Global Battery Monitoring Systems Market 2017-2021
About Battery Monitoring Systems
Battery monitoring systems comprise monitoring and control units, sensors, and software that are used to maintain and monitor battery health under optimal condition to make sure that it is performing to its full potential. The numerous advantages that batteries offer over other similar energy storage technologies and technological developments in different battery technologies over the years have increased the adoption of batteries for energy storage used in emergency and grid-scale applications. The use of these cells in highly demanding conditions where they regularly operate outside the quantified state leads to quicker degradation of the cell, thereby upsurging the chances of failure.
Technavio’s analysts forecast the global battery monitoring systems market to grow at a CAGR of 22.95% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global battery monitoring systems market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Battery Monitoring Systems Market 2017-2021
Technavio recognizes the following companies as the key players in the global battery monitoring systems market: ABB, BTECH, General Electric, NDSL Group, and Vertiv.
Other Prominent Vendors in the market are: 6th Energy Technologies, BatteryDAQ, Canara, Curtis Instruments, Dukosi, Eagle Eye Power Solutions, Eberspächer, Efftronics Systems, Enertect, GENEREX Systems, HBL Power Systems, Johnson Matthey Battery Systems, Linear Technology, Midtronics Stationary Power, Nuvation, PowerShield, Schneider Electric, Sosaley Technologies, and Texas Instruments.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Need for continual power supply spurring the use of ESS. Voltage fluctuations, loss of power, and power surges are the primary causes of damage to electronics. The adoption of electronic devices and computer systems for personal, commercial, and industrial purposes has increased significantly. The use of electronics devices and computer systems is also heavily dependent on constant power supply to ensure continuity in daily operations. UPS systems ensure constant power supply to electronic equipment, thus preventing the loss of data and productivity. They also protect electrical appliances from distorted power failures and regulate power fluctuations. The increased need for constant power supply is expected to boost the growth of the global UPS battery market during the forecast period.”
According to the report, one of the major drivers for this market is Improved consumer spending. Growing urbanization and increase in the number of people earning in one household have led to the rise in disposable income worldwide. This rise in urbanization has led to an increase in the number of people knowing about golf. Consumer spending is a substantial economic factor as it generally matches with the total consumer confidence in a nation’s economy. High consumer confidence indicators naturally relate to higher levels of consumer spending in the economic market.
Further, the report states that one of the major factors hindering the growth of this market is Lead pollution and stringent laws. Lead-acid batteries account for more than six-seventh of the overall production of lead. The typical configuration of lead-acid batteries is lead plates that are positioned in sulfuric acid within a plastic casting. The recycling of lead-acid batteries lessens the number of disposable batteries as solid waste. Though batteries comprise a high amount of lead oxide toxins, they are injurious to the environment. Once lead-acid batteries halt yielding efficiency, they will eventually become unusable and will be considered as hazardous waste.
ABB, BTECH, General Electric, NDSL Group, Vertiv, 6th Energy Technologies, BatteryDAQ, Canara, Curtis Instruments, Dukosi, Eagle Eye Power Solutions, Eberspächer, Efftronics Systems, Enertect, GENEREX Systems, HBL Power Systems, Johnson Matthey Battery Systems, Linear Technology, Midtronics Stationary Power, Nuvation, PowerShield, Schneider Electric, Sosaley Technologies, and Texas Instruments.