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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