Yahoo Finance Battery Analyzer Market to Develop at an 4% CAGR by 2027 | Market Research Future (MRFR)
Key Companies Profiled include Vencon Technologies (Canada), Energy Storage Instruments (Canada), Bullard (Germany), B&K Precision Corporation (US), PulseTech Products Corp. (US), Meco Instruments Pvt. Ltd (India), Maccor Inc (US), Kussmaul Electronics Co. Inc. (US), Eagle Eye Power Solutions LLC (US), Cadex Electronics Inc. (Canada), ACT Meters Ltd (UK), HIOKI E.E. CORPORATION (Japan), Xiamen Tmax Battery Equipments Limited (China), Ametek, Inc. (US), and Fluke Corporation (US), among others.
Pune, April 20, 2021 (GLOBE NEWSWIRE) -- Battery Analyzer Market Analysis
The battery analyzer market size is expected to grow at ~4% CAGR during the forecast period (2020-2027), reveals the current Market Research Future (MRFR) report. A battery analyzer is used for measuring the capacity, resistance of batteries, and voltage. It is designed to test batteries with high accuracy, speed, and resolution. The battery analyzer examines the batteries by fully charging them, measures their capacity by discharging them, and also subsequently recharges the battery. They are utilized in critical battery backup applications like data centers, power distribution systems, telecom networks, and others. Basic battery analyzers comprise ammeters and voltmeters that measure the charge that is stored in the battery under test as well as its voltage output. The advanced battery analyzers, on the other hand, have the capacity of finding out the condition of the battery by calculating critical parameters like any condition which may impact the battery’s performance and its capacity to accumulate charge. Because of this, these analyzers are widely utilized for checking and maintain the battery of electric cars, telecom networks, medical devices, and other applications.
Attractive Features that Spur Market Growth
As per the MRFR report, there are numerous factors that are propelling the battery analyzer market growth. Some of these include the growing need for battery power sources in data centers, the growing adoption of battery analyzer in the automotive industry, the growing need for battery-powered consumer devices, and the growing need for electric vehicles in emerging economies. The additional factors adding market growth include the growing need for power backup solutions, increasing government support for EVs, and the growing need for power backup solutions.
On the contrary, fluctuations in prices of raw materials may hamper the global battery analyzer market growth over the forecast period.
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COVID-19 Analysis
The ongoing COVID-19 outbreak has already cast its spell on almost every industry, and the battery analyzer market is no different. The market, unfortunately, had a negative impact owing to the spread of the virus. The imposition of lockdowns across the globe led to a sharp fall in market demand for batteries, with maximum businesses experiencing a complete or partial shutdown. This, in turn, has impacted the battery analyzer market growth. However, the government is undertaking progressive steps all over the globe to contain the spread of the outbreak. On the brighter side, with businesses resuming their operations as well as situations going back to normal, the battery analyzer market is predicted to have steady growth in the days to come.
Market Segmentation
The MRFR report throws light on an inclusive analysis of the battery analyzer market based on end-use industry, battery type, and type.
By type, the global battery analyzer market is segmented into portable and stationary. Of these, the portable segment will lead the market over the forecast period and at a high CAGR for the different benefits such as compact size as well as easy to move according to the desired needs in the end-use industry.
By battery type, the global battery analyzer market is segmented into lead acid battery, nickel-cadmium battery, and lithium-ion battery. Of these, the lithium-ion battery will dominate the market over the forecast period for the different benefits that it offers, such as low maintenance, better load characteristics, and high energy density over other forms of batteries.
By end use industry, the global battery analyzer market is segmented into aviation and defense, healthcare, IT and telecom, automotive, and others. Of these, the automotive segment will spearhead the market over the forecast period for the growing need for electric cars and growing development in the automotive sector.
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Regional Analysis
APAC to Remain Driving Force in Battery Analyzer Market
Geographically, the global battery analyzer market is bifurcated into Europe, the Asia Pacific (APAC), North America, the Middle East & Africa (MEA), & South America. Of these, the APAC region will remain the driving force in the market over the forecast period. Growing need for consumer electronic devices, rising investments in telecom and automotive industries, developments in the data centers, IT and telecom, and automotive in India, Japan, and China, efforts undertaken by companies and government bodies to reduce vehicle emissions are adding to the global battery analyzer market growth in the region. China holds the utmost market share in electric vehicle sales in the global market as about 1.06 million electric vehicles had been sold in 2019. The government of India has set specific targets in accelerating the use of EVs for running all three-wheelers on batteries by 2023 and the majority of two-wheelers by 2025. Various initiatives are being undertaken for making carmakers in developing new electric vehicle models and manufacturing components like lithium-ion batteries. Besides, a Taiwan-based electric two-wheeler manufacturer in Japan, Gogoro Inc expanded its business to provide electric two-wheelers. Further, in February 2021 in India, EdgeConneX (US) and Adani Group (India) announced establishing a joint venture in developing a network of data centres in India. These developments are likely to boost the need for battery analyzer in the IT and telecom, and automotive sectors in the APAC region.
North America to Hold Second-Largest Share in Battery Analyzer Market
In North America, the global battery analyzer market is predicted to hold the second-largest share over the forecast period for the increasing use of electric cars in the region.
Europe to Have Favorable Growth in Battery Analyzer Market
In Europe, the global battery analyzer market is predicted to have favorable growth over the forecast period for the rising investments by key vendors in the region.
In the MEA and South America, the battery analyzer market is predicted to have steady growth over the forecast period.
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Key Players
The notable players profiled in the battery analyzer market report include Vencon Technologies (Canada), Energy Storage Instruments (Canada), Bullard (Germany), B&K Precision Corporation (US), PulseTech Products Corp. (US), Meco Instruments Pvt. Ltd (India), Maccor Inc (US), Kussmaul Electronics Co. Inc. (US), Eagle Eye Power Solutions LLC (US), Cadex Electronics Inc. (Canada), ACT Meters Ltd (UK), HIOKI E.E. CORPORATION (Japan), Xiamen Tmax Battery Equipments Limited (China), Ametek, Inc. (US), and Fluke Corporation (US), among others. Mergers and acquisitions, partnerships, joint ventures, collaborations, new product launches, and others are the key strategies adopted by key players to stay ahead.
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