Rising Investments in Electric Vehicles and Renewable Energy will Positively Impact on The Global Battery Monitoring System at a CAGR Of 18.10% during the Forecast Period 2024 to 2032

Market Research Future (MRFR) has published a cooked research report on the “Global Battery Monitoring System”that contains the information from 2019 to 2032.

The Battery Monitoring System Market is estimated to register a CAGR of 18.10% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global battery monitoring system market—Vertiv Holdings Co (Vertiv), Cellwatch, BatteryDAQ, PowerShield, Canara, Inc., BTECH Inc., Eagle Eye Power Solution LLC (Eagle Eye), Curtis Instruments Inc., HBL Power Systems Limited (HBL), Socomec, Storage Battery Systems, and LLC (SBS).

Battery Monitoring System Market Highlights

The Global Battery Monitoring System market is accounted for to register a CAGR of 18.10% during the forecast period and is estimated to reach USD 29,775.8 million by 2032.

A data center involves servers, networking systems, and storage resources, which organize, store, and process data and information. Data centers are used by an organization for carrying out their core applications. Different types of batteries, such as lithium-ion batteries and lead-acid batteries, are used in data centers to support UPS systems and provide back-up power over a longer period. Proper monitoring of batteries in data centers is essential as battery failures may disrupt operations and result in financial losses. Thus, battery monitoring systems that are integrated with the batteries enhance the operations and safety of the data centers

Moreover, the demand for data centers across the world is growing significantly, and many countries in the world, such as Saudi Arabia, India, and the US, are focusing on the development of data centers. For instance, in Saudi Arabia, in February 2018, Google (US) collaborated with Saudi Arabian Oil Co. to establish a data center. Moreover, in India, in September 2018, Alibaba Group (China) opened its second Availability Zone in Mumbai, India. In February 2019, Ctrl Datacenters Ltd (India) planned to invest USD 278.6 million for setting up three hyper-scale data centers in India. Furthermore, in February 2019, Google (US) announced that it would invest more than USD 13 billion in developing data centers and offices across the US. BMS is a major component in data centers as they are used to enhance the functions of UPS in data centers. For instance, in 2019, Vertiv (US) introduced a lithium-ion battery cabinet for use with larger capacity uninterruptible power supply (UPS) systems. Vertiv allows direct communication between battery monitoring systems within the unit and external UPS. Similarly, Schneider Electric (France) provides a varied range of products to monitor the batteries for data centers. Such developments are driving the growth of the battery monitoring system for data centers globally.

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Segment Analysis

The global battery monitoring system has been segmented based on components, type, battery type, product type, end-use and Region.

The Global Battery Monitoring System Market segmentation, Based on component, the global battery monitoring system market is categorized into hardware, software, and services. The hardware and software components of a system receive information from each other to enhance the functioning of a BMS. The hardware segment accounted for the largest market share in 2023, the market is expected to register a high CAGR during the forecast period. The main components are Hardware, Software, and Services. The hardware segment consists of various equipment used in BMS to monitor and control various aspects of the batteries involved. Some of the hardware components used in battery management systems include batteries, transistors, intelligent power devices, and microcontrollers. The increasing demand for BMS is driving the growth of the hardware segment in the global battery monitoring system (BMS) market during the forecast period.

Based on end use, the global battery monitoring system market is categorized into telecommunication, automotive, utility, consumer electronics, aerospace & defense, and others. In 2023, the automotive segment drove the Global Battery Monitoring System Market by holding a substantial market share during the assessment period. This segment accounted for the largest share of the market in 2023 and is expected to remain dominant during the forecast period. Battery monitoring system in the automotive segment is primarily used in electric vehicles to monitor the batteries installed. The rising concerns about carbon emission are driving the demand for electric vehicles globally. Furthermore, the reducing cost of efficient batteries for electric vehicles is expected to propel the demand for electric vehicles during the forecast period. BMS in electric vehicles provide substantial information to the users, including vehicle range and charge capacity. Thus, the increasing demand for electric vehicles is expected to drive the automotive segment in the global battery monitoring system (BMS) market during the forecast period.

Regional Analysis

Based on Region, the battery monitoring system market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Europe battery monitoring system market holds the second largest market share during the forecast period. The rising demand for clean energy and EVs is the primary factor attributed to the growth of the battery monitoring system (BMS) market in Europe during the forecast period. The demand for clean energy in Europe has increased abruptly due to the growing awareness and stringent emissions regulations. For instance, according to the IRENA Report 2018, Europe possesses abundant resources of clean energy and has set up a target to increase its renewable energy consumption by 20% by 2020 and 32.5% by 2030. Such factors lead to an increase in the demand for renewables in the region. BMS is used to monitor and control the energy storage systems installed in the renewable energy systems. Hence, the increasing focus on clean energy is responsible for the growth of the battery monitoring system (BMS) market in this region during the forecast period.

Key Findings of the Study

• The global battery monitoring system market is expected to reach 29,775.8 million by 2032, at a CAGR of 18.10% during the forecast period.


• The Asia Pacific region accounted for the fastest-growing global market.


• Based on Type, the Wired segment was attributed to holding the largest market in 2023.


• Based on Battery Type, the Lithium Ion Battery segment was attributed to holding the largest market in 2023.


• Vertiv Holdings Co (Vertiv), Cellwatch, BatteryDAQ, PowerShield, Canara, Inc., BTECH Inc., Eagle Eye Power Solution LLC (Eagle Eye), Curtis Instruments Inc., HBL Power Systems Limited (HBL), Socomec, Storage Battery Systems, and LLC (SBS).