by Brianna Crandall — May 27, 2016 — Global technology research and advisory company Technavio recently released a market research report presenting a detailed breakdown and analysis of the global battery monitoring solutions market by end-users (automotive, energy, and telecom and data centers) and by geography.
Technavio analysts estimate the global battery monitoring solutions market will grow at a compound annual growth rate (CAGR) of almost 23% between 2016 and 2020.
Drivers
The increase in demand from the utilities, telecom and data centers, and electric vehicles is the primary driver for this market. The rapid surge in grid applications to reduce the emission of greenhouse gases (GHG) and lower the dependency on fossil fuels is expected to have positive growth on the market during the forecast period.
Geography
Currently, the Americas region dominates the global battery monitoring solutions market by accounting for a market share of over 59%. The introduction of new regulations on energy storage including bulk electric system (BES) that require compliance from end-users is likely to drive the market in this region by 2020.
Vishu Rai, lead analyst, Energy, Technavio Research, explains:
The change in the grid structure and the increasing need for energy storage as distributed generation is an upcoming in the market. Power generation is seeing a shift towards low carbon or no carbon due to the support from governments across the globe in the form of lucrative policies, incentives, and rebates. Besides, the reduction in prices of battery technology and solar equipment has increased the penetration of such technologies.
Segments
During 2015, the automotive segment dominated the global battery monitoring solutions market by accounting for a market share of almost 42%. According to the report, the increase in the popularity of electric vehicles is the primary driver for this segment as the battery is an essential component of an electric vehicle.
The ability of a battery monitoring system in a vehicle to maintain a steady check on the charging battery, prevent it from overcharging or discharging, and monitor the temperature are some of the factors expected to propel the automotive battery monitoring solutions market during the forecast period.
Key vendors
The key vendors in the global battery monitoring solutions market are ABB, BTECH, Cellwatch, Emerson, and GE-Alstom. The market is characterized by the presence of established vendors; however, in several regions, local vendors lead the market operations. To gain a competitive edge, several key vendors are providing customized and scaled solutions according to customer requirements.
Competition is expected to intensify during the forecast period because of the increase in product extensions and technological innovations. International players are estimated to grow inorganically by acquiring or forging partnerships with regional or local players.
A more detailed analysis is available in the market research report, Global Battery Monitoring Solutions Market 2016-2020, available for purchase on the Technavio Web site. The company says it can customize reports by other regions and specific segments upon request.
