Growing Demand from APAC Predicted to Significantly Propel the Global Battery Monitoring Solutions Market Until 2020, Says Technavio
According to the latest research study released by Technavio,
the global
battery monitoring solutions market is expected to grow at a
CAGR of over 22% until 2020.
This research report titled ‘Global
Battery Monitoring Solutions Market 2016-2020’, provides an
in-depth analysis of market growth in terms of revenue and emerging
market trends. This market research report also includes up to date
analysis and forecasts for various technology segments, including
battery monitoring unit, sensors, and software.
Request sample report: http://bit.ly/1WnY2YS
“APAC is predicted to pip other regions and emerge as the
fastest-growing market for battery monitoring solutions over the next
four years. The demand for battery monitoring solutions is driven by the
need to improve environment and energy security in some of the
fast-growing economies in regions like China, Japan, and India. The
region has seen continuous investments in renewables and smart grids and
is likely to result in high-capacity renewable installations during the
forecast period,” said Sayani Roy, one of Technavio’s lead analysts for energy
storage research.
Global battery monitoring solutions market by end-users
-
Automotive 34.50%
-
Energy 23.50%
-
Telecom and datacenters 20.32%
Source: Technavio research
Global battery monitoring solutions market by automotive industry
The battery monitoring solutions market by the automotive industry was
valued at USD 720 million in 2015. EVs were introduced in the early
1990s but lacked popularity among end-users in the initial years.
However, improved energy density was made possible due to technological
advances that reduced its cost and created widespread awareness about
the benefits of battery vehicles applications in EVs. The battery is an
essential component of the electric vehicle as it is critical for the
operating the motor and the other elements in a vehicle. Unlike other
battery applications for mission critical purposes, batteries in EVs
deal with changing functionalities ranging from discharging at the point
of acceleration to recharging while braking in harsh and uncontrollable
environmental conditions.
Global battery monitoring solutions market by energy industry
The battery monitoring solutions market by the energy industry was
valued at USD 540 million in 2015. Globally, power grid networks are in
a transitional stage due to the efforts made by national governments to
improve grid efficiency and reliability. This has made renewable energy
sources such as wind, solar, and hydro to rise and play an important
role in the energy mix.
Thanks to the proliferation of renewables, the use of energy storage in
utilities has accelerated considerably. Utilities have started using
battery energy storage to manage peak power demand instead of using
reserve plants. This trend indicates that battery energy storage is
being used to store intermittent renewable power to be supplied during
peak hours.
Global battery monitoring solutions market by telecom and data center
industry
The battery monitoring solutions market by telecom and data center
sector was valued at USD 460 million in 2015. The use of batteries in
renewable power supply will likely bring down the dependency on diesel
generator sets for power generation in telecom tower and data centers.
The installation of high-efficiency batteries like Li-ion batteries has
thereby shown an advantage in terms of power-weight-volume ratio and
provide a long life span. With this, the report anticipates this
end-user segment to post a steady growth rate over the next four years.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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