Global Battery Monitoring System Market is valued at approximately USD 5 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 19% over the forecast period 2023-2030. Battery Monitoring System is a technology used to monitor and control the operation of rechargeable batteries, including those found in backup power systems, renewable energy sources, and electric cars. The factor that drives the growth of the market is the advancements in EV batteries and associated technologies as there is a high demand for EVs in recent times and it will create the demand for the market. As per the study by World Economic Forum, the sales of Electric Vehicles in 2022 were 10.6 million units and it will increase in the coming years and thus it will create demand for the battery management systems market. The other factor that drives the growth of the market is the rising adoption of consumer electronics as these devices have higher battery capacity and BMS ensures the safety of the batteries that are used in consumer electronics thus it will increase the demand for the BMS market. However, the high cost of Battery Management Systems for extensive battery solutions acts as the major restraint for the market.
The factor that acts as a growth opportunity for the market is the rising adoption of renewable energy as these energy systems require energy storage systems which can be managed and monitored by Battery Management Systems and thus it will increase the demand of the market. The other opportunity factor for the market is integration with the Internet of Things (IoT) as the integration of these two can provide real-time data on battery performance, health and usage patterns. And with the help of the real-time data, battery performance optimization can be done and other features are also provided by it. As per Statista, the number of IoT-connected devices worldwide would be around 29.42 billion which will create a lot of opportunities for the BMS market.
The key regions considered for the Global Battery Monitoring System Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the government initiatives for the adoption of EVs in the region. Moreover, the investments in the data centers were increasing and other reason for the market dominance is US and Canada being the major markets for BMS. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as the rise in demand from several end-user industries.
Major market player included in this report are:
- NDSL Group Limited
- Analog Devices Inc.
- Canara Inc.
- Eagle Eye Power Solutions LLC
- HBL Power Systems Ltd.
- BTECH Inc.
- Storage Battery Systems LLC
- Schneider Electric SE
- Marelli Holdings Co. Ltd.
- Curtis Instruments Inc.
Recent Developments in the Market:
- In May 2022, through introducing Wireless Distributed Battery Management System (WBMS), Marelli Holdings Co., Ltd. increased the scope of its battery management technology for electric cars. With this type of technology, connected physical links are no longer necessary, which results in higher adaptability, enhanced efficiency, improved reliability, and lower costs than with previous battery management system architectures.
- In September 2020, Analogue Devices, Inc. introduced a wireless battery monitoring system with the objective to increase its design flexibility and manufacturing ability without compromising reach and reliability over the course of the battery's life,
Global Battery Monitoring System Market Report Scope:
- Historical Data: 2020 - 2021
- Base Year for Estimation: 2022
- Forecast period: 2023-2030
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Component, Type, Battery Type, End User, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
- The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
By Component:
By Type:
By Battery Type:
- Lead-Acid
- Lithium-Ion based
By End User:
- Automotive
- Energy
- Telecommunications
- Industries
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1. Battery Monitoring System Market, by Region, 2020-2030 (USD Billion)
- 1.2.2. Battery Monitoring System Market, by Component, 2020-2030 (USD Billion)
- 1.2.3. Battery Monitoring System Market, by Type, 2020-2030 (USD Billion)
- 1.2.4. Battery Monitoring System Market, by Battery Type, 2020-2030 (USD Billion)
- 1.2.5. Battery Monitoring System Market, by End User, 2020-2030 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Battery Monitoring System Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Battery Monitoring System Market Dynamics
- 3.1. Battery Monitoring System Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
- 3.1.1.1. Advancement in EV batteries and associated technologies
- 3.1.1.2. Rising adoption of consumer electronics
- 3.1.2. Market Challenges
- 3.1.2.1. High Cost of Battery Monitoring System
- 3.1.3. Market Opportunities
- 3.1.3.1. Rising adoption of renewable energy
- 3.1.3.2. Integration with IoT
Chapter 4. Global Battery Monitoring System Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Porter's 5 Force Impact Analysis
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. COVID-19 Impact Analysis
- 4.7. Disruptive Trends
- 4.8. Industry Expert Perspective
- 4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Battery Monitoring System Market, by Component
- 5.1. Market Snapshot
- 5.2. Global Battery Monitoring System Market by Component, Performance - Potential Analysis
- 5.3. Global Battery Monitoring System Market Estimates & Forecasts by Component 2020-2030 (USD Billion)
- 5.4. Battery Monitoring System Market, Sub Segment Analysis
- 5.4.1. Hardware
- 5.4.2. Software
Chapter 6. Global Battery Monitoring System Market, by Type
- 6.1. Market Snapshot
- 6.2. Global Battery Monitoring System Market by Type, Performance - Potential Analysis
- 6.3. Global Battery Monitoring System Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
- 6.4. Battery Monitoring System Market, Sub Segment Analysis
- 6.4.1. Wireless
- 6.4.2. Wired
Chapter 7. Global Battery Monitoring System Market, by Battery Type
- 7.1. Market Snapshot
- 7.2. Global Battery Monitoring System Market by Battery Type, Performance - Potential Analysis
- 7.3. Global Battery Monitoring System Market Estimates & Forecasts by Battery Type 2020-2030 (USD Billion)
- 7.4. Battery Monitoring System Market, Sub Segment Analysis
- 7.4.1. Lead Acid
- 7.4.2. Lithium-Ion based
Chapter 8. Global Battery Monitoring System Market, by End User
- 8.1. Market Snapshot
- 8.2. Global Battery Monitoring System Market by End User, Performance - Potential Analysis
- 8.3. Global Battery Monitoring System Market Estimates & Forecasts by End User 2020-2030 (USD Billion)
- 8.4. Battery Monitoring System Market, Sub Segment Analysis
- 8.4.1. Automotive
- 8.4.2. Energy
- 8.4.3. Telecommunications
- 8.4.4. Industries
Chapter 9. Global Battery Monitoring System Market, Regional Analysis
- 9.1. Top Leading Countries
- 9.2. Top Emerging Countries
- 9.3. Battery Monitoring System Market, Regional Market Snapshot
- 9.4. North America Battery Monitoring System Market
- 9.4.1. U.S. Battery Monitoring System Market
- 9.4.1.1. Component breakdown estimates & forecasts, 2020-2030
- 9.4.1.2. Type breakdown estimates & forecasts, 2020-2030
- 9.4.1.3. Battery Type breakdown estimates & forecasts, 2020-2030
- 9.4.1.4. End User breakdown estimates & forecasts, 2020-2030
- 9.4.2. Canada Battery Monitoring System Market
- 9.5. Europe Battery Monitoring System Market Snapshot
- 9.5.1. U.K. Battery Monitoring System Market
- 9.5.2. Germany Battery Monitoring System Market
- 9.5.3. France Battery Monitoring System Market
- 9.5.4. Spain Battery Monitoring System Market
- 9.5.5. Italy Battery Monitoring System Market
- 9.5.6. Rest of Europe Battery Monitoring System Market
- 9.6. Asia-Pacific Battery Monitoring System Market Snapshot
- 9.6.1. China Battery Monitoring System Market
- 9.6.2. India Battery Monitoring System Market
- 9.6.3. Japan Battery Monitoring System Market
- 9.6.4. Australia Battery Monitoring System Market
- 9.6.5. South Korea Battery Monitoring System Market
- 9.6.6. Rest of Asia Pacific Battery Monitoring System Market
- 9.7. Latin America Battery Monitoring System Market Snapshot
- 9.7.1. Brazil Battery Monitoring System Market
- 9.7.2. Mexico Battery Monitoring System Market
- 9.8. Middle East & Africa Battery Monitoring System Market
- 9.8.1. Saudi Arabia Battery Monitoring System Market
- 9.8.2. South Africa Battery Monitoring System Market
- 9.8.3. Rest of Middle East & Africa Battery Monitoring System Market
Chapter 10. Competitive Intelligence
- 10.1. Key Company SWOT Analysis
- 10.1.1. Company 1
- 10.1.2. Company 2
- 10.1.3. Company 3
- 10.2. Top Market Strategies
- 10.3. Company Profiles
- 10.3.1. NDSL Group Limited
- 10.3.1.1. Key Information
- 10.3.1.2. Overview
- 10.3.1.3. Financial (Subject to Data Availability)
- 10.3.1.4. Product Summary
- 10.3.1.5. Recent Developments
- 10.3.2. Analog Devices Inc.
- 10.3.3. Canara Inc.
- 10.3.4. Eagle Eye Power Solutions LLC
- 10.3.5. HBL Power Systems Ltd.
- 10.3.6. BTECH Inc.
- 10.3.7. Storage Battery Systems LLC
- 10.3.8. Schneider Electric SE
- 10.3.9. Marelli Holdings Co. Ltd.
- 10.3.10. Curtis Instruments Inc.
Chapter 11. Research Process
- 11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
- 11.2. Research Attributes
- 11.3. Research Assumption