Publication Month: Apr 2022 | Report Code: TIPRE00004792 | No. of Pages: 177 | Category: Electronics and Semiconductor | Status: Published
Industries such as aerospace and defense, automotive, and healthcare are heavily investing in advanced technologies to strengthen their capabilities with advanced machinery and offer enhanced services to customers. Companies in the US, France, Sweden, the UK, and other countries are developing advanced battery testing equipment for their global customers. The rising procurement of advanced batteries by the US Army is also supporting the market growth. Furthermore, the development of eVTOLs and initiatives taken by governments of countries such as Germany, the UAE, and Singapore for developing urban air mobility infrastructure in these countries are expected to drive the growth of the battery testing equipment market players.
Elevating defense expenditure in countries such as the US, China, and India, and others is expected to drive the growth of the battery testing equipment market in the coming years. Developing countries, such as India, China, and Indonesia, focus on strengthening their military capabilities due to rising clashes across the borders shared with neighboring countries. The expanding manufacturing sectors in countries such as China and India are further propelling the battery testing equipment market growth.
|Market Size Value in||US$ 494.33 million in 2021|
|Market Size Value by||US$ 682.98 million by 2028|
|Growth rate||CAGR of 4.7% from 2021 to 2028.|
|Forecast Period||2021- 2028|
|No. of Pages||177|
|No. of Tables||83|
|No. of Charts & Figures||85|
|Historical data available||Yes|
|Segments covered||Product Type, Application, and End User and Others|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The US is the most affected country in North America due to COVID-19. Many of the manufacturing facilities were either temporarily shut down or are operating with minimum staff; the supply chain of components and parts is disrupted; these are some of the critical issues faced by the North American manufacturers.
Since the US has a larger number of battery testing equipment, component manufacturers, and industries, the outbreak has severely affected each production and revenue generation. The lower number of manufacturing staff has resulted in lesser production quantity. On the other hand, the limited availability of raw materials and aerospace closing has also impacted the battery testing equipment market in the US. However, the rising military expenditure of the country and the growing development of electric vehicles by companies such as Tesla are expected to provide growth opportunities to the battery testing equipment market players in the near future.
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Due to the increasing disposable income of people in developing economies, such as China, India, South Korea, and others, the demand for vehicles has increased. According to the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales in India increased by 26.45% from September 2019 to September 2020. Factors such as increasing investments by prominent vehicle manufacturing companies and favorable government norms regarding vehicle manufacturing across Asia Pacific are expected to drive the growth of the battery testing equipment market in the region. Further, initiatives undertaken by the governments of countries such as Vietnam to expand its automotive industry are also expected to drive the battery testing equipment market size.
Based on product type, the battery testing equipment market is segmented into portable battery testing equipment and stationary battery testing equipment. The stationary battery testing equipment segment led the battery testing equipment market with a market share of 54.1% in 2020. The stationery battery testing is performed for a capacity test when the battery is new as part of the acceptance test, for impedance testing to establish baseline values for the battery, and to repeat the above testing process within 2 years for the warranty of the battery. The testing process checks the impedance quarterly on valve-regulated lead-acid (VRLA) cells and performs capacity tests at every 25% expected service life.
Based on application, the battery testing equipment market is segmented into module testing, cell testing, and pack testing. The cell testing segment led the market in 2020. The cell stress tests are performed to evaluate the response to electrical, environmental, and mechanical stresses, among others. Cell testing provides a long battery life and simulates complex real-world test profiles. Moreover, cell testers are designed for performing tests on lithium-ion batteries, electrical double-layer capacitors (EDLC), and lithium-ion capacitors (LIC). This is anticipated to boost the battery testing equipment market size.
Based on geography, the battery testing equipment market is segmented into five major regions, namely, North America, Europe, APAC, MEA, and SAM. In 2020, North America held the largest revenue share, followed by Europe and APAC, respectively. The market in APAC is expected to grow at the fastest CAGR of 5.8% from 2020 to 2028. Arbin Instruments, Century Yuasa Batteries Pty Ltd., Chauvin Arnoux, Chroma Systems Solutions, Inc., DV Power, Extech Instruments, Megger, Midtronics, Inc., Storage Battery Systems, LLC, and Xiamen Tmax Battery Equipments Limited are among the key players in the ecosystem that were profiled during this market study.
Players operating in the battery testing equipment market are mainly focused on the development of advanced and efficient products and collaborations.