The wireless battery monitoring system market is expected to reach US$ 1,340.5 million in 2022. According to the market estimate, sales of wireless battery monitoring systems will reach US$ 10,856.6 million by 2032 and increase at a CAGR of 23.30%.
The demand for wireless battery monitoring systems is anticipated to rise along with the demand for more efficient electric grid management, which is anticipated to fuel the expansion of the global wireless battery monitoring system market throughout the forecast period.
Wireless battery monitoring is a component of systems for monitoring and centrally evaluating batteries. These systems may track and measure various characteristics, including ambient temperature, voltage, acid levels, individual battery voltage, current, and voltage.
The wireless battery monitoring system market refers to a set of technologies and services that enable the wireless monitoring of battery systems in real-time. These systems use sensors, software, and other technologies to collect data on battery health, performance, and other key metrics, which can be analyzed to optimize battery usage and improve reliability.
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The wireless battery monitoring system market has seen significant growth in recent years, driven by factors such as the increasing adoption of renewable energy sources, the growth of the electric vehicle market, and the need to improve battery performance and lifespan.
The wireless battery monitoring system market is segmented by type, component, communication technology, end-use industry, and region. The type segment includes wired and wireless systems. The component segment includes hardware, software, and services. The communication technology segment includes Zigbee, Wi-Fi, Bluetooth, and others. The end-use industry segment includes automotive, energy storage, telecom and data centers, and others.
The automotive industry is expected to dominate the wireless battery monitoring system market, followed by the energy storage telecom and data center industries. The growth in the automotive industry is driven by factors such as the increasing adoption of electric vehicles, the need to improve battery performance and lifespan, and the growing demand for battery management solutions.
Leading Key Players:
Some of the key players in the wireless battery monitoring system market 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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Recent Developments in the Wireless Battery Monitoring System Market:
- In June 2022, Toshiba Energy Systems & Solutions Corporation announced its latest superconducting motor development to fulfill the mobility sector’s needs. This motor can recognize lightweight, high-speed rotation, and high-output density, and can be made available for bigger mobility applications.
- Toshiba Electronic Devices & Storage Corporation announced its partnership with Farnell to intensify the supply chain for an extended range of novel and innovative products.
Wireless Battery Monitoring System Market Segmentation:
By Component:
- Hardware
- Software
- Services
By Battery Type:
- Lithium-ion
- Lead Acid
- Others
By Application:
- Automotive
- Telecommunication
- Aerospace & Defence
- Energy and Utilities
- BFSI
- Health care
- Others
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