battery monitoring system market size is expected to reach USD 13.40 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to key factors such as rising demand for eco-friendly electric vehicles, increasing awareness regarding the effects of pollution and global warming, and shifting preference among consumers towards electric and hybrid electric vehicles. Electric vehicles and hybrid electric vehicles utilize battery monitoring systems to address system parameters such as voltage, current, and temperature. Increasing utilization of lithium-ion based batteries in electric vehicles as these are more lightweight is boosting demand for advanced battery monitoring systems. Moreover, rising need to enhance operational efficiency of lithium-ion based batteries is another key factor augmenting demand for battery monitoring systems. The automotive sector is increasingly utilizing battery monitoring systems in electric vehicles being developed and produced to minimize maintenance and replacement costs, maximize lifespan of batteries, and avoid costly downtime.
The all-encompassing research weighs up on various aspects including but not limited to important industry definition, product applications, and product types. The pro-active approach towards analysis of investment feasibility, significant return on investment, supply chain management, import and export status, consumption volume and end-use offers more value to the overall statistics on the Battery Monitoring System market. All factors that help business owners identify the next leg for growth are presented through self-explanatory resources such as charts, tables, and graphic images.
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Market Scope:
One of the report’s central components is the broad Battery Monitoring System market segmentation that includes the product type gamut, application spectrum, end-user industry landscape, significant geographical regions, and the top market contenders. The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period. The key players’ financial positions, along with their gross profits, sales volumes, sales revenue, manufacturing costs, and other financial ratios, have been accurately gauged in the report. Furthermore, several analytical tools like investment assessment, SWOT analysis, and Porter’s Five Forces Analysis have been implemented by our analysts’ team to evaluate the production and distribution capacities of the Battery Monitoring System market players.
Leading Players Profiled in the Report:
- Benchmark Electronics Inc., NDSL, Texas Instruments Incorporated, PowerShield, BatteryDAQ, Eagle Eye Power Solutions, LLC, HBL Power Systems Ltd., Schneider Electric, ABB, and General Electric.
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For more credibility, the intelligence report provides valuable data on key driving forces, prominent players, emerging trends, gross margin, customer preference and profit across various regions for the forecast period, 2021-2028. To help product owners design a robust plan the study takes a closer look at the product pricing, technology innovation, key competitors, product launches, product pipeline and major driving forces.
Key Highlights from the Report
- In January 2020, Texas Instruments Incorporated unveiled its wireless battery management system for electric vehicles, which combines with ASIL-D requirements, thereby reducing design complexity and cost.
- Wired segment accounted for largest revenue share in 2020. The cost-effectiveness of wired battery monitoring systems in comparison to wireless battery monitoring systems is a key factor contributing to increasing demand and utilization.
- Hardware segment revenue is expected to expand at a rapid CAGR during the forecast period. The easy to use and easy to set up advantages offered by the hardware components are expected to increase demand across automotive and telecommunications sectors.
- Lithium-Ion based segment accounted for a significantly high revenue share in the battery monitoring system market in 2020. Increasing deployment of lithium-ion batteries in electric vehicles owing to lightweight and high-energy density solutions is expected to boost growth in demand from the automotive sector.
Emergen Research has segmented the global battery monitoring system market on the basis of type, component, battery type, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
- Wired
- Wireless
Component Outlook (Revenue, USD Billion; 2018–2028)
- Software
- Hardware
Battery Type Outlook (Revenue, USD Billion; 2018–2028)
- Lead-Acid
- Lithium-Ion Based
- Others
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Automotive
- Telecommunication
- Industries
- Energy
- Others
Key questions addressed in the report:
- What are the key factors driving the global Battery Monitoring System market?
- Who are the key manufacturers in this market space?
- Who are the distributors, traders and dealers of this market?
- What are the market opportunities and risks affecting the performance of the vendors in the global Battery Monitoring System market?
- What are the sales and revenue estimations for the top manufacturers in this market over the projected timeline?
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Highlights of the TOC:
- Report Overview
1.1 Research Scope
1.2 Key Battery Monitoring System market segments
1.3 Major players
1.4 Market analysis by product
1.5 Market analysis by application
1.6 Report timeline
- Global Growth Trends
2.1 Global Battery Monitoring System market size
2.2 Latest Battery Monitoring System market trends
2.3 Key growth trends
- Competitive Landscape
3.1 Global Battery Monitoring System market key players
3.2 Global Battery Monitoring System size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Battery Monitoring System market
3.5 Mergers, acquisitions, joint ventures, and strategic alliances
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