The global battery analyzer market is estimated to grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing use of batteries amongst various industries. Battery analyzers can test the capacity of any battery for accumulating charge, and determine its performance. These are extensively applied in processes that require critical battery backup, such as, power distribution systems, automobiles, and telecom applications. The growing adoption of battery powered vehicles globally is further estimated to boost the market growth. Moreover, the need to maintain battery of electric vehicles, along with other applications, such as, medical devices, and telecom networks, among others are projected to boost the market growth.
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The market is segmented by battery type into lithium-ion battery, nickel-cadmium battery, lead acid battery, and others, out of which, the lithium-ion battery segment is anticipated to hold the notable share in the global battery analyzer market over the forecast period on account of increasing prominence of lithium-ion batteries in hybrid vehicles, backed by their higher energy density, voltage capacity and lower self-discharge rate. On the basis of end-user industry, the market is segmented into automotive, healthcare, aviation, defense, IT & telecom, and others, out of which, the IT & telecom segment is estimated to gain significant share during the forecast period, on the back of requirement of constant electricity supply for various telecom applications. Use of battery analyzer can avoid battery runout and power cut, in turn, helping the applications to run smoothly. This is estimated to boost the segment growth.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global battery analyzer market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of presence of manufacturing industry, along with growing IT sector, backed by the economic growth in the region.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the rapid technical advancement, adoption of new technologies in the IT & telecom sector, and growing IT sector. The presence of major key players in the region, is also expected to boost the market growth.
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The global battery analyzer market is further classified on the basis of region as follows:
Our in-depth analysis of the global battery analyzer market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing requirement to overlook the performance of battery is estimated to boost the market growth.
The market is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2022 – 2030.
Disruptions in supply chain is estimated to hamper the market growth.
The market in the North America is estimated to provide more business opportunities over the forecast period, owing to the growing IT sector in the region.
The major players in the market are Eagle Eye Power Solutions, Chroma ATE Inc., Arbin Instruments, DHC Specialty Corporation, Schneider Electric SE, Hioki E.E. Corporation, Teledyne FLIR LLC, Robert Bosch GmbH, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, battery type, end-user industry, and by region.
The portable segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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