Report : Battery Testing Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Portable and Stationary), Application (Module Testing, Cell Testing, and Pack Testing), and End User (Automotive, Electronics & Semiconductor, Telecom, Healthcare, Energy & Utility,) and Others
According to our latest market study on “Battery Testing Equipment Market Forecast to 2028 – COVID-19 Impact and Global Market Analysis – by Product Type, Application, and End User,” the battery testing equipment market is projected to reach US$ 682.98 million by 2028 from US$ 494.33 million in 2021; it is expected to grow at a CAGR of 4.7% during 2021–2028.
Component providers, battery testing equipment, government bodies and regulatory agencies, and end users are the key stakeholders in the battery testing equipment market. Component providers/suppliers provide fuses, powerful embedded controllers, speed fans, and other hardware components to battery testing equipment manufacturers. High-power battery packs, ultra-capacitor, fuel cells, electric vehicle cell testing, production testing, generators, stationary power, and battery lifecycle testing are the major application areas wherein battery testing equipment is used. Arbin Instruments, Megger, DV Power, Jost's Engineering Company Limited, and Storage Battery Systems, LLC are a few of the leading players operating in the battery testing equipment market. However, the COVID-19 pandemic has led to disruptions in global supply chain networks and battery testing equipment manufacturing activities. This factor hindered the overall battery testing equipment market growth in 2020. Further, UL and IEC are a few of the major safety standards developed for consumer products, whose scope includes the testing of batteries. End users in the battery testing equipment market include automotive, healthcare, renewable, utilities, and electronics & semiconductor sectors. Many automakers worldwide depend heavily on the quality of battery cells obtained from different suppliers, such as Samsung, Panasonic, and LG Chem. Therefore, OEMs and their suppliers across the world are focused on maintaining high-quality standards to encourage customer acceptance for electric vehicles to be launched in future. The high demand for consumer electronics such as smartwatches, TVs, and smartphones; and growing oil & gas plants will continue to drive the adoption of battery-powered devices and machines, which will propel the growth of the battery testing equipment market in the coming years.
The battery testing equipment market size is segmented on the basis of product type, application, and end user. Based on product type, the battery testing equipment market is bifurcated into portable and stationary. On the basis of application, the battery testing equipment market is segmented into module testing, cell testing, and pack testing. Based on end user, the battery testing equipment market is segmented into automotive, electronics & semiconductor, telecom, healthcare, energy & utility, and others.
Impact of COVID-19 Pandemic on Battery Testing Equipment Market Growth
The COVID-19 pandemic has shaken several industries. The tremendous spread of SARS-CoV-2 urged governments worldwide to impose strict restrictions on vehicles and human movement in 2020. Due to travel bans, mass lockdowns, and business shutdowns during this year, the pandemic affected economies and numerous industries in various countries. The lockdown imposition resulted in low production volumes of commodities, goods, and services. Moreover, the manufacturing, automotive, semiconductor and electronics, oil & gas, mining, and aviation industries, among others, reported a decline in their operations. The battery testing equipment market players also experienced a slowdown due to the limited workforce availability at manufacturing facilities. Additionally, low demand during the period of strict lockdown resulted in reduced procurement of battery testing equipment in various industries. These factor have restricted the growth of the battery testing equipment market size in 2020.
From the battery testing equipment market share perspective North America accounted for more than 26% in 2020; it would continue to lead the market during the forecast period and account for a 25% share by 2028. Europe accounted for the second largest battery testing equipment market share holder, followed by APAC.
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