Battery Testing Equipment Market to hit $682.98 million, Globally, by 2028 at 4.7% CAGR: The Insight Partners

According to the new research report published by The Insight Partners, titled "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.

North America dominated the battery testing equipment market with a 26.2% in 2020; it would continue to lead the market during the forecast period and account for a 25.6% share by 2028. Europe is the second-largest contributor to the global battery testing equipment market, followed by APAC.

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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.

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Growing Demand for Transportation to Drive the
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.

Battery Testing Equipment Market Analysis: Competitive Landscape and Key Developments
Arbin Instruments, Chroma Systems Solutions, Inc., Ametek Scientific Instruments, Biologic, Bitrode Corporation, Digatron Power Electronics GmbH, EA Elektro-Automatik, HEiNZINGER, HORIBA FuelCon GmbH and KEYSIGHT TECHNOLOGIES, INC. are among the key players profiled during this market study. In addition, several other essential Battery Testing Equipment market players were studied and analyzed to get a holistic view of the market and its ecosystem.

North America is the most technologically advanced region, with major economies, such as the US, Canada, and Mexico. The developed countries in the area are known for adopting cutting-edge technologies, high living standards, and developed infrastructure. Several industries, such as oil & gas, automotive, transportation, and telecommunications, in the region are expanding their production scale due to rising demand from consumers. The consumer electronics industry extensively uses lithium-ion batteries. With the rising integration of lithium-ion batteries in consumer electronics, battery testing equipment will increase to analyse the battery life and leakage of the aqueous solution from the battery. Arbin Instruments, Extech Instruments, Chroma Systems Solutions, Inc., Midtronics, Inc, JR Automation, Storage Battery Systems, LLC are other major companies present in the US offering battery testing equipment to diversified industries. A few of the important market initiatives from the industry are mentioned below:

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2021: Keysight Technologies, Inc. announced the new Scienlab SL1700A Series; it is the next-generation battery pack test system for high voltage battery packs - up to 1500 V for automotive and industrial applications.

2022: HEiNZINGER's Heinzinger Automotive GmbH was acquired by National Instruments.

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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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