CHICAGO, July 18,
2024 /PRNewswire/ -- The battery TIC
market is expected to reach USD
36.7 billion by 2029 from USD 14.9
billion in 2024, at a CAGR of 19.6% from 2024 to 2029
according to a new report by
MarketsandMarkets™. 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 some of the major factors
contributing to the growth of battery TIC market. Moreover,
opportunities such as rising investment in clean energy
initiatives, increasing automation of testing and inspection
processes using digital technologies, and growing need for rigorous
testing in electric aircraft and medical devices to drive the
demand of battery TIC and drive the market growth.
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Browse in-depth TOC on "Battery TIC
Market"
192 – Tables
69 – Figures
267 – Pages
Battery TIC Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 14.9
billion
|
Estimated Value by
2029
|
$ 36.7
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 19.6%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Standard and
Certification Type, Battery Type, Application, Service Type and
Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Complexities associated
with next-generation batteries
|
Key Market
Opportunities
|
Rising investment in
clean energy initiatives
|
Key Market
Drivers
|
Increasing adoption of
EVs and Energy Storage Systems
|
Safety Testing dominate the battery TIC market from 2024 to
2029.
Growing uses of specialized battery technologies in critical
medical devices, aerospace, and defense applications drive the need
for rigorous battery safety testing. Safety testing will define
electrical, mechanical, and environmental parameters. It will also
include thermal abuse testing with standards based on IEC 61960-1
and UL 1642. Companies provide certifications that assure
compliance with strict safety and reliability requirements for
industries that rely on fail-safe battery performance. The
continuous innovative development of battery-powered solutions will
be conducive to increasing the demand for various tailored testing
methods and specialized safety certifications, thereby opening up
growth opportunities for battery TIC market players.
Lead-Acid to register second highest CAGR in the battery TIC
market during forecast period.
One of the oldest types of rechargeable batteries, lead-acid has
appreciated qualities in reliability, safety, and
cost-effectiveness. They can also deliver very high surge currents
after the delivery of their discharge at a stable voltage over some
extended time. Compared to newer technologies such as lithium-ion,
lead-acid batteries are more robust and less sensitive to
overcharging. It consists of positive and negative plates, a
separator, and an electrolyte. These batteries are designed to be
simple to produce, cost-effective, and with a life expectancy of
two to three years. Since these batteries give off high voltage,
they find prominence in most standby power systems like in
telecommunication equipment, cars, boats, forklifts, and UPS
systems. The key players offering lead-acid batteries include
Clarions, GS Yuasa International, and Power Sonic Corporation.
Applications range from automotive, for example, starter
batteries for internal combustion engine vehicles, to backup power
supplies such as uninterruptible power supplies and industrial
applications such as in forklifts and telecommunications. They are
also used in renewable energy storage systems. Stationary lead–acid
batteries IEC 60896 require certification for safety; valve
regulated and vented standby UL 1989 certification.
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Europe to register the
highest growth during the forecast period.
The strong run of Europe's
battery TIC industry is envisioned in terms of its robust
infrastructure and well-established TIC service solution providers
such as SGS SA (Switzerland),
Intertek Group plc (UK), TÜV NORD GROUP (Germany), Bureau Veritas (France), DEKRA (Germany) DNV GL (Norway) and Eurofins Scientific (Luxembourg). Such companies can assure a wide
range of services with pertinent certificates to adhere to strict
regulatory standards. Apart from this, Europe is the hub of such battery
manufacturers as Lithium Werks (Netherlands), Saft Groupe SAS (France), Varta
AG (Germany), and Northvolt
AB (Sweden), further strengthening
the region's battery TIC market. The region's fast move toward
clean energy and boom of industrial equipment and consumer
electronics industries are major drivers of demand for TIC services
for lithium-ion batteries.
Key Market Players
The report profiles key players in battery TIC
companies such as 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 services launches,
partnerships, collaborations, acquisitions, and joint ventures.
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