The global battery monitoring system market is projected to grow at a CAGR of 18.23%, during the forecast period, to reach a market size of USD 5.47 Billion by 2022, from an estimated USD 2.37 Billion in 2017. Market growth can be attributed to rising investments in data centers and growing renewable power generation globally. The increased operational efficiency of batteries and rising demand for electric vehicles are expected to boost the demand for battery monitoring systems.

The report segments the battery monitoring system market, by type, into wired and wireless. The wired segment is expected to lead the market during the forecast period. The wireless segment is projected to grow at the fastest rate during the forecast period as wireless systems enable remote monitoring of operations as all the operations can be monitored from a central location.

The hardware segment of the battery monitoring system, by component, accounted for the largest market size in 2016. Hardware components include the physical components involved in a battery monitoring system, such as sensors, hub, controller, data loggers, data recorders, and communication networks. The simple installation, fast data sampling, reduced cabling, and high-resolution data recording capabilities of these components have led to the growth of the hardware segment of the market.

Based on battery type, the battery monitoring system has been segmented into lithium-ion based, lead-acid, and others. The others segment includes nickel-based and flow batteries. The lithium-ion based segment is estimated to hold the largest share of market in 2017 due to the increasing deployment of lithium-ion batteries in electric vehicles, power tools, and battery backup applications. This segment is expected to grow at the highest CAGR, from 2017 to 2022, due to the increasing electric vehicle sales, wherein lithium-ion batteries are deployed.

In this report, the battery monitoring system market has been analyzed with respect to 5 regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and South America. The market in North America is expected to lead the global market by 2022 and is projected to grow at the second-highest CAGR from 2017 to 2022. Market growth in this region can be attributed to increasing investments in data centers and growing renewable power generation capacities. Countries such as the US and Canada are the key markets for battery monitoring systems in North America.

Battery monitoring systems are seemingly expensive and complex, especially for larger battery solutions. The larger energy storage projects for solar and wind require a precise guide on storage type and size. Additionally, larger energy storage systems require more battery monitors to obtain accurate and real-time results of parameters. This consequently results in a significant increase in the total cost of battery monitoring systems. Thus, the high cost of battery monitoring systems for larger battery solutions is expected to act as a restraint for the battery monitoring system market.

The leading players in the battery monitoring system market include NDSL (UK), Texas Instruments (US), PowerShield (New Zealand), BatteryDAQ (US), Canara (US), and Eagle Eye (US). New product launches was the most commonly adopted strategy by the top players in the market from 2014 to 2017. It was followed by contracts & agreements, expansions and investments, and partnerships.

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