April 23, 2020
According to the research report titled ‘Global Internal Resistance Tester Market Research Report 2020’, available with Market Study Report LLC, worldwide internal resistance tester market was worth USD 54 million as of 2020 and will record a growth rate of 5.5% during the study period, subsequently accounting for USD 79 million by the year 2026.
Notably, internal resistance tester is a type of digital storage testing device that accurately and quickly measures the state and health of the battery as well as the connection resistance parameters.
Booming electronics and semiconductor industries along with digitalization of manufacturing and industrial processes have enhanced the adoption rates of internal resistance testers across the globe. Growing demand for longer battery life with high performance are creating new opportunities for the market players. Increasing sales of electric vehicles owing to rising per capita income and widespread environmental awareness are also stimulating the industry outlook.
Based on the product landscape, handheld internal resistance tester market segment accounted for 69% revenue share in 2018 and is poised to amass admirable returns in the forthcoming years. The product offers versatility as well as flexibility and is available at relatively low costs.
Elaborating on the application spectrum, the motive battery segment held 47% volume share in the year 2018 and will register a momentous growth rate through 2026. Motive batteries are widely used in electric vehicles. Increasing pollution levels and rising environmental concerns have compelled various governments to introduce strict emission regulations. Surge in sales of electric vehicles is fueling the adoption rates of motive batteries.
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As per the regional analysis, China controlled 44.77% consumption share of global internal resistance tester market in 2018 and is presumed to expand substantially during the forecast period. Flourishing electronics and semiconductor industry and swift industrialization are augmenting the regional demand. Additionally, favorable government regulations which promote the use of electric vehicles and shifting focus towards reducing the carbon footprint are also swaying the business dynamics in China.
The prominent companies in internal resistance tester industry are BLUE-KEY, TES, Aitelong, ITECH, Applent, Hopetech, DV Power, KIKUSUI, Megger, FLUKE and Hioki among others. These industry participants are focusing on various business-centric activities such as mergers and acquisitions as well as innovative product launches in order to expand their footprint in the overall market.
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