Battery Testing, Inspection, and Certification Sector Forecasted to Grow to $36.7 Billion by 2029

(IT-NEWSWIRE.COM, August 29, 2024 ) The Battery TIC Market is projected to reach USD 36.7 billion by 2029 from USD 14.9 billion in 2024 at a CAGR of 19.6% during the forecast period. Increasing adoption of EVs and energy storage systems, rising enforcement of stringent standards to ensure battery safety, thriving portable electronics industry, and rapid advances in battery technology are the major factors contributing to the market growth.

Download PDF Brochure @

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=93009570

Battery testing, inspection, and certification (TIC) deals with the assessment of batteries on various scales to evaluate the safety, performance, and reliability of batteries to be used in various applications. The battery TIC market comprises of testing based on various standards and certifications which include safety testing, performance testing, EMC testing and others. Safety testing is crucial to prevent occurrence of any hazard, performance testing is essential to check the efficiency of batteries. The TIC services for batteries are important across several applications including electric vehicles (EVs), internal combustion engine (ICE) vehicles, industrial equipment, consumer electronics, medical devices, and more. The battery TIC market is fragmented with the presence of established market players and a large number of small and medium-scale TIC providers competing across the value chain to strengthen their position in the market and subsequently increase their market share.

The traditional revenue sources for players in the battery TIC market primarily include testing and certification services for lead-acid, alkaline, nickel-cadmium (NiCd), and nickel-metal hydride (NiMH) batteries used in automotive, industrial, consumer electronics, and portable electronics applications. However, the revenue mix is transitioning toward advanced battery technologies, such as lithium-ion, solid-state, flow batteries, and iron-air batteries. The shift is occurring due to the growing use of electric vehicles (EVs), energy storage systems, medical devices, aerospace, and marine applications. Moreover, revenue is expected to be generated from customized testing solutions and battery inspection services offered by the players in the market, to address the evolving needs of battery manufacturers, and customers across various industries.

Certification services to register the highest CAGR during the forecast period. These certification services are thus of importance in ensuring the safe use of batteries. The certifications seal the approval, which guarantees that a battery meets the safety and performance standard in the industry and can thus be used across various applications. The main resources are the following: detailed reviews regarding the quality, safety, and performance of batteries to prevent accidents and ensure their user safety and reliability in their applications—for example, electric vehicles, EVs, industrial equipment, consumer electronics, and similar products. New battery technologies will further boost the growth of the battery TIC market through new safety certifications and standards, which will pave the way for the commercialization and safe use of upcoming novel battery types, like solid-state and high-energy-density batteries. Certification, coupled with enhancement of protocols and methodologies, ensures that new battery technologies should go through rigorous testing and evaluation before their commercialization. The new battery market craze demands new evaluation parameters to ensure the safety of batteries.

Lithium-ion batteries register the highest CAGR during the forecast period. The growing adoption of lithium-ion batteries in electric vehicles (EVs) and energy storage systems (ESS) propels the growth of battery TIC market. Lithium-ion batteries offer high energy density, long cycle life, low self-discharge rate, and rapid charging capability, which makes them ideal to be used in EVs and ESS. As the demand for lithium-ion batteries increases due to surge in adoption of EVs and ESS, consecutively the demand for TIC services for this battery type will also increase driving the growth of battery TIC market.

Ask for Sample Report @

https://www.marketsandmarkets.com/requestsampleNew.asp?id=93009570

Key Market Players:

The key players in the battery TIC market with a significant global presence include UL LLC (US), SGS SA (Switzerland), Intertek Group plc (UK), TÜV NORD GROUP (Germany), Bureau Veritas (France), DEKRA (Germany), DNV GL (Norway), Eurofins Scientific (Luxembourg), TÜV Rheinland (Germany), TÜV SÜD (Germany). These players have adopted various organic and inorganic growth strategies such as service launches and developments, partnerships, collaborations, acquisitions, and joint ventures to expand their presence globally and increase their share in the battery TIC market.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

MarketsandMarkets™

Mr. Rohan Salgarkar

1-888-600-6441

sales@marketsandmarkets.com

Source: EmailWire.Com

Source: EmailWire.com

Technology News & Search Engine

Battery Testing, Inspection, and Certification Sector Forecasted to Grow to $36.7 Billion by 2029