Ubiquitous Battery Applications Will Supercharge the Battery Monitoring System Market; Automotive Industry Remains Predominant, Finds Fact.MR
ROCKVILLE, Maryland, December 20, 2018 /PRNewswire/ --
With electronic variants of almost every device being launched by tech-giants, the battery industry has been witnessing tremendous growth in the past few years. Anticipating the widening range of battery-charges applications across industrial sectors, the demand for battery monitoring systems is likely to reach its peak in the upcoming years.
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A recent Fact.MR study predicts that the battery monitoring system market will witness unparalleled growth with an exponential rise in its supply and demand across versatile industrial sectors. As battery monitoring systems find numerous applications as they can protect electronic devices and appliances from damages caused due to several battery-related factors. The battery monitoring system market study opines that the growing needs for protecting batteries to avoid downtime and prolong their life are the preeminent drivers for the battery monitoring system market.
"Right from a car to a handheld consumer electronic appliance, batteries are being used everywhere. Industry-wide pervasiveness of batteries is generating a high demand for battery monitoring systems, which can monitor various electronic and physical constraints of a battery, such as voltage, current, as well as temperature," says a lead analyst at Fact.MR.
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"Our research on battery monitoring system market found that battery monitoring systems are used in myriad applications, mainly in the automotive, energy, and telecommunication industries. This ultimately has resulted in the rapidly escalated number of new entrants in the battery monitoring system market. Thereby, leading players in battery monitoring system market are improving various technological features, including ease of installation, low maintenance, and advanced software to sustain the intense competition in the market," the analyst adds.
Automotive Industry Holds the Largest Volume Share in Battery Monitoring System Market; Electric Vehicles Lead the Rally
The Fact.MR study finds that battery monitoring systems are vastly being used in the automotive industry, and it accounts for the largest share in growth of the battery monitoring system market. Ever-expanding electric vehicle parc across the world will continue to boost demand for battery monitoring systems, thereby, complementing growth of the battery monitoring system market.
According to the International Energy Agency, the number of electric cars on the road is likely to increase from 3 million in 2017 to 220 million by 2030. In order to ensure the improved performance of electric vehicles and their batteries, a majority of automotive manufacturers are adopting high-performance battery monitoring systems. Thereby, the battery monitoring system market is riding on coattails of the potential upsurge in demand for electric vehicles.
As battery monitoring systems in electric vehicles play a pivotal role in temperature control and ensuring safety of the vehicle and its occupants, market players are focusing all their efforts on meeting the functional performance and safety requirements in their newer models of battery monitoring systems. The Fact.MR study predicts a rise in the launch of innovative battery monitoring systems that can establish a communication between the pack management unit (PMU) and the monitoring IC in electric vehicles, in the upcoming years.
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Adoption of Advanced Technologies to Deliver Intelligent Battery Monitoring Systems - a Key Market Trend
Taking into account the intensified competition in the battery monitoring system market, leading manufacturers are adopting digital and artificial intelligence (AI) technologies to introduce smart battery monitoring systems to maintain an edge in the upcoming years.
Leading stakeholders in the battery monitoring system market are investing heavily in advanced technologies to launch battery monitoring systems based on Internet of Things (IoT), which consist of advanced features such as human machine interface (HMI), communication system, and cloud system. In addition, battery monitoring systems with wireless communication systems are likely to gain ground in the foreseeable future, according to the Fact.MR study.
Furthermore, battery monitoring systems have found profound importance in smart home applications, which triggers a high demand for intelligence and connectivity features of smart cell monitoring. As the smart home industry is gaining momentum across the globe, battery management system market players are likely to launch battery monitoring systems and battery management systems suitable for smart-home applications in the coming future.
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