(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Aug. 08, 2024 (GLOBE NEWSWIRE) -- The "Global Battery Testing, Inspection, and Certification market by Battery Type (Lithium-ion, Lead-acid), Standard and Certification Type (Safety Testing, EMC Testing), Application (Electric Vehicles, Consumer Electronics) and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global 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. The major factors driving the growth of battery TIC market are 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. Moreover, rising investment in clean energy initiatives, and increasing automation of testing and inspection processes using digital technologies to carve out new growth opportunities for market players.
The report segments the battery TIC market and forecasts its size by standard and certification type, battery type, service type, application, and region. The report also provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing market growth. The report also covers qualitative aspects in addition to the quantitative aspects of the market.
The major players in the battery TIC market with a significant global presence include UL LLC (US), SGS SA (Switzerland), Intertek Group plc (UK), Bureau Veritas (France), and DEKRA (Germany) and others.
Electric Vehicles (EVs) to register the largest market share during the forecast period
Government incentives and a regulatory landscape conducive to sustainable transportation boost demand for electric vehicles, hence the boom in the EV market. Since EVs provide environmental benefits compared to traditional vehicles, there has been growing adoption of these vehicles, which improves the technology applied in batteries. With growth, demand for TIC services will rise to ensure that EV batteries are manufactured by rigorous standards to ensure safety and reliability. The market expansion is increasing demand for lithium-ion batteries, driven by supportive policies and technological advancements.
Accordingly, the demand of TIC services in industrial equipment applications that includes power tools, telecommunication systems, and energy storage systems, has increased many folds. This is based on the increasing adoption of cordless equipment and ESS in industrial plants where reliable and long-life power sources are required. Rigorous TIC processes are put in place to guarantee that batteries used under difficult conditions are both safe and reliable.
Lithium-ion battery to register the largest share during the forecast period
Important factor that will drive the growth of the battery TIC market is the rising demand for lithium-ion batteries in electric vehicles and energy storage systems. Lithium-ion batteries have an increased energy density with a longer lifespan, thus making them suitable for use in EVs and ESS. With their increasing adoption in EVs and ESS, comes a growing requirement for the testing and certification of these batteries to ultimately ensure conformance to the set standards of safety and performance. This demand is thus fueling growth in the TIC market because safety and reliability of batteries are paramount in these applications. Further accelerating the demand for TIC's comprehensive testing services is the improvement of battery technologies and new standards. Continued trends will point to huge growth in the battery TIC market.
Europe to register the highest growth during the forecast period
The European battery TIC market is growing fast, due to its robust infrastructure, which is backed by top TIC service providers such as SGS SA, Intertek Group plc, TUV NORD GROUP, Bureau Veritas, DEKRA, DNV GL, and Eurofins Scientific. All these companies mentioned, provide a wide range of services and certifications to comply with stringent regulatory standards. Moreover, rapid transformation to clean energy and the industry boom of industrial equipment and consumer electronics further drive demand for TIC services for lithium-ion batteries. Further, a strong battery manufacturing industry, combined with a focus on clean energy and technological innovation, underpins regional growth of the battery testing, inspection, and certification market in Europe.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 260 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $14.9 Billion |
| Forecasted Market Value (USD) by 2029 | $36.7 Billion |
| Compound Annual Growth Rate | 19.6% |
| Regions Covered | Global |
Market Dynamics
Drivers Increasing Adoption of EVs and Energy Storage Systems Rising Enforcement of Stringent Standards to Ensure Battery Safety Thriving Portable Electronics Industry Rapid Advances in Battery Technology
Restraints High Initial Capital Investment Lack of Uniform and Standardized Testing Protocols High Testing and Certification Costs
Opportunities Rising Investment in Clean Energy Initiatives Increasing Automation of Testing and Inspection Processes Using Digital Technologies Growing Need for Rigorous Testing of Electric Aircraft and Medical Devices
Challenges Complexities Associated with Next-Generation Batteries Technical Barriers to Trade due to Regulatory Divergence Rise in Geopolitical Tensions
Pricing Analysis
Indicative Pricing Trend of Battery Certifications Indicative Pricing Trend, by Region
Technology Analysis
Key Technologies High-Precision Charging and Discharging Systems
Complementary Technologies Battery Packaging and Enclosure
Adjacent Technologies Energy Storage and Management Systems
Case Study Analysis
Intertek Group PLC Develops Test Protocols and Evaluation Methods to Help Automotive OEM Consortium Meet Stringent Regulatory Requirements Intertek Group PLC Conducts Battery Testing and Mathematical Modeling to Help Military Division Identify NiCd Battery Alternatives Triathlon Group Partners with UL LLC to Obtain Certifications for Lithium-Ion Batteries LabTest Certification Inc. Tests Battery Packs to Adhere to Safety and Performance Standards LabTest Certification Inc. Subjects Battery Systems to Rigorous Testing to Demonstrate Durability and Safety
Companies Featured
UL LLC SGS SA Intertek Group PLC Bureau Veritas DEKRA TUV Nord Group DNV GL Eurofins Scientific TUV Rheinland TUV SUD CSA Group Testing & Certification Inc. Element Materials Technology Applus+ Nemk0 VDE Renewables GmbH Intel Dongguan LePont Testing Service Co. Ltd. CIRS Group LabTest Certification Inc. Kiwa ATIC (Guangzhou) Co. Ltd. Applied Technical Services CareLabs MCM Technology & Service Cesi (Kema Labs)
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Global Battery Testing, Inspection, and Certification Market
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