to significantly boost the call for critical backup power systems to maintain availability close to 100%.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Battery Monitoring System Market Analysis By Component

• Hardware
• Software

The hardware segment is predicted to be the fastest-growing battery monitoring systems market, by component, from 2024 to 2032. Asia-Pacific and North America are the main hardware markets due to the growing call for battery monitoring. All of these factors are predicted to drive the battery monitoring system market over the foreseen period.

Global Battery Monitoring System Market Analysis By Type

• Wired
• Wireless

The wired segment is predicted to be the largest market for battery monitoring systems in 2023. Wired systems are employed in applications where there is the most electrical interference, such as data centres, which are predicted to be the largest end-user segment of battery monitoring systems.

REGIONAL ANALYSIS

North America is predicted to have the largest market share during the foreseen period, due to the sharp increase in call for electric vehicles in recent years. In North America, the sale of electric cars has doubled since 2022, implying that the call for electric cars is escalating at a rapid rate. This call is predicted to increase the need for BMS to monitor and manage batteries for electric vehicles in the United States, Canada, and Mexico. Call for BMS are also coming from data centres. Several new data centre projects have been launched in the region, including Google's new plan to invest billions in its offices and data centres in the United States in 2023. The North American market is driven by increased sales of electric vehicles, growing investment in data centres, and increased renewable energy production capacity in the region. It is predicted to grow at the second fastest rate during the foreseen period. The United States and Canada are expected to be the largest markets for battery monitoring systems in the region.

KEY PLAYERS IN THE GLOBAL BATTERY MONITORING SYSTEM MARKET

Companies playing a prominent role in the global battery monitoring system market include Vertiv Holdings Co, Cellwatch, Batterydaq, Powershield Limited, CPG (Canara), Btech Inc., Eagle Eye Power Solutions, LLC, Curtis Instruments, Inc., HBL Power Systems Ltd, Socomec, Storage Battery Systems, LLC, Texas Instruments Incorporated, Nuvation Energy, ABB, and Schneider Electric, and Others.

RECENT HAPPENINGS IN THE GLOBAL BATTERY MONITORING SYSTEM MARKET

• Lithium-ion battery company Inverted Energy announced today that it launched its first advanced battery management system, OJAS BMS, on Thursday. The company, based here, said the technology offers greater control over the battery, delivering efficient performance. He plans to make the system a standard offering on all planned battery models.
• Nuvation launches a new battery management system. Nuvation Engineering has released a modular, scalable, ready-to-use BMS that decreases the requirement for makers in the electric vehicle, storage, and battery industries. energy and telecommunications networks develop their own customized solutions.

DETAILED SEGMENTATION OF THE GLOBAL BATTERY MONITORING SYSTEM MARKET INCLUDED IN THIS REPORT

This global battery monitoring system market research report has been segmented and sub-segmented based on component, type, battery type, end-user and region.

By Component:

• Hardware

• Software

By Type:

• Wired

• Wireless

By Battery Type:

• Lithium-ion based

• Lead-acid

By End-User:

• Telecommunications
• Automotive
• Energy
• Industries

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa