In 2022, it is anticipated that the market for wireless battery monitoring systems will be worth US$1,340.5 million. The market analysis predicts that by 2032, sales of wireless battery monitoring systems will grow at a CAGR of 23.30% and be valued at US$10,856.6 million. In past few years, wireless battery monitoring System market has witnessed significant growth rate, and it can be assumed that the organization is still in its early phase in this market. Wireless battery monitoring system provides continuous supply for critical systems and performs preemptive battery monitoring in organizations. It provides the opportunity to exclude any unscheduled power cut due to battery failure. Wireless battery monitoring is the only battery monitoring system that can monitor different types of batteries (for example generator batteries), individual battery voltage, temperature and impedance, current and ambient temperature for organizations. Most battery monitoring systems perform an impedance test once a week or once a month.
Wireless Battery Monitoring SystemMarket: Drivers and Challenges
The major drivers for wireless battery monitoring system is the technological advancement which has increased the adoption of batteries for energy storage used in emergency and grid-scale applications. In addition to that, growing usage of electric vehicles, which has made necessary for the adoption of wireless monitoring system to maintain safe operation of batteries in this electric-powered vehicles.
The assembly and interconnecting of the battery cells for monitoring their voltage and temperature is expensive which is restraining the market growth of the wireless battery monitoring system.
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Wireless Battery Monitoring SystemMarket: Segmentation
Segmentation on the basis of component:
Battery management unit
Communication unit
Segmentation on the basis of applications:
DC power supply
IDC data center
Others
Segmentation on the basis of industry:
Energy and Utilities
IT and Telecommunications
Manufacturing
Transportation and Logistics
Defense and Government
BFSI
Healthcare
Retail
Others
Wireless Battery Monitoring SystemMarket: key players
Some of the key players for wireless battery monitoring are Ashwoods Energy Limited, Toshiba Corporation, L&T Technology Services Ltd., Merlin Equipment Ltd., Vecture Inc., Lithium Balance Corporation, Nuvation Engineering.
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Wireless Battery Monitoring SystemMarket: Regional Overview
Wireless battery monitoring market is currently dominated by North America region due to early adoption of wireless battery monitoring system.Asia Pacific wireless battery monitoring market is expected to have potential growth due to rising adoption of wireless battery monitoring system as well growing awareness in organizations for the precaution of the batteries.
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