Global Battery Sensor Market is projected to grow at CAGR of 14.04% during the period 2018-2023
The recent study on the global battery sensor market covers an in-depth analysis of the market on the basis of communication protocol, voltage type, industry vertical, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2018-2023. According to the report titled “Global Battery Sensor Market – Forecasts from 2018 to 2023”, the market is expected to increase from US$338.582 million in 2017 to US$744.760 million by 2023, at a CAGR of 14.04% during the projected period. The report has segmented the global battery sensor market by communication protocol (CAN, LIN), voltage type (12V, 24V, 48V), industry verticals (automotive, energy and power, others) and geography (North America, South America, Europe, Middle East and Africa, Asia Pacific). Battery sensors are electronic devices which measure the health and performance of a battery by measuring factors such as voltage, current, and temperature, without having any adverse effects on the battery itself. The demand for these devices is increasing during the forecast period mainly due to the growing electronic content in different industry verticals, which imposes significant pressure on the batteries and thus require continuous monitoring to ensure optimal and effective performance. In addition, rising demand for high capacity batteries owing to the growing automotive industry is boosting the demand for battery sensors.
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LIN communication protocol is anticipated to grow at a CAGR of 15.56% during the forecast period.
The growth is mainly attributed to LIN providing a cost-effective alternative to CAN protocols, as every node of CAN protocol requires a separate clock generator or crystal. Furthermore, at silicon levels, CAN is much more complicated to implement which is further fueling the demand for LIN communication protocol during the forecast period.
The growing content of in-vehicle electronics is boosting the demand for battery sensors in the automotive industry.
The automotive industry is dominating the market with 74.82% share in 2017 and is further projected to grow rapidly on account of increasing production of electric vehicles and growing focus by the automotive manufacturers to improve the energy efficiency of the vehicles. The automotive manufacturers are striving to become more efficient to comply with the fuel economy standards. Thus, the growing number of electronic components is imposing significant pressure on the batteries to meet the growing demand from the vehicle’s electrical system. This is driving the battery sensor market in the automotive industry on account of its ability to give precise and on-demand current, voltage, and temperature measurement from the battery and allows for reliable operations.
The Asia Pacific holds a dominant share in the market
The Asia Pacific battery sensor market is estimated to dominate the global market with 56.26% share in 2017, while the region is further anticipated to grow at a CAGR of 14.95% during the forecast period on account of growing production of electric vehicles. Simultaneously, the growing investment in automating different industrial operations and increasing investment in grid management is further supplementing the growth of the market in the region.
Some of the major players discussed in the reports are Zentrum Mikroelektronik Dresden AG, Furukawa Electric Co., Ltd., NXP Semiconductors, Robert Bosch GmbH, and Hella GmbH & Co. KGaA, among others.
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