Battery Monitoring Systems Market by End-user and Geography - Forecast and Analysis 2020-2024
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The market research analysis categorizes the global battery monitoring systems into three major end-user segments. They are:
• Telecom and data center
Global battery monitoring systems market by automotive industry
EVs were introduced in the early 1990s but lacked popularity among end-users in the initial years. However, improved energy density made possible due to technological advances, reduction in costs, and widespread awareness of the benefits of battery vehicles have led to the rise in popularity of EVs. A battery is a major component of an EV as it is the only source of power that is critical to run the motor and other elements in an EV.
Unlike other battery applications for different purposes, batteries in EVs have more demands placed on them as their functionality always changes, from discharging during acceleration to recharging during braking even under harsh and uncontrollable environmental conditions. The primary function of a battery monitoring system in an EV is to keep the battery in a safer mode to prolong its life and provide information on battery replacement as well as on the factors that prevent the battery from functioning optimally.
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Global battery monitoring systems market by energy industry
Globally, power grid networks are in a transitional stage owing to the efforts made by national governments to expand grid efficiency and reliability while simultaneously addressing the climate change problem with the addition of low-carbon fuels. This has resulted in renewable energy sources such as wind, solar, and hydro playing an important role in the energy mix. However, utilities faced the challenge of not being able to utilize fully the potential of these renewables due to the absence of energy storage technologies that are economical and reliable.
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