Battery Testing Equipment Market Research Report and Outlook by 2028

The market for battery testing equipment is anticipated to grow from US$ 494.33 million in 2021 to US$ 682.98 million by 2028, reflecting a compound annual growth rate (CAGR) of 4.7% during this period.

The healthcare sector stands to gain significantly from battery utilization, as it enhances customization and operational efficiency. The COVID-19 pandemic has escalated the demand for essential medical devices, including ventilators and diagnostic tools, which in turn has increased the reliance on battery testing equipment providers. According to a survey conducted by the US Food and Drug Administration, approximately 50% of problems encountered in hospitals stem from inadequate battery conditions and equipment failures. Given the serious implications of battery malfunctions in medical settings, many batteries are prematurely discarded despite being functional. To mitigate this issue and ensure safety, it is crucial to implement regular testing and maintenance of batteries, thereby minimizing waste. These considerations, along with the rising need for medical devices, are projected to propel the growth of the battery testing equipment market in the coming years.

The global landscape of the battery testing equipment market is notably fragmented, featuring numerous regional and local entities offering solutions across the globe. Several factors are contributing to the advancement of battery technology, including the declining costs of lithium-ion batteries, the increasing uptake of electric vehicles, and the expansion of the renewable energy sector. Furthermore, the growing demand from the telecommunications industry, particularly data centers that are enhancing their digital infrastructure, is also playing a significant role in market expansion.

In 2020, North America held the largest share of the global battery testing equipment market, accounting for 26.2% of the total market. This dominance is attributed to the region's early adoption of innovative technologies and the presence of major industry players such as Arbin Instruments, Chroma Systems Solutions, Inc., Extech Instruments, Midtronics, Inc., and STORAGE Battery Systems, LLC. Additionally, contractual partnerships aimed at promoting electric vehicles are expected to create new opportunities for battery manufacturers and stimulate the development of sophisticated testing methodologies.

In Europe, the demand for battery-powered devices and equipment is being driven by the presence of pharmaceutical and healthcare companies that heavily depend on batteries, as well as the region's prominent automotive manufacturers. This trend is likely to further accelerate the growth of the battery testing equipment market within the region.

The Asia-Pacific region is projected to experience the highest CAGR of 5.8% in the battery testing equipment market from 2021 to 2028. The region's diverse mix of developing and developed economies, along with its expanding telecommunications, manufacturing, electronics, and semiconductor sectors?especially in countries like China, Japan, Taiwan, India, and South Korea?presents substantial opportunities for battery adoption in the near future. These dynamics are expected to create profitable prospects for players in the battery testing equipment market in this region.

Key players in the battery testing equipment market ecosystem include 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, all of whom were highlighted in this analysis.

The size of the battery testing equipment market has been assessed through a blend of primary and secondary research methodologies. The research process commenced with comprehensive secondary research, which involved collecting both qualitative and quantitative data from various internal and external sources. This approach provided a foundational overview and forecast of the battery testing equipment market across all segments. Additionally, numerous primary interviews were conducted with industry stakeholders and experts to validate the findings and obtain analytical insights. Participants in these interviews included vice presidents, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the battery testing equipment sector.