Battery Analyzer Market Trends
Growth Drivers
- Growing Demand for Batteries in Various Industries – Starting from IT to normal household batteries something which is in demand in almost all industries. Therefore, the growing demand for batteries in various industries is anticipated to drive the growth of the market in the forecast period. As per the data, the global industrial battery market held a revenue of USD 9 billion in the year 2020.
- Excellent Properties of Battery Analyzers – Easy to use, user-friendly interface, DC Voltage, resistance testing, and others are a few top-notch properties of battery analyzers propelling the growth of this market in the forecast period. The Cadex C7400ER Battery Analyzer is an example of a portable battery analyzer that is easy to use and designed for field testing. This is a rugged and compact device that can test and analyze a wide variety of battery chemistries.
- Technological Advancements in the IT sector – The global IT sector held a market revenue of USD 2 trillion in 2021.
- Rising Electric Vehicles Market – Battery Analyzers are widely used in electric vehicles to check the status of batteries in electric vehicles. As per the data, electric vehicles are expected to grow at a CAGR of 67% in the Asia Pacific region by 2029.
Challenges
- Alternatives Availability in the Market – The availability of substitute tools of battery testers and battery analyzers is the biggest restraint stopping the growth of this market.
- Fluctuation in Prices Owing to Unsteady Supply Chain
- Lack of General Awareness
Battery Analyzer Market: Key Insights
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.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.30% |
|
Base Year Market Size (2024) |
USD 221.55 million |
|
Forecast Year Market Size (2037) |
USD 433.55 million |
|
Regional Scope |
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