Robust Growth of Battery Monitoring Market in North America
Published on : Nov-2022
Battery monitoring is an electronic system that confirms the ideal usage of energy inside the battery. It manages the rechargeable battery by monitoring its state, reporting data, calculating secondary data, authenticating and balancing it, also, protects the battery from operating its safe operating area. A battery management system prevents expensive downtime due to unexpected failure of batteries. The life of individual cells could be extended by analyzing the data with a follow up remedial action, under-charging, and over-charging of batteries could be eliminated to increase their shelf life and maintain uniformity among batteries. Battery monitoring systems provide several benefits as they do not require continuous monitoring and can be left unattended at sites for the collection of data, charge-discharge cycles can be initiated by the user with help of its integrated alarm features. The battery monitoring system is applicable in various industries such as Oil & Gas, Railways, Power Utilities, Telecom, Defense, Solar Power, Automotive, etc.
Increasing penetration of Electric Vehicles is anticipated to significantly contribute to the growth of the Battery Monitoring market in North America since the system controls the recharging of battery in electric vehicles. An automotive battery monitoring system helps to observe optimum performance and battery usage of a battery. Moreover, this system supervises rechargeable battery by protecting the battery, balancing it, and controlling its operating area. government initiatives like The U.S. American Recovery Supportive Reinvestment Act grant funds to government bodies and private enterprises to develop Hybrid Electric vehicles also positively impact the market. The rise in adoption of hybrid electric and electric vehicles is anticipated to foster the demand for the battery management system.
Source: The International Council on Clean Transportation
Annual sales growth for electric vehicles in Canada has positively increased each year from 33% in the period of 2014-15 to 124% between 2017-18. Canada holds the 8th largest position in the global EV market with sales of over 40,000 in 2018.
Source: The International Council on Clean Transportation
Annual Sales of electric vehicles in the U.S have observed an increasing trend, whereas, a tremendous rise in the sale of EV has been witnessed between 2017 to 2018. Thus, a rise in the market demand for electric vehicles would subsequently also proliferate the battery monitoring market in the region.
Renewable energies deal with strong stochastic behavior since the sun has to shine for photovoltaics or the wind has to blow for wind generators. Storage solutions are required for being able to supply the load at any time. Better availabilities of new battery technologies like lithium-ion and decreasing costs result in a mounting demand for more superior battery systems in grid-connected and off-grid applications. Rising investments in renewable energy systems in the region may also foster the demand for a battery monitoring system in the future.
Fatpos Global predicts that the rising electric vehicles and renewable energy systems in North America are some key factors generating opportunities for growth for the battery monitoring market in the region, also, the increasing use of smartphones and other electronic devices also constitutes high potential for battery management system market.
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