Apr 6, 2021   SOURCE: BusinessWire

Worldwide Battery Testing Equipment Industry to 2027 - by Product Type, Application, End-user and Geography - ResearchAndMarkets.com

The "Battery Testing Equipment Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type; Application; End-User, and Geography" report has been added to ResearchAndMarkets.com's offering.

According to this report the global battery testing equipment market was valued at US$ 452.40 million in 2019 and is projected to reach US$ 653.71 million by 2027; it is expected to grow at a CAGR of 4.7% during the forecast period. The report highlights key factors driving the market growth, and prominent players and their developments in the market.

Increasing developments in electronics industry is a major driver for the global battery testing equipment market. Rising adoption of internet coupled with smartphone usage is expected to increase the demand for portable power sources. This demands the integration of batteries, such as silicon battery - an ideal choice for electronic gadgets, for enhanced energy storage. At present, smartphones with lightweight and innovative features are preferred by consumers across the world.

However, several innovative features, such as video streaming and high graphic resolution games, mitigate the battery performance. Hence, several companies are focusing on replacing graphite batteries with silicon batteries as it increases the capacity of the battery. This factor is anticipated to raise the demand for battery testing equipment in electronic and semiconductor products. Portable batteries are primarily used among flashlights, watches, calculators, clocks, computers, digital cameras, smartphones, laptops, printers, tablets, smart TVs, and wearable electronic devices, which demands for rigorous testing of battery lifecycle in consumer electronics, thus propels the market growth.

COVID-19 Impact on Battery Testing Equipment Market

The COVID-19 pandemic has shaken several industries. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles and human's movement. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has affected economies and countless industries in various countries. The lockdown imposition has resulted in lesser production of commodities, goods, and services.

Manufacturing, automotive, semiconductor and electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities. The battery testing equipment market players also experienced a slowdown in the volumes because the manufacturing facilities were operating with a limited workforce. This has had a negative impact on the market. Additionally, temporary closure has also resulted in reduced procurement of battery testing equipment among industries during the first quarter of 2020. The COVID-19 might have its impact in the first six months of 2021 as well.

Reasons to Buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global battery testing equipment market.
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global battery testing equipment market, thereby allowing players across the value chain to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.

Market Dynamics

Drivers

  • Growing Demand for Transportation
  • Increase in Defense Expenditure in Developed Countries

Restraints

  • High Cost of Development and Maintenance of Battery Testing Equipment

Opportunities

  • Increasing Adoption of Battery Testing Equipment in Healthcare

Future Trends

  • Surge in Animatronics and Robotics
  • UAVs and Urban Air Mobility

Companies Mentioned

  • Arbin Instruments
  • Century Yuasa Batteries Pty Ltd
  • CHAUVIN ARNOUX
  • Chroma Systems Solutions, Inc.
  • DV Power
  • Extech Instruments
  • Megger Group Limited
  • Midtronics, Inc.
  • Storage Battery Systems, LLC
  • Xiamen Tmax Battery Equipments Limited

For more information about this report visit https://www.researchandmarkets.com/r/zgg13y