Cell Testing Segment to Dominate Europe Battery Testing Equipment Market during 2019–2027
According to The Insight Partners market research study on “Europe Battery Testing Equipment Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Product Type, Application, and End-User,” is expected to reach US$ 153.75 million by 2027 from US$ 110.33 million in 2019. The market is estimated to grow at a CAGR of 4.3 % from 2020 to 2027. The report provides trends prevailing in the Europe battery testing equipment market along with the drivers and restraints pertaining to the market growth. Rising defense expenditure and increasing demand for transportation are the major factor driving the growth of the Europe battery testing equipment market. However, overpriced development and maintenance of battery testing equipment hinder the growth of Europe battery testing equipment market.
In case of COVID-19, Europe is highly affected, specially the UK, which is the hardest-hit country by the outbreak. It is expected to suffer an economic hit due to a lack of revenue from various industries, as countries such as the UK, Germany, and Italy recorded the highest number of coronavirus cases. Additionally, with the outbreak of another variant of COVID-19 in the UK, the battery testing equipment market is expected to get hampered. The region is a significant manufacturing and industrial hub for sectors such as healthcare, aviation, manufacturing, automotive, energy and power, and others. However, due to COVID-19, many businesses in Europe face financial challenges as they had to reduce their activities substantially, owing to lack of workforce, government-imposed restrictions, and decreasing sales. However, with the increasing initiatives undertaken by the governments of countries such as the UK, Sweden, and Germany to develop urban air mobility infrastructure in the countries is expected to provide growth opportunities to the market in the coming years.
The Europe market for battery testing equipment is segmented into product type, application, end-user and country. Based on product type the battery testing equipment market is divided into portable battery testing equipment and stationary battery testing equipment. The stationary battery testing equipment segment dominated the market in 2019. Portable battery testing equipment segment is projected to be the fastest growing segment over the forecast period. On the basis of application, the market is segmented into module testing, cell testing, and pack testing. The cell testing segment contributed the largest revenue share in 2019 and pack testing segment is projected to be the fastest growing sector in terms of growth rate. On basis of end-user, the market is segmented into automotive, electronics and semiconductor, telecom, healthcare, energy and utility, and others. Further, in 2019, electronics and semiconductor segment led the battery testing equipment market across Europe. The others segment is expected to be fastest growing during forecast period.
Arbin Instruments; CHAUVIN ARNOUX; Chroma Systems Solutions, Inc.; DV POWER; Megger Group Limited; Midtronics, Inc.; Xiamen Tmax Battery Equipments Limited are among the leading companies in the Europe battery testing equipment market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Midtronics Inc. had announced its DSS-5000 HD battery diagnostic service system is available for commercial truck and fleet applications. The patented technology is designed to provide accurate and decisive battery state of health information.
The report segments the Europe Battery Testing Equipment Market as follows:
Europe Battery Testing Equipment Market – By Product Type
- Portable Battery Testing Equipment
- Stationary Battery Testing Equipment
Europe Battery Testing Equipment Market – By Application
- Module Testing
- Cell Testing
- Pack Testing
Europe Battery Testing Equipment Market – By End-User
- Automotive
- Electronics and Semiconductor
- Telecom
- Healthcare
- Energy and Utility
- Others
Europe Battery Testing Equipment Market – By Country
- UK
- Germany
- France
- Italy
- Russia
- Rest of Europe