The smart battery is a battery with embedded electronics. The embedded electronics in the smart battery make it smart as it stores the smart battery data such as battery operating parameters, control and initiate battery charging algorithms. The smart battery has the ability to internally measure current and voltage, even communicates with a smart battery charger or smart energy user via bus and asks to start charging or stop charging. The data provided by the smart battery is known as smart battery data, which contains information that empowers the equipment user by providing the knowledge about how long a product will work, also guides the power management system of the equipment in selecting the suitable algorithm to extend the battery life.
A key trend of the smart battery market is the need of social connectivity. Nowadays everyone wants to be socially connected. So switching to a smart battery provides longer back-up.
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The smart battery market is growing at a fast pace, which is attributable to the developments taking place in various sectors such as telecom, consumer electronics. This smart battery market has huge potential in specific sectors such as automotive as crude oil prices are increasing which drives the demand for hybrid electric vehicles. This will rise the demand for smart battery market. The growth of consumer electronics sector will increase the demand of smart battery market, as smart battery equips consumer electronics with high life cycle and slow discharge of the battery.
There are various driving factors for this market such as the increase in the carbon emission, rising environmental concern and renewable energy growth. The government is trying to curb the carbon emission by imposing strict rules and regulations.
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The Smart trio i.e. smart energy, smart healthcare and a smart city will create the positive impact on the smart battery market. Smart battery for a sensor is the next big thing for the smart battery market, as sensors are now an integral part of our lives from wearable devices to smart homes to smart grids.
Continuous research and development and the augmented demand will keep the smart battery market vibrant.
The high cost is a major restraint of smart battery market, as a high cost of a smart battery as compared to conventional batteries results in low demand from economically weak countries. Another restraint is related to its component as smart battery requires special charger which is an addition to its high cost. On the other hand, the need for periodic calibration and its compatibility issue with some devices as not much regulations are there.
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