Battery Monitoring System Market by Emerging Trends, Future Growth, Demand Forecast Tillo 2022

(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 01, 2021, 00:46 /Comserve / -- The battery monitoring system market is projected to reach USD 5.47 billion by 2022, from an estimated USD 2.37 billion in 2017, at a CAGR of 18.23%, during the forecast period.

The battery monitoring system market is projected to reach USD 5.47 billion by 2022, from an estimated USD 2.37 billion in 2017, at a CAGR of 18.23%, during the forecast period. The need to prevent unplanned outages, increasing demand for electric vehicles, and improved operational efficiency of batteries have boosted the demand for battery monitoring systems. In addition, increasing renewable power generation and the growing use of battery monitoring systems in data center applications would further aid the growth of this market. The high costs of battery monitoring systems for larger battery solutions would act as a restraint for the battery monitoring system market.

The hardware segment is estimated to be the fastest-growing battery monitoring system market, by component, from 2017 to 2022. The growth of this segment can be attributed to simple installation, reduced need of cabling, and fast data sampling of components such as sensors, hub, and controllers. Asia Pacific and North America are the key markets for hardware due to the rising demand for monitoring the state of health and state of charge of batteries with the help of hardware components. All these factors are expected to drive the battery monitoring system market during the forecast period.

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The wired segment is estimated to be the larger market for battery monitoring systems in 2017. Wired systems are used in applications where there is more electrical interference such as data centers, which is expected to be the largest end-user segment of battery monitoring systems.

North America is expected to be the largest market for battery monitoring systems in 2017, followed by Asia Pacific and Europe. The market in North America is driven by rising electric vehicle sales, growing investments in data centers, and rising renewable power generation capacities in the region. It is projected to grow at the second-fastest rate during the forecast period. The US and Canada are estimated to be the largest markets for battery monitoring systems in the region. For instance, investments in data centers in the US was around US 18.2 million in 2017 which is double the amount invested in 2016.

Canada's new wind energy projects represented about USD 1.5 billion in 2016 and, by 2017, the country is expected to install approximately 700 MW of new wind energy capacity as stated by the Canadian Wind Energy Association (CanWEA). All these factors are expected to boost the growth of the battery monitoring system market in North America.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Battery Monitoring System Market by Emerging Trends, Future Growth, Demand Forecast Tillo 2022

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 10%, Tier 2- 40%, Tier 3- 50%
By Designation: C-Level- 10%, D-Level- 10%, Others- 80%
By Region: Asia Pacific- 60%, North America- 10%, Europe- 10%, Middle East & Africa- 10%, South America- 10%,

Research Coverage:
The report defines, describes, and forecasts the global battery monitoring system market by component, type, battery type, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market.

TABLE OF CONTENTS

1 INTRODUCTION 14
1.1 OBJECTIVES OF THE STUDY 14
1.2 DEFINITION 14
1.3 MARKET SCOPE 15
1.3.1 MARKET SEGMENTATION 15
1.3.2 REGIONAL SCOPE 16
1.4 YEARS CONSIDERED FOR THE STUDY 16
1.5 CURRENCY 17
1.6 STAKEHOLDERS 17

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