New York, April 26, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Battery Testing Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Portable and Stationary), Application (Module Testing, Cell Testing, and Pack Testing), and End User (Automotive, Electronics & Semiconductor, Telecom, Healthcare, Energy & Utility,) and Others”, the global battery testing equipment market growth is driven by the growing adoption of robots and animatronics in various industries, such as automobile, entertainment, manufacturing, agriculture, and aerospace and defense. The market was dominated by the stationary battery testing equipment segment, which accounted to 53.7% in 2020 and is estimated to account for 51.5% market revenue share by 2028.
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| Report Coverage | Details |
| 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 |
| Base Year | 2021 |
| No. of Pages | 177 |
| No. 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; 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 |
Battery Testing Equipment Market: Competitive Landscape and Key Developments
Key players operating in the battery testing equipment market include 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. Various other companies in the market are coming up with new technologies and offerings, contributing to the expansion of the overall market, in terms of revenue and subscription.
In 2021, Digatron joined hands with Safion GmbH for sales and product integration. Safion is using Digatron's battery cyclers in a few of its testing products.
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In 2021, Keysight Technologies, Inc. and Proventia Oy collaborated to improve electric vehicle (EV) battery test solutions.
Various industries such as aerospace and defense, automotive, healthcare, and others are heavily investing in advanced technologies to strengthen their capabilities with advanced machineries and offer enhanced services to customers. Companies present in countries such as US, France, Sweden, the UK, and others are developing advanced battery testing equipment for the global market. Rising procurement of advanced batteries by the US Army is also supporting the market growth. Furthermore, the increasing development of eVTOLs and rising initiatives undertaken by the government of countries such as Germany, the UAE, Singapore, and others for developing the urban air mobility infrastructure in the countries are also expected to drive the growth of the battery testing equipment market.
The battery testing equipment market is highly fragmented with considerable regional and local players providing solutions for retailers worldwide. Factors such as reducing lithium-ion battery prices, growing reach of electric vehicles, and the booming renewable energy sector contribute to the development of batteries. Moreover, rising demand from the telecom sector and data centers as they integrate digital infrastructures contributes significantly to the battery testing equipment market growth.
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Increasing Defense Expenditure in Developed Countries Drives Battery Testing Equipment Market Growth:
The rising defense expenditure in developed countries has led to an increase in the adoption of battery testing equipment in the military sector. Countries with high GDP—the US, Denmark, Germany, and Norway—are emphasizing large-scale industrialization and infrastructure developments. According to Stockholm International Peace Research Institute (SIPRI), the US defense expenditure increased by 5.3% in 2020 to reach US$ 732 billion, while defense expenditure in China rose by 5.1% in the same year to reach US$ 261 billion. The increasing defense expenditure supports the growth of the battery testing equipment market in such countries.
Moreover, the increasing development of advanced battery systems for commercial and military aircraft and the rising adoption of electric aircraft technology in commercial aircraft are expected to bolster the growth of the battery testing equipment market. Various aircraft battery manufacturers are developing advanced battery systems that can reduce emissions.
Future Trends in Battery Testing Equipment Market:
Animatronics is the process of manufacturing and operating lifelike robots used for entertainment or films, whereas robotics is the process of designing, constructing, and operating robots. Batteries used in these systems benefit by enabling smooth movements, enhanced safety, greater precision, and longer system life. The growing adoption of robots and animatronics in various industries, such as automobile, entertainment, manufacturing, agriculture, and aerospace and defense, drives the growth of the battery testing equipment market. Battery manufacturers, such as Saft, are developing advanced battery systems to offer enhanced longevity and reliability for industrial and commercial robots. Therefore, the increasing development of advanced robots and battery systems is expected to drive the growth of the battery testing equipment market size during the forecast period.
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The battery testing equipment market is segmented on the basis of product type, application, end user, and geography. Based on product type, the market is bifurcated into portable and stationary. Based on application, the battery testing equipment market is segmented into module testing, cell testing, and pack testing. Based on end user, the market is segmented into automotive, electronics & semiconductor, telecom, healthcare, energy & utility, and others.
Battery Testing Equipment Market Size: Application Overview
On the basis of application, the global battery testing equipment market is categorized into module testing, cell testing, and pack testing. The cell testing application led the market with >47% share in 2020. It is expected to garner a 46% market share by 2028.
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