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The battery monitoring systems market size is forecast to increase by USD 7.57 billion at a CAGR of 18.5% between 2023 and 2028. The market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs) and renewable energy storage systems. Advanced battery technologies and charging infrastructure with V2G (Vehicle-to-Grid) technology are driving market growth. However, concerns over battery lifespan and warranty are major challenges. To address these concerns, certification requirements and functional safety are becoming essential. Capacity management, electrical protection, and thermal protection are crucial features of BMS, ensuring optimal battery performance. These systems monitor and manage current, voltage, and peak currents to prevent overcharging, overdischarging, and thermal runaway. Ensuring battery health and safety while maximizing efficiency is vital for the market's continued growth.
The global battery monitoring systems market is witnessing significant growth due to the increasing demand for advanced battery management in various industries. These systems play a crucial role in maintaining the optimal performance and longevity of lithium-ion battery packs, which are widely used in consumer products and industrial applications. Battery monitoring systems are designed to provide real-time data on individual cells and modules within a battery pack. These systems enable control functions such as capacity management, electrical protection, thermal protection, and charging/discharging management. By monitoring the performance of each cell, these systems help prevent overcharging, overdischarging, and thermal runaway, ensuring the safety and reliability of the battery pack.
Furthermore, Lithium-ion batteries are the preferred choice for many applications due to their high energy density and long lifespan. However, their complex chemical composition and the need for precise temperature control require strong monitoring systems to ensure their optimal performance and longevity. Battery performance is a critical concern for manufacturers and end-users alike. Monitoring systems help ensure that batteries are operating at their peak efficiency, minimizing energy waste and maximizing the overall lifespan of the battery pack. Warranty concerns and certification requirements also drive the demand for battery monitoring systems, as they help ensure compliance with industry standards and provide evidence of proper maintenance and care. Functional safety is another important consideration in the design of battery monitoring systems. These systems must be able to detect and respond to faults in real-time, preventing potential safety hazards and minimizing downtime. Capacity management is another key feature, as it helps optimize the usage of available battery capacity and extend the overall lifespan of the battery pack.
Moreover, electrical protection is another essential function of battery monitoring systems. These systems help prevent damage to the battery pack by monitoring voltage regulator, current, and peak currents, and providing alerts when these parameters exceed safe levels. Thermal protection is also critical, as lithium-ion batteries are sensitive to temperature and can be damaged if they overheat or cool down too quickly. Thermal management is a critical aspect of battery monitoring systems, as it helps maintain the optimal temperature of the battery pack. Cooling systems are often used to prevent overheating, while thermal runaway prevention systems help prevent catastrophic failures due to thermal events. Battery monitoring systems are essential for ensuring the safety, reliability, and longevity of lithium-ion battery packs. By providing real-time data on individual cells and modules, these systems help prevent damage, optimize performance, and minimize downtime. With the increasing demand for advanced battery management in various industries, the market is poised for significant growth in the coming years.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The automotive segment is estimated to witness significant growth during the forecast period. Battery Monitoring Systems (BMS) play a vital role in ensuring the optimal performance and longevity of batteries, particularly in Electric Vehicles (EVs). With the increasing adoption of EVs due to their environmental benefits and cost-effectiveness, the demand for BMS is on the rise.
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The automotive segment was the largest segment and was valued at USD 1.49 billion in 2018. BMS continuously monitor individual battery health, net charge, backup time, and failure conditions to prevent critical applications from being compromised. In EVs, batteries undergo continuous operation and are subjected to harsh environmental conditions, making it essential to monitor their state of charge and overall health. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Battery monitoring systems have gained significant traction in the APAC region due to the increasing focus on environmental improvement and energy security in rapidly developing economies like China, Japan, and India. These countries have made substantial investments in renewable energy and smart grids, leading to the installation of high-capacity renewable power systems to mitigate intermittent power generation challenges. Battery energy storage systems (ESS) are essential in addressing these issues, and the demand for monitoring systems to optimize their performance is on the rise.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Advances in EV battery and associated technologies is notably driving market growth. The automotive sector is experiencing a increase in innovation, particularly in the realm of advanced batteries for electric vehicles (EVs) and public charging infrastructure. Next-generation batteries, such as solid-state batteries, are gaining traction due to their enhanced safety features and faster charging rates.
These batteries boast a larger capacity, thereby extending the driving range of EVs per charge. Notable automotive companies are collaborating with technology firms to produce batteries with superior specifications. This collaboration underscores the industry's commitment to pushing the boundaries of battery technology.
EV charging with V2G technology is the key trend in the market. The escalating adoption of electric vehicles (EVs) is driving significant investments within the industry. This shift in transportation trends is transforming the energy landscape and influencing the usage patterns of traditional fossil fuels. A novel technology, referred to as Vehicle-to-Grid (V2G), is gaining traction to support power grids during peak energy demands. V2G technology enables the exchange of electrical energy between the grid and plug-in electric vehicles (BEVs, PHEVs, and HEVs), acting as power providers.
Functional safety, capacity management, electrical and thermal protection, current and voltage control, and peak current management are crucial components of V2G systems. Certification requirements and warranty concerns are essential factors influencing the market growth. V2G systems offer flexibility in charging and discharging based on energy demand and supply, thereby contributing to the overall grid stability. Thus, such trends will shape the growth of the market during the forecast period.
Demand-supply gap of battery components is the major challenge that affects the growth of the market. Lithium-ion battery monitoring systems have gained significant traction in various industries due to the increasing adoption of rechargeable lithium-ion battery packs in consumer products, electric vehicles (EVs), and industrial equipment. These systems enable effective monitoring and control functions of individual cells and modules within the battery pack.
The importance of these systems lies in their ability to optimize battery performance, ensure safety, and enhance energy efficiency. Lithium-ion batteries are preferred for their high energy density, long cycle life, and superior power output. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB: The company offers battery monitoring system to check battery voltage and temperature and verify that all connections are free of dust, corrosion or leakage and to check that all ventilation is working and that all connections are tight.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Battery monitoring systems have gained significant traction in various industries due to the increasing usage of battery packs in consumer products and critical applications. These systems enable effective monitoring and control functions of rechargeable cells, primarily lithium-ion batteries, which are known for their high energy density and long battery life. Monitoring individual cells and modules is crucial for maintaining optimal battery performance and ensuring longevity. Battery monitoring systems provide real-time data on current, voltage, peak currents, charging, and discharging status. They help manage battery capacity, electrical protection, thermal protection, and preventive action against failure conditions.
Functional safety, certification requirements, and warranty concerns are essential aspects of battery monitoring systems. These systems provide critical information on battery health, individual battery failure conditions, net charge, backup time, and preventive action. Temperature management is a significant factor in battery monitoring, as temperature influences chemical reaction rates and battery lifespan. Thermal management techniques, including cooling methods like active and passive cooling, are employed to maintain optimal temperature levels. Battery monitoring systems are essential for continuous operation in critical applications, ensuring a reliable power source, such as backup power from a battery bank or generator. Regular maintenance, including electrolyte level monitoring, voltage monitoring, ground-fault monitoring, and temperature monitoring, is crucial for ensuring battery performance and longevity. Battery monitoring equipment and training, along with support services, are available to help users effectively manage their battery systems. Individual charging methods, chargers, activators, and load banks are also crucial components of a comprehensive battery monitoring system.
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Market Scope |
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Report Coverage |
Details |
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Page number |
157 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 18.5% |
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Market growth 2024-2028 |
USD 7.57 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
15.9 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 46% |
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Key countries |
China, US, Germany, Japan, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB, Analog Devices Inc., BMS Powersafe, C and D Technologies Inc., Crucial Power Products, Curtis Instruments Inc., Eberspaecher Vecture Inc., Elithion Inc., General Electric Co., Infineon Technologies AG, Johnson Matthey Plc, Lithium Balance AS, Lithium Werks, NXP Semiconductors NV, RTX Corp., Renesas Electronics Corp., Schneider Electric SE, Texas Instruments Inc., and Vertiv Holdings Co. |
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Market dynamics |
Parent market analysis, market report , market forecast , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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