The North America battery testing equipment market is expected to grow from US$ 118. 78 million in 2019 to US$ 168. 13 million by 2027; it is estimated to grow at a CAGR of 4. 5 % from 2020 to 2027. Growth in defense expenditure across North America drives the market growth.
New York, April 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Battery Testing Equipment Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type, Application, and End-User" - https://www.reportlinker.com/p06065004/?utm_source=GNW
The rising defense expenditure in countries across the region has led to increase in the adoption of battery testing equipment in the military sector. North American countries with high GDP—the US and Canada—are vigorously carrying out large-scale industrialization and infrastructure developments. According to Stockholm International Peace Research Institute (SIPRI), the US defense expenditure was increased by 5.3% in 2019 to reach US$ 732 billion. The increasing defense expenditure supports the growth of the North America battery testing equipment market in such countries. Various aircraft battery manufacturers are developing advanced battery systems that can assist in reducing emissions. Moreover, increasing development of advanced battery systems for commercial and military aircraft and rising adoption of electric aircraft technology in commercial aircraft bolster the market growth. Thus, the growing adoption of batteries by the aerospace and military sectors is expected to increase the demand for battery testing equipment across North America, which would drive the North America battery testing equipment market during the forecast period.
The US is the most affected country in North America due to the COVID-19 outbreak.The continuous growth of confirmed cases has led the government to impose lockdown across the nation’s borders during Q2 of 2020.
The majority of the manufacturing facilities are either temporarily shut or operating with minimum staff as well as the supply chain of components and parts is restricted.These are a few of the critical issues faced by the North American manufacturers.
Since the US has a larger number of battery testing equipment and component manufacturers and industries, the outbreak has hindered each production and revenue generation.The lower number of manufacturing staff has resulted in lesser production quantity.
On the other hand, the limited availability of raw materials and aerospace closing have also hampered the battery testing equipment market in the US. However, the rising military expenditure of the country and growing development of electric vehicles by companies such as Tesla are expected to provide growth opportunities to the market in the near future.
Based on product type, the stationary battery testing equipment segment led the North America battery testing equipment market in 2019.The stationary battery testing equipment ensures the battery’s continuous and efficient operation to facilitate a good battery maintenance program.
The stationery battery testing is performed for capacity test when the battery is new as part of the acceptance test, for impedance testing to establish baseline values for the battery, and to repeat the above testing process within 2 years for warranty of the battery.The testing process is performed to check the impedance quarterly on valve-regulated lead-acid (VRLA) cells and perform capacity tests at every 25% expected service life.
For instance, Megger, a manufacturer of batter testing equipment, designs various stationary battery testing equipment, such as TORKEL900 series, battery voltage measurement device, BITE2, BITE2P battery impedance test equipment, and battery ground fault trace (BGFT). Advantages of stationary battery testing equipment such as less cost, more efficient, and less maintenance are expected to drive the North America battery testing equipment market for this segment during the forecast period.
The overall North America 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 for the North America battery testing equipment market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America battery testing equipment market. Arbin Instruments; CHAUVIN ARNOUX; Chroma Systems Solutions, Inc.; DV POWER; Extech Instruments; Megger Group Limited; Midtronics, Inc.; Storage Battery Systems, LLC; and Xiamen Tmax Battery Equipments Limited are among the players operating in the market.
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