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Battery Testing Equipment Market worth US$ 653.71 Million by 2027 – Exclusive Research by The Insight Partners

Battery Testing Equipment Market worth US$ 653.71 Million by 2027 - Exclusive Research by The Insight Partners

“The Insight Partners”
Electronics & Semiconductor Industry Is Amongst the Prominent End User of Battery Testing Equipment Market

According to our latest market study on “Battery Testing Equipment Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product Type (Portable Battery Testing Equipment, Stationary Battery Testing Equipment); Application (Module Testing, Cell Testing, Pack Testing); End-User (Automotive, Electronics and Semiconductor, Telecom, Healthcare, Energy and Utility, Others), and Geography” the market was valued at US$ 452.40 million in 2019 and is projected to reach US$ 653.71 million by 2027; it is expected to grow at a CAGR of 4.7% during the forecast period. The report highlights key factors driving the market growth, and prominent players and their developments in the market.

Strategic Insights        

Report Coverage

Details

Market Size Value in

 US$ 452.40 Million in 2019

Market Size Value by

 US$ 653.71 Million by 2027

Growth rate

 CAGR of 4.7% from 2020-2027

Forecast Period

 2020-2027

Base Year

 2020

No. of Pages

 163

No. Tables

 83

No. of Charts & Figures

 84

Historical data available

 Yes

Segments covered

 Product Type, Application, End-User, and Geography

Regional scope

 North America; Europe; Asia Pacific; Latin America; MEA

Country scope

 US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

 Revenue forecast, company ranking, competitive landscape, growth factors, and trends

 

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Increasing developments in electronics industry is a major driver for the global battery testing equipment market. Rising adoption of internet coupled with smartphone usage is expected to increase the demand for portable power sources. This demands the integration of batteries, such as silicon battery—an ideal choice for electronic gadgets, for enhanced energy storage. At present, smartphones with lightweight and innovative features are preferred by consumers across the world. However, several innovative features, such as video streaming and high graphic resolution games, mitigate the battery performance. Hence, several companies are focusing on replacing graphite batteries with silicon batteries as it increases the capacity of the battery. 

Growing Demand for Transportation Fuels Growth of Battery Testing Equipment Market

On account of the benefits offered by battery testing equipment, they have witnessed growing demand from numerous end-use industries such as automotive. For instance, battery testing equipment can test discharged batteries, assess various kinds of batteries manufactured, and assist in offering enhanced safety to users. As increasing number of batteries are being incorporated in vehicles, rise in automobile production is directly proportional to the growth of the battery testing equipment market.

Impact of COVID-19 Pandemic on Battery Testing Equipment Market

In Europe, the UK is the hardest-hit country by the COVID-19 outbreak. Europe is suffering an economic hit due to a lack of revenue from various industries, as countries such as the UK, Germany, and Italy recorded the highest number of COVID-19 confirmed cases in the region. Additionally, the outbreak of another variant of COVID-19 in the UK is hindering the battery testing equipment market. 

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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), the sale of passenger vehicle in India was 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 growth of the market. 

Product Type-Based Market Insights

Based on product type, the battery testing equipment market is bifurcated into portable battery testing equipment and stationary battery testing equipment. The stationary battery testing equipment segment dominates the market as it ensures the battery’s continuous and efficient operation to facilitate a good battery maintenance program. The stationery battery testing follows IEEE 450, IEEE 1188, and IEEE 1106 standards to offer efficient battery maintenance. The stationery battery testing is performed for 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 warranty of the battery. 

Battery Testing Equipment Market: Competitive Landscape and Key Developments

Arbin Instruments, Century Yuasa Batteries Pty Ltd, CHAUVIN ARNOUX, Chroma Systems Solutions, Inc., DV Power, Extech Instruments, Megger Group Limited, Midtronics, Inc., Storage Battery Systems, LLC, and Xiamen Tmax Battery Equipment Limited are among the key players in the global Battery Testing Equipment market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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In 2020, Megger Group Limited published a new battery testing guide for free of charge. The users can access it from the company’s website. The guide manual is available in five languages. It aims to provide electrical engineers with information and advice on monitoring the health of and maintaining these essential sources of back-up power.

In 2020, Midtronics Inc. announced its DSS-5000 HD battery diagnostic service system is available for commercial truck and fleet applications. The patented technology is designed to provide accurate and decisive battery state of health information.

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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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Website: https://www.theinsightpartners.com/pr/battery-testing-equipment-market

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