Battery Test Equipment Market
Growth Factors of Battery Test Equipment Market
The battery test equipment market size was valued at USD 503.6 billion in 2022, and the market is now projected to grow from USD 525.3 billion in 2023 to USD 739.8 billion by 2030, exhibiting a CAGR of 5.0% during the forecast period of 2023-2030.
During the pandemic, the market observed a shift in essential industrial testing products and facilities supported by the robust battery demand. The growing implementation of electric vehicles, renewable energy systems, and energy storage systems motivates the necessity for vital and effective battery equipment. Moreover, there has been a recovery in the market due to the demand for effectual energy storing devices through small portable devices and EVs.
The post-pandemic growth in customer demand for electric automobiles was supported by government guidelines and subsidies supporting the battery sector’s progression. Also, developing innovative, proficient, and liquid-cooled battery solutions require smart and intelligent testing solutions to motivate market proceeds. Moreover, the improvement of progressive software and central data storage solutions in battery testing, providing a dependable and improved testing atmosphere for battery testing, is pouring the battery test equipment market growth over the prediction period.
The universal change to clean movement and shift to electric vehicles has brought a fast pace of the battery market progression. Also, the growing effectiveness of battery storage solutions and severe standards for battery safety are increasing the potentials of battery testing solutions. Moreover, trends across automation and robotics solutions for intelligent automation solutions for operational excellence are transforming green change across the logistics sector.
Comprehensive Analysis of Battery Test Equipment Market
The market can be segmented in various ways, depending on the focus of analysis such as by product type, by function type and by application. Based on product type, the market is classified into stationary and portable. Based on function type, the market is segmented into cell testing, module testing, and pack testing. Based on application, the market is segmented into automotive, industrial, electronics & telecommunication, medical, grid & renewable energy, and others (logistics).
Asia Pacific region is dominating the battery test equipment market share due to rising engagement of numerous small performers posing battery test services and features.
The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include Arbin Instruments (U.S.), Chroma Ate Inc. (Taiwan), National Instruments (U.S.), Ametek Inc. (U.S.), Megger (U.S.), Neware Battery Testers (China), Cadex Electronics Inc. (Canada), Hioki (Japan), Midtronics (U.S.), DIGATRON (Germany) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.
In December 2022, Chroma System Solutions launched Battery Pro software through CAN communication that diminishes security fears such as leakage of critical information, altering with Battery Management System (BMS) data, and charger attempts.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 5.0 % from 2023 to 2030
Unit Value (USD Million)
Segmentation By Product Type
Stationary
Portable
By Function Type
Cell Testing
Module Testing
Pack Testing
By Application
Automotive
Industrial
Electronics & Telecommunication
Medical
Grid & Renewable Energy
Others (Logistics)
By Region
North America (By Product Type, By Function Type, By Application, and By Country)
- U.S. (By Function Type)
- Canada (By Function Type)
- Mexico (By Function Type)
Europe (By Product Type, By Function Type, By Application, and By Country)
- U.K. (By Function Type)
- Germany (By Function Type)
- France (By Function Type)
- Italy (By Function Type)
- Russia (By Function Type)
- Rest of Europe
Asia Pacific (By Product Type, By Function Type, By Application, and By Country)
- China (By Function Type)
- Japan (By Function Type)
- India (By Function Type)
- South Korea (By Function Type)
- Australia (By Function Type)
- Rest of Asia Pacific
Middle East and Africa (By Product Type, By Function Type, By Application, and By Country)
- GCC (By Function Type)
- South Africa (By Function Type)
- Rest of Middle East and Africa
South America (By Product Type, By Function Type, By Application, and By Country)
- Brazil (By Function Type)
- Argentina (By Function Type)
- Rest of South America
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