LeapZipBlog: Steve Blade's blog: Battery Monitor Market Value Projected to Expand by 2028

Battery Monitor Market Value Projected to Expand by 2028

August 27, 2019 by Steve Blade  

The battery monitor market is expanding at a rapid pace with the world making a move towards renewable energy sources. A wide range of industries are adopting battery systems, not only to reduce their carbon footprint of their business operations but also to incorporate more efficient and reliable energy storage systems. Increased adoption of battery systems triggered by the emergence of clean technology is creating needs for efficient battery monitoring and management systems. End-users’ concerns about battery life and its performance are bolstering the demand for battery monitors, which can reduce the battery maintenance replacement costs and increasing its lifespan by monitoring salient battery operations.

 

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Leading manufacturers in the Battery Monitor Market are incorporating advanced technologies to expand the operational scope and improve ease of using their battery monitors. Growing end-user demand for battery monitors that can perform predictive analysis and generate insightful reports is providing a fillip to innovations in the designs and tech-based features of battery monitors. Increasing popularity of wireless battery monitors with high-tech battery management units indicate the emerging trends in the battery monitor market. Ongoing developments in the battery technology and battery management systems will redefine the future of the battery monitor market.

Battery Monitor Market – Notable Developments

Vertiv, BTECH, Canara, CellWatch, Battery DAQ, and Power shield, are among the key companies in the battery monitor market.

In February 2019, ABB – a Swiss-Swedish multinational corporation – announced the launch of its new ABB Ability™ e-mesh™ solution, which is a unified software to provide single view of real-time monitoring and management system for battery energy storage and microgrids. The company also announced that the cloud-based Ability e-mesh solution can enable end-users to monitor and control their business operations remotely.

In April 2018, Canara – a leading player in battery monitor market – announced that it has acquired Power Service Concepts, Inc. – a New York-based battery service provider – to add Power Service Concepts’ technical service expertise, customer support capabilities and additional field service to its portfolio. The company also declared that this acquisition is in line with the company’s strategy to establish a strong position in the battery services market

In January 2018, Vertiv – an American, Ohio-based, provider of equipment and services for data centers – announced its plans to expand the production line of its lithium-ion-compatible uninterruptible power systems (UPS), to introduce new products compatible with its Albér Battery Xplorer battery monitoring software. The company also declared its plans to introduce compact energy storage and monitoring options for mid-sized data centers through the expansion of its UPS production facility in North America.

 

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International Industry Standards Recommend Practices for Battery Monitoring

Increasing applications of battery technologies in a wide range of industrial sectors is complementing the spread of awareness about the importance of battery monitoring for ensuring the reliable operation of battery systems. International organizations in the Electronics and Telecommunications industry, such as Institute of Electrical and Electronics Engineers (IEEE) and North American Electric Reliability Corporation (NERC), have introduced standards to promote the use of battery monitoring systems.

IEEE standards, including 1188-2005, 1491-2005, and 450- 2010, offer guidance on how to select and use battery monitors and recommend end-users to follow practices for maintenance, testing, and replacement of batteries. Moreover, NERC standard PRC -005 provides battery testing and battery monitoring guidelines, which is providing an impetus to battery monitor sales. In May 2018, the Ministry of Industry and Information Technology, China also released a draft regulation to solicit opinions on battery monitoring in electric car through their lifetime.

Stringent regulations and standards that make battery monitoring and maintenance mandatory is expected to augur well for growth of the battery monitor market.

Battery Monitor Market Players Target Data Centers to Boost Profitable Sales

Data centers are emerging as a promising market for batteries with leading operators are mitigating their environmental footprint and reducing the incidences of power failure by prioritizing power security. The rapidly increasing number of data center operators installing onsite batteries to minimize energy consumption is creating sales potential for battery monitors to implement an efficient battery management system.

Leading players in the battery monitor market are expanding their product portfolio to capitalize on lucrative sales opportunities generated by the data center industry as a high-growth battery market. In addition, data center operators are bolstering the use of lithium ion batteries mainly for their high surge currents and large power-to-weight ratio. This will influence the future strategies of battery monitor manufacturers aiming to capitalize on increasing battery applications in the data center industry.

The research report on battery monitor market presents a comprehensive assessment of the battery monitor market and contains thoughtful insights, facts, and historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report on battery monitor market provides analysis and information according to battery monitor market segments such as geographies, application and industry.

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