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. Batteries enhance 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
Moreover, due to the ongoing COVID-19 pandemic, the demand for ventilators, diagnostic equipment, and other critical care devices has increased worldwide.
Therefore, prominent battery testing equipment companies offer continuous support and services to meet the continuously surging demand from the healthcare sector.According to a survey by the US Food and Drug Administration (FDA), poor battery conditions and equipment malfunctions cause ~50% of issues in hospitals.
As these battery failures in hospitals are mission critical, most of the batteries are discarded even when they are still usable.Therefore, continuous testing and maintenance are required to reduce battery wastage, and ensure battery and equipment safety.
Hence, the growing demand for medical equipment and the need to reduce battery wastage are expected to provide growth opportunities to the battery testing equipment market size in the coming years.
Impact of COVID-19 Pandemic on Asia Pacific Battery Testing Equipment Market
Asia-Pacific is one of the crucial regions for the future growth of the battery testing equipment market.Developing countries such as China, Japan, and India have a high industrial presence, a positive economic outlook, and favorable government policies, which provide immense growth opportunities for the battery testing equipment market.
However, the ongoing COVID-19 outbreak has caused massive disruptions in the growth of various sectors of APAC. As per the National Statistical Office (NSO) data, the manufacturing sector output declined by 20.6% in May 2020 compared to 3.1% in May 2019 due to travel restrictions, manufacturing plant shutdowns, and raw material and workforce unavailability. However, the ongoing development projects of new airports, and the rising defense expenditure in countries such as China and India are expected to provide growth opportunities to the market. Whereas Japan, South Korea, and Australia are still combating SARS-CoV-2, which is impacting their respective industrial economy.
The global battery testing equipment market is a highly fragmented market with considerable regional and local players providing solutions for retailers across the globe.Factors such as reducing lithium-ion battery prices, booming penetration of electric vehicles, and fostering renewable energy sector is contributing towards the development of batteries.
Moreover, rising demand from telecom sector in respect to data centers as they are integrating digital infrastructures is another factor contributing significantly towards the market growth.
North America dominated the global battery testing equipment market in 2020, with 26.2% of the market share, followed by Europe and APAC. The region is known for adopting technologies at an early phase. Footprints of players offering battery testing equipment is amongst a major factor leading the battery testing equipment market growth 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 testing equipment market. Also, contractual alliances in respect to promote electric vehicles on roads will create lucrative business opportunities for battery manufacturers and will encourage testing equipment providers to develop advanced testing producers.
European countries house pharmaceutical and healthcare companies that are the major user of batteries.With the growing number of hospitals and clinics, the use of devices and equipment used in these facilities is also rising.
Also, the region has gigantic automakers, which is another attribute of the production of electric vehicles.With the growing automotive business in the region, the scope of battery-powered manufacturing devices used in vehicles is likely to increase during the forecast period.
This is further expected to augment the battery testing equipment market growth.
APAC is anticipated to register the highest CAGR of 5.8% in the battery testing equipment market during 2021–2028. The region comprises several developing economies, such as China, India, Singapore, Vietnam, and southeast countries, as well as developed economies, such as Japan and Australia. Growing telecom, manufacturing, electronics, and semiconductors industries in countries such as China, Japan, Taiwan, India, and South Korea are likely to create lucrative opportunities for the adoption of batteries in the coming years. These aspects are foreseen to create lucrative business opportunities for the 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 overall battery testing equipment market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast of the battery testing equipment market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs; business development managers; market intelligence managers; national sales managers; and external consultants, including valuation experts, research analysts, and key opinion leaders, specializing in the battery testing equipment market.
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