Market Size – USD 3.64 Billion in 2020, Market Growth – at a CAGR of 17.8%, Market Trends – increasing utilization of lithium-ion based batteries
— Emergen Research
VANCOUVER, BC, CANADA, June 1, 2022 /EINPresswire.com/ — The global 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 demand for environment-friendly electric vehicles and rising need to enhance operational efficiency of lithium-ion batteries are key factors driving market growth
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.
Click Here to Access Free sample PDF Copy of the Report@ https://www.emergenresearch.com/request-sample/673
Some Key Highlights From the Report
In May 2019, Texas Instruments Incorporated introduced reference designs for traction inverter and battery management system, along with analogue circuits with advanced protection and monitoring features, which are designed for hybrid and electric vehicles. The new design is expected to minimize CO2 emissions and help in advancement of hybrid electric vehicles and electric vehicles.
Wireless segment revenue is expected to expand at a rapid CAGR during the forecast period. The automotive sector is increasingly utilizing wireless battery monitoring systems as these provide opportunity to eliminate any unscheduled power cuts due to battery failure, improves UPS uptime, reduces maintenance operation, and prevents battery malfunctions.
Hardware segment accounted for largest revenue share in 2020. Hardware components help in real-time monitoring of battery voltage, inter-temperature, and charge and discharge current, which is driving demand for this type of system.
Lithium-ion based segment accounted for a significantly high revenue share in the battery monitoring system market in 2020. Increasing sales of electric vehicles owing to rise in fuel prices and stringent regulations regarding pollution emission levels from conventional vehicles is projected to drive demand for lithium-ion batteries and electric vehicles going ahead.
Automotive segment accounted for a relatively larger revenue share in the global battery monitoring system market in 2020. Rising need to enhance operational efficiency of lithium-ion batteries is a key factor driving demand for battery monitoring systems from the automotive sector.
North America accounted for largest revenue share contribution to the global battery monitoring system market in 2020. Governments in countries like the U.S. are supporting initiatives by battery manufacturers to develop more efficient and advanced electric vehicles, which is boosting market growth.
Key players in the market include Benchmark Electronics Inc., NDSL, Texas Instruments Incorporated, PowerShield, BatteryDAQ, Eagle Eye Power Solutions, LLC, HBL Power Systems Ltd., Schneider Electric, ABB, and General Electric.
Make Payment [Buy your Exclusive copy]@ https://www.emergenresearch.com/select-license/673
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)
Component Outlook (Revenue, USD Billion; 2018–2028)
Battery Type Outlook (Revenue, USD Billion; 2018–2028)
End-use Outlook (Revenue, USD Billion; 2018–2028)
Have a look at Report Description and Table of Contents of Market Report@ https://www.emergenresearch.com/industry-report/battery-monitoring-system-market
Regional Outlook (Revenue, USD Billion; 2018–2028)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
Benefits of Purchasing Global Market Report:
Inimitable Expertise: Analysts will provide deep insights into the reports.
Analyst Support: Get your query resolved from our team before and after purchasing the report.
Strategic Recommendations: The report is helpful for the start-ups, and new entrants as it provides comprehensive analysis and recommendations on the basis of qualitative and quantitative analysis.
Customer’s Satisfaction: Our team will assist with all your research needs and customizes the report.
Assured Quality: We focus on the quality and accuracy of the report.
Finally, all aspects of the market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
Explore more Emergen Research Reports @
hybrid fiber coaxial network market
zero emission aircraft engines market
robotic process automation in aerospace market
commercial space payload market
development and operations market
flying car market
automotive fuel injection systems market
automotive navigation systems market
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Battery Monitoring System Market Size Worth USD 13.40 Billion in 2028