Battery Testing Equipment Market is expected 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. Batteries improve the efficiency of healthcare operations by supporting customization.
New York, June 17, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Battery Testing Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type, Application, and End User and Others” – https ://www.reportlinker.com/p06279423/?utm_source=GNW
Additionally, due to the ongoing COVID-19 pandemic, the demand for ventilators, diagnostic equipment, and other critical care devices has increased worldwide.
Therefore, leading battery test equipment companies offer ongoing support and services to meet the growing demand from the healthcare industry. in the hospital.
As these battery failures in hospitals are mission critical, most batteries are discarded even when they are still serviceable. Therefore, continuous testing and maintenance is necessary to reduce battery waste and ensure battery and equipment safety.
Therefore, the growing demand for medical equipment and the need to reduce battery waste is expected to provide growth opportunities for the battery testing equipment market size in the coming years.
Impact of COVID-19 Pandemic on Battery Testing Equipment Market in Asia-Pacific
Asia-Pacific is one of the crucial regions for the future growth of the battery test equipment market. Developing countries such as China, Japan and India have a strong industrial presence, positive economic prospects and favorable government policies, which ensure immense growth. opportunities for the battery test equipment market.
However, the ongoing COVID-19 outbreak has caused massive disruptions in the growth of various sectors in APAC. According to data from the Office for National Statistics (ONS), manufacturing output fell by 20.6% in May 2020 from 3.1% in May 2019 due to travel restrictions, factory closures of manufacturing and the unavailability of raw materials and labour. However, ongoing development projects for new airports and increased defense spending in countries like China and India are expected to provide growth opportunities to the market. While Japan, South Korea and Australia are still battling SARS-CoV-2, which is impacting their respective industrial economies.
The global battery test equipment market is a highly fragmented market with considerable regional and local players providing solutions to retailers worldwide. Factors such as the reduction in the price of lithium-ion batteries, the booming penetration of electric vehicles and the promotion of the renewable energy sector are contributing to the development of batteries.
Additionally, growing demand from the telecom industry for data centers as they incorporate digital infrastructure is another factor contributing significantly to the growth of the market.
North America led the global battery test equipment market in 2020, with 26.2% market share, followed by Europe and APAC. The region is known for adopting early-stage technologies. The footprint of the players offering battery test equipment is one of the major drivers for the growth of the battery test equipment market in the region. Arbin Instruments, Chroma Systems Solutions, Inc., Extech Instruments, Midtronics, Inc, and STORAGE Battery Systems, LLC are some of the players operating in the battery test equipment market. Additionally, contractual alliances to promote electric vehicles on the roads will create lucrative business opportunities for battery manufacturers and encourage test equipment suppliers to develop advanced test producers.
European countries are home to pharmaceutical and healthcare companies which are the major users of batteries. With the growing number of hospitals and clinics, the use of devices and equipment used in these facilities is also increasing.
Also, the region has gigantic automobile manufacturers, which is another attribute of electric vehicle production. With the growing automotive business in the region, the scope of manufacturing battery-powered devices used in vehicles is expected to increase over the forecast period.
This is further expected to increase the growth of the battery testing equipment market.
APAC is expected to register the highest CAGR of 5.8% in the battery test equipment market between 2021 and 2028. The region includes several developing economies, such as China, India, Singapore, Vietnam and southeastern countries, as well as developed economies, such as Japan and Australia. The growth of telecommunications, manufacturing, electronics and semiconductor industries in countries such as China, Japan, Taiwan, India and South Korea is expected to create lucrative opportunities for adoption batteries in the years to come. These aspects are expected to create lucrative business 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 some of the key batteries. test ecosystem equipment market players that have been profiled during this study.
The overall Battery Test Equipment market size has been derived using primary and secondary sources. To begin the research process, extensive secondary research was conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves to get an overview and forecast of the Battery Testing Equipment market for all segments. Additionally, several primary interviews were conducted with participants and industry commentators to validate the data and gain more analytical insights on the topic. .
Participants in this process include industry experts such as vice presidents; business development managers; business intelligence managers; national sales managers; and external consultants, including valuation experts, research analysts, and key opinion leaders, specializing in the battery test equipment market.
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