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

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:

·         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.

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.