The global Wireless Battery Monitoring System Market is forecast to reach USD 1,340.5 million in 2022. Based on the market report, sales of wireless battery monitoring system is projected to increase at a CAGR of 23.30% to reach an assessment of USD 10,856.6 million by 2032.
| Report Attribute | Details |
|---|---|
| Wireless Battery Monitoring System Market Value (2022) | USD 1,340.5 Million |
| Wireless Battery Monitoring System Market Anticipated Value (2032) | USD 10,856.6 Million |
| Wireless Battery Monitoring System Projected Growth Rate (2022 to 2032) | 23.30 % |
The demand for wireless battery monitoring systems is anticipated to surge owing to the growing need for battery-operated vehicles and rising demand for efficient electric grid management and these two factors are likely to boost the growth of the global wireless battery monitoring system market during the forecast period.
Wireless battery monitoring systems are measuring and central evaluation systems for batteries. These systems can monitor and measure individual battery voltage, current and ambient temperature, voltage, acid levels, temperature, and electrical resistance. Most battery monitoring systems perform a resistance check once a week or once a month and they also provide the actual status of the battery and detect any failure in the case.
A wireless battery monitoring system comprises three elements viz., battery cell sensors, main control unit, and transceivers. The wireless battery monitoring system is most preferred as it ensures the battery’s long life while protecting it from any damage. Also, this system assists in maintaining the battery in the vital state for which it is given.
A wireless battery monitoring system has the potential to prevent overcurrent, and this system estimates the batteries’ functional state and optimizes the overall performance noting the functional status of the external devices. Owing to a slowdown in supply and logistics chains, there was a dearth of raw materials supply needed for manufacturing the systems.
Factors that could boost the sales of wireless battery monitoring systems are their ability and high capacity of flow batteries to endure extreme temperatures, this makes them appropriately suited for applications such as UPS and renewable energy systems.
Factors encouraging the growth of wireless battery monitoring systems are increasing industry preference for using lithium-ion batteries, the growing adoption of electric vehicles (EVs), and hybrid electric vehicles (HEVs). Across various end-use industries, there is a growing adoption of rechargeable batteries which further promotes market growth.
The adoption of batteries for energy storage used in emergency and grid-scale applications due to technological advancement is one of the key factors responsible for the growth of the global wireless battery monitoring system market. There has been an enormous growth in the use of electric vehicles, this has resulted in more adoption of wireless monitoring systems to maintain the safe functioning of batteries in these electric-powered vehicles.
Since electric vehicles protect the environment from harmful emissions, they have become prominent solutions for a sustainable environment. The growing adoption of electric vehicles is increasing considerably due to the sensitivity toward the advantages of these vehicles. Also, various research and development initiatives are also predicted to enhance the performance of electric vehicles. Various factors such as battery life and health, cell voltage, and charging and discharging rates impact the operation of the electric vehicle.
Market manufacturers are continuously engaged in developing enhanced batteries to better their life, this is because consumers across the world are having growing awareness pertaining to the maintenance cost of batteries. This has led to increasing demand for wireless battery monitoring systems and the growth of the global market.
Wireless monitoring systems can foresee any kind of failures or damage in batteries in advance, this could decrease the overall maintenance cost in the future. Furthermore, wireless monitoring system focuses to improve the safety of the maintenance workers. Benefits like these are projected to fuel the global wireless battery monitoring system market at a substantial growth rate during the forecast period.
While in crucial applications, it is vital to determine the batteries’ status. The demand for constant tracking of batteries in applications is likely to result in the market growth of wireless battery monitoring systems across the globe.
The demand for wireless battery monitoring systems is surging in the medical and healthcare industries. These industries demand a constant battery power supply and therefore wireless battery monitoring system plays a critical role in monitoring the status of the battery. These factors propel the global wireless battery monitoring system market.
Constant and steady enhancements along with research and development activities have been carried out in the last ten years in terms of improving the energy and power of lithium-ion batteries.
These factors are giving way to various applications of lithium-ion batteries across industries. These batteries render superior power density, decreased cost, and lower self-discharge. The increasing application of lithium-ion batteries is promoting the global wireless battery monitoring systems market.
Lastly, the assembly and interlinking of battery cells for managing their temperature and voltage are not cost-efficient and this is hindering the global wireless battery monitoring systems market.
North America is accountable for a 32.60% market share in the global wireless battery monitoring systems market owing to the increasing penetration of electric vehicles. North America has favorable government policies and employment of various supportive government monetary policies for developing hybrid electric vehicles along with growing automotive sales.
This region’s market is dominating owing to the presence of various industry participants and considerable research and development activities in power wireless battery monitoring systems. The American Recovery and Reinvestment Act gives funds for developing hybrid electric vehicles for usage by public and commercial organizations. This factor is predicted to promote the market in countries such as the United States in the North American region.
Following North America, Asia Pacific is known to lead the global wireless battery monitoring systems market. This region is said to have substantial potential growth owing to the increasing adoption of wireless battery monitoring systems along with increasing awareness in organizations for battery protection.
With the growing adoption of electric vehicles in countries like India and China, the Asia Pacific region is anticipated to experience huge demand for wireless battery monitoring systems during the forecast period. There are multiple automotive manufacturers who are expanding their footprint in this region, and this is anticipated to promote the growth of the Asia Pacific wireless battery monitoring systems market.
Startups in the market are evolving due to alteration and fluctuations and innovation of novel technology. This results in the development of new and exciting trends. This research report monitors the start-up ecosystem from across the globe and introduces significant market insights.
For, example In May 2022, Marelli who is a leading global automotive supplier announced the expansion of its range of battery management technologies for electric vehicles with a new state-of-the-art wireless distributed battery management system.
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, and Nuvation Engineering.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 23.30% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2014 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Component, Battery Type, Application, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | United States of America, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC Countries, South Africa |
| Key Companies Profiled | Ashwoods Energy Limited; Toshiba Corporation; L&T Technology Services Ltd.; Merlin Equipment Ltd.; Vecture Inc.; Lithium Balance Corporation; Nuvation Engineering. |
| Customization | Available Upon Request |
The wireless battery monitoring system market is predicted to advance at a CAGR of 23.30% from 2022 to 2032.
The North American region is anticipated to lead the wireless battery monitoring system market during the forecast period.
The wireless battery monitoring system market is likely to hold a valuation of USD 10,856.6 million by 2032.
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Wireless Battery Monitoring System Market
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