The analysts forecast global battery monitoring solutions market to grow at a CAGR of 22.84% during the period 2016-2020. The report covers the present scenario and the growth prospects of the global battery monitoring solutions market for 2016-2020. The revenue calculation is based on the equipment that enables to monitor the batteries. The technologies that are included are battery monitoring units, sensors, and software in different market sectors.
The following companies are the key players in the global battery monitoring solutions market: AB, BTECH, Cellwatch, Emerson, and GE-Alstom Grid. Other prominent vendors in the market are: 6th Energy, Battery DAQ, Canara, PowerShield, Texas Instruments, and Vecture.
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According to the battery monitoring solutions market report a key growth driver is the rising popularity of electric vehicles. Globally, many countries are promoting the use of electrical vehicles, which have the potential to reduce pollution and dependence on fossil fuels by providing incentives for instance in the US all electric and plug in hybrid vehicles qualify for federal tax credit of $2500-$7500 and building the necessary infrastructure. This has resulted in continuous growth in battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) worldwide.
The global battery monitoring solutions market analyst said one trend that is driving market growth is the intermittency of renewable energy. Countries globally have been supporting the shift from fossil fuel-based power production to renewable energy production with the aid of lucrative policies, incentives, and rebates. Over the past two decades, the share of renewable and alternate sources of energy in the global energy mix has risen with significant investments flowing from the US, China, and the EU.
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Global Battery Monitoring Solutions Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Battery monitoring solutions comprise monitoring unit, sensors, and software to monitor and maintain battery health at an optimal condition so that it can perform to its full potential. The advantages that batteries offer over other similar storage technologies and the technological developments over the years have increased the adoption of batteries for energy storage used in emergency and grid-scale applications.
The use of these batteries in conditions where they consistently operate outside the specified state leads to faster degradation of the cell and increases the chances of failure. Typically, 75% of UPS failures are due to battery failure; this can have disastrous and costly consequences. This disadvantage has made batteries a weak link in power systems. Therefore, battery monitoring solutions are being adopted to prevent such failures.
Further, the report states that one challenge that could restrict market growth is the operational challenges related to lead-acid batteries.
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