The MEA battery testing equipment market is expected to grow from US$ 65.35 million in 2019 to US$ 96.29 million by 2027; it is estimated to grow at a CAGR of 5.0 % from 2020 to 2027. The mounting demand for transportation drives the market growth. On account of the benefits offered by battery testing equipment, the market has witnessed growing demand from numerous end-use industries—such as automotive. Battery testing equipment can test discharged batteries, assess various kinds of batteries manufactured, and assist in offering enhanced safety to users. As increasing number of batteries are being incorporated in vehicles, rise in automobile production is directly proportional to the growth of the MEA battery testing equipment market. Due to the increasing disposable income of people, the demand for vehicles has increased. Factors such as increasing investments by prominent vehicle manufacturing companies and favorable government norms regarding vehicle manufacturing across MEA drives the growth of the battery testing equipment market in the region. Further, initiatives undertaken by the governments of countries to expand their automotive industry drive the market growth. Additionally, the increasing development of electric vehicles and green vehicles in MEA is also expected to bolster the growth of the MEA battery testing equipment market during the forecast period.
Countries in MEA, especially South Africa and Iran, are highly affected due COVID-19 outbreak.The COVID-19 pandemic has shaken several industries.
Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has adversely affected economies and countless industries in various MEA countries.The lockdown imposition has resulted in lesser production of commodities, goods, and services.
Also, manufacturing, automotive, semiconductor and electronics, oil & gas, mining, aviation, and other industries witnessed a decline in their operations due to the temporary shutdown of activities.The battery testing equipment market players also experienced a slowdown in the volumes because the manufacturing facilities were operating with a limited human resource.
This has hindered the growth of the MEA battery testing equipment market. On the closure of factories, the supply chain of several components and parts have been disturbed, which also restrained the market growth. The demand for battery testing equipment has weakened over the past couple of months in MEA countries. This has resulted in business loss among the battery testing equipment manufacturers offering their products to industries such as the aerospace and oil & gas industries. However, the growing automobile industry in countries such as the UAE and increasing energy and utilities projects in countries such as the UAE, Saudi Arabia, and others are expected to provide growth opportunities to the market in the coming years.
Based on end-user, the energy and utility segment dominated the MEA battery testing equipment market in 2019.The mounting adoption of batteries for energy storage across off-grid power systems and smart grids is boosting the requirement of battery testing equipment across the energy and utility sector.
Growing concerns associated with storing energy among the residents are pressurizing the energy storage devices or systems manufacturers to increase their production line and procure advanced components, such as high capacity batteries.The demand for compact energy storage systems or devices is anticipated to boost the integration of battery testing equipment to periodically test the capacity of the battery.
These factors are expected to bolster the demand for battery testing equipment in the energy sector, thereby driving the MEA battery testing equipment market.
The overall MEA battery testing equipment market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the MEA battery testing equipment market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the MEA battery testing equipment market. Arbin Instruments; CHAUVIN ARNOUX; Chroma Systems Solutions, Inc.; DV POWER; and Megger Group Limited are among the players operating in the market.
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