battery testing equipment Market

The battery testing equipment market is projected to reach US$ 682.98 million by 2028 from US$ 494.33 million in 2021; it is estimated to grow at a CAGR of 4.7% from 2021 to 2028.

The healthcare industry can benefit from the use of batteries as they support customization and improve efficiency. The COVID-19 pandemic has caused an increase in demand for critical care devices such as ventilators and diagnostic equipment, leading to a need for continuous support from battery testing equipment companies. A survey by the US Food and Drug Administration has found that around 50% of issues in hospitals are caused by poor battery conditions and equipment malfunctions. As battery failures in hospitals can have serious consequences, most batteries are discarded even if they are still usable. To address this issue and ensure safety, regular testing and maintenance of batteries are necessary to reduce waste. These factors, coupled with the growing demand for medical equipment, are expected to drive the growth of the battery testing equipment market in the future.

The global battery testing equipment market is highly fragmented, with many regional and local players providing solutions worldwide. Several factors, including the decreasing prices of lithium-ion batteries, the increasing adoption of electric vehicles, and the growth of the renewable energy sector, are driving the development of batteries. Additionally, the rising demand from the telecom sector, specifically data centers, as they integrate digital infrastructure, is also contributing significantly to market growth.

In 2020, North America dominated the global battery testing equipment market with a 26.2% market share due to its early adoption of new technologies and the presence of key players in the region such as Arbin Instruments, Chroma Systems Solutions, Inc., Extech Instruments, Midtronics, Inc, and STORAGE Battery Systems, LLC. Contractual alliances promoting electric vehicles will also create opportunities for battery manufacturers and encourage the development of advanced testing procedures.

In Europe, the presence of pharmaceutical and healthcare companies that heavily rely on batteries, along with the region's large automakers, is driving the demand for battery-powered devices and equipment. This is expected to further fuel the growth of the battery testing equipment market in the region.

The Asia-Pacific region, with its mix of developing and developed economies, is expected to register the highest compound annual growth rate (CAGR) of 5.8% in the battery testing equipment market from 2021-2028. The region's growing telecom, manufacturing, electronics, and semiconductor industries, particularly in countries like China, Japan, Taiwan, India, and South Korea, present significant opportunities for the adoption of batteries in the coming years. These factors are expected to create lucrative opportunities for battery testing equipment market players in the region.

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 battery testing equipment market players in the ecosystem that were profiled during this study.

The battery testing equipment market size has been determined by utilizing a combination of primary and secondary sources. The research process started with extensive secondary research, which involved gathering qualitative and quantitative information from internal and external sources. This provided an overview and forecast of the battery testing equipment market for all segments. Furthermore, multiple primary interviews were conducted with industry participants and commentators to validate the data and gain analytical insights into the market. The participants included VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders who specialize in the battery testing equipment market.