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Battery Cyclers Market Analysis
Based on type, the battery cyclers market is segmented into lead-acid batteries, nickel-cadmium batteries, nickel-metal hydride batteries, and lithium-ion batteries. The lead-acid batteries segment is expected to reach over USD 1 billion by 2032.
- Lead-acid batteries are relatively inexpensive compared to other types of batteries, making them attractive for applications where cost is a significant consideration such as battery cyclers used in automotive and industrial settings.
- Lead-acid batteries have been around for a long time and have a well-established track record. This reliability and familiarity make them a preferred choice for many applications, especially in industries where performance consistency is crucial.
Based on service, the market is segmented into cell testing, module testing, and pack testing. The module testing segment is expected to register a CAGR of over 17% during the forecast period.
- New battery technologies including higher capacity and faster charging options require rigorous testing at the module level to validate their performance and longevity. This drives the demand for advanced module testing services.
- Testing at the module level allows manufacturers to identify and rectify issues before batteries are assembled into larger packs, reducing overall cost and improving production efficiency.
North America dominated the global battery cyclers market in 2023 with over 35% of the total revenue share. The region's robust industrial and automotive sectors boost the demand for battery testing and cycling equipment. Additionally, increasing investments in renewable energy projects and EV infrastructure bolster the need for reliable battery testing solutions. Regulatory initiatives promoting energy storage adoption further fuel market growth. Moreover, North America's advanced technological infrastructure and strong R&D capabilities support innovation and product development in the battery cycling industry, solidifying its market dominance.
Who are the prominent battery cyclers market leaders?
Some of the leading industry players include Arbin Instruments, BioLogic Sciences Instruments, Bitrode Corporation, Chroma Systems Solutions, Maccor, Inc., and PEC North America, among others.
What is the North America battery cyclers industry worth?
North America market held over 35% revenue share in 2023, owing to the robust automotive and electronics industries, coupled with significant investments in renewable energy.
Why is the demand for lead-acid batteries surging?
The lead-acid batteries segment will reach USD 1 billion by 2032, due to their extensive use in automotive applications, backup power systems, and industrial machinery.
How large is the battery cyclers market?
The market size of battery cyclers reached USD 769 million in 2023 and will witness 16% CAGR between 2024 and 2032, propelled by the rising demand for efficient energy storage solutions, the increasing adoption of electric vehicles (EVs), and the growing emphasis on renewable energy sources.