The North American Battery Monitoring Market, Forecast to 2024

Description

The North American battery monitoring market continues to exhibit consistent and continuous demand. The sector is characterized by intense competition and the market is highly fragmented. A battery monitoring system is the key controlling component of a battery pack. It is primarily responsible for battery safety and reliability by monitoring the charge and discharge cycles, and monitoring individual battery cells. The key objectives of a monitoring system include:
• protecting the battery and its circuitry systems
• preventing potential damage caused due to electrical fluctuations
• optimizing performance of individual battery cells in a pack
• maintaining the battery system in a reliable state of functionality
• diagnosing and identifying any abnormalities in the performance of the entire system or a particular cell
• Identifying the abnormal single cell thus enhancing smooth operation of the complete system.
A monitoring system can be classified as a basic functional unit that is used for key functions such as cell protection, an advanced functional unit involved in the decision-making process and instructing cell functions.
Key application targeted by battery monitoring system companies includes automotive, utility, telecom, data center, and industrial among others.
Key companies include Cellwatch, Btech, Vertiv (Alber), Powershield, BatteryDAQ, Canara, and Midtronics among others.
This research analyses the battery monitoring market on common aspects that includes market drivers, restraints, challenges, trends, market forecast and key participants. Revenue analysis is provided for all applications. The study period is 2015 to 2024 (base year of 2018) with forecasts from 2019 to 2024. As this is a growing market three forecast views (Optimistic, Frost & Sullivan and conservation) are provided at total market level as well as all the application level. Revenue presented reflect only the manufacturers’ earnings and not the end-users’ expenditures. In this project, Frost & Sullivan defines a single battery monitoring system as one unit. North American battery monitoring market is likely tom grow at a CAGR of 7.4% between 2018 and 2024. The market is expected to experience steady growth throughout the forecast period primarily due to rising popularity of battery energy storage solutions and extensive use of advanced battery technology. The battery monitoring systems market is becoming highly competitive, fragmented, and commoditized; exclusive battery monitoring system manufacturers have to compete against rectifier manufacturers and system integrators, as well as power electronic component manufacturers. The adoption of batteries has increased over the years as backup power solutions are being used in multiple applications. This is driving the need for battery monitoring solutions to prevent any failures.