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Battery Cyclers Market Key Drivers, Forecast, Analysis 2024-2033
Battery Cyclers Market Key Drivers
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According to The Business Research Company's, The battery cyclers market size has grown rapidly in recent years. It will grow from $0.60 billion in 2023 to $0.69 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to the rise of electric vehicles (EVs), renewable energy expansion, consumer electronics boom, research and development, and industrial automation.
The battery cyclers market size is expected to see rapid growth in the next few years. It will grow to $1.18 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to a focus on sustainability and carbon footprint, rising electric scooters, e-bikes, and other electric vehicles, increasing demand for battery cyclers to ensure reliability and performance, and rise in renewable energy integration. Major trends in the forecast period include advanced data analytics, high-precision control systems, increasing adoption of automation and robotics, integration with AI and machine learning, and the development of capabilities to simulate fast-charging scenarios.
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Market Drivers and Trends:
The growth in the electric vehicle (EV) industry is expected to propel the growth of the battery cyclers market going forward. Electric vehicles (EVs) refer to vehicles that are propelled by electric motors using electrical energy stored in batteries or another energy storage device. The demand for electric vehicles (EVs) is increasing due to their environmental benefits, such as reduced emissions and economic incentives, along with advancements in battery technology and supportive government policies. Battery cycles are essential to advancing electric car technology by providing adequately tested and validated batteries, guaranteeing that they fulfill the exacting standards for dependability, performance, and safety that consumers and the automotive industry need. For instance, in April 2024, according to the International Energy Agency, a France-based intergovernmental organization, sales of electric vehicles increased by 3.5 million in 2023 compared to 2022, a 35% annual rise. Therefore, growth in the electric vehicle (EV) industry is driving the growth of the battery cyclers market.
Major companies operating in the battery cyclers market are focused on developing innovative products, such as battery testing technology, to enhance accuracy, efficiency, and reliability in assessing battery performance across various industries. Battery testing technology refers to the methods, techniques, and equipment used to determine and evaluate battery performance, reliability, safety, and longevity. It encompasses many testing protocols designed to simulate real-world operating conditions and ensure that batteries meet specific standards and requirements. For instance, in April 2024, BioLogic, a France-based pharmaceutical company, introduced the BCS-900 battery cycler series, marking a significant advancement in battery testing technology. This system integrates exceptional performance with a user-focused design and includes the innovative BT-Lab software suite. Designed to cater to various stages of the battery industry, from research and development to pilot production and quality control testing, the BCS-900 series sets a new standard in versatility and capability.
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Major Key Players of the Market:
WonATech Co. Ltd., Unico LLC, HIOKI E.E. CORPORATION, Neware Technology Limited, Bitrode Corporation, Solartron Analytical, DIGATRON Industrie-Elektronik GmbH, Maccor Inc., Amtest Electro Kft., Arbin Instruments, Chroma ATE Inc., Gamry Instruments, NH Research Inc., Aralab S.L., BioLogic Science Instruments SAS, Xiamen Tmax Battery Equipments Limited, Battery Associates Inc., Ivium Technologies BV, CH Instruments Inc., Petrotest Instruments
Battery Cyclers Market 2024 Key Insights:
• The battery cyclers market size is expected to see rapid growth in the next few years. It will grow to $1.18 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%.
• Electric Vehicles Fuel The Growth Of Battery Cyclers Market
• Innovative Battery Testing Technology Advancements In The Battery Cyclers Market
• North America was the largest region in the battery cyclers market in 2023
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