Battery TIC Market

Battery TIC Companies - UL LLC(US) and SGS SA (Switzerland) are the Key Players

The 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.

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 driving the market growth.

To know about the assumptions considered for the study download the pdf brochure

Major Battery TIC companies include:

  • 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)

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). These players have adopted various organic and inorganic growth strategies such as collaborations, acquisitions, service launches and developments, partnerships, and joint ventures to expand their global presence  and increase their share in the battery TIC market. The organic and inorganic strategies have helped the market players to expand themselves globally by providing comprehensive battery TIC services.

UL LLC focuses on both organic growth strategies, such as service launches and expansion, and inorganic growth strategies , such as acquisitions, collaborations, and partnerships. For instance, in September 2023, the company has launched a safety testing service for aviation ground support equipment (GSE), enabled with lithium-ion battery. Additionally, in August 2021, UL LLC has announced the opening of the North America Advanced Battery Laboratory, which will cater to the growing electric vehicle (EV) market. However, the company also focuses on inorganic growth strategies. For instance, in December 2023, UL LLC partnered with Hyundai Mobis North America to enhance EV battery safety testing capability. Similarly, in June 2022, the company acquired Data Test Labs, expanding its automotive testing capabilities. Furthermore, it is pursuing acquisitions and partnerships to enhance its global reach and expertise in niche domains.

SGS SA participates in organic growth strategies that involve product launches and inorganic growth strategies that consist of acquisitions, collaborations, as well as partnerships. For instance, in the October 2018, the company invested in specific tools such as BATAS, which is the battery testing automatic system. The said automated system is operative in the SGS labs across China so as to ensure that the batteries are of reliability and performance as well as safety standards as stipulated by industry trends and the customer demand. In November 2022, SGS SA opened its biggest greenfield laboratory for the testing of automotive components in Pune, India. It is built on 2.2 acres and offers a plethora of advanced testing services with high capacities. It has also focused on the inorganic growth strategy. For example, in April 2024, SGS SA acquired ArcLight Wireless Inc. It is one of the most reputed US-based companies that works in systems engineering, network services, technical outsourcing, and field testing of the wireless industry.

Intertek Group plc focuses on organic growth strategies, such as service launches and expansions, and inorganic growth strategies, such as acquisitions, collaborations, and partnerships. For instance, in September 2023, the company launched a state-of-the-art Battery Xcellence Center in Mestre, Italy, having cutting-edge technologies for testing battery and energy storage systems. It also focuses on inorganic growth strategies. For instance, in November 2023, it partnered with Emitech Group to expand electrical testing capabilities in Europe. Moreover, it partnered with leading industry organizations to develop new testing standards and methodologies.

Bureau Veritas adopts organic growth strategies such as product launches and inorganic growth strategies in the form of acquisitions, collaborations, and partnerships. For instance, the company offers lithium-ion battery testing and certification services that comprise safety testing, transportation evaluation, and environmental assessments in compliance and conformance with worldwide regulations and industry standards. Inorganic growth strategies have received more attention of Bureau Veritas. For instance, in November 2023, the company became a member of the Maritime Battery Forum (MBF) to enter into strategic collaboration for the development of battery technology in the maritime sector. Further, through cooperation, the topics of sustainability make their way into vision, such as with Verkor, through the V-TRACE solution, targeting the rising demand for sustainable supply chains in batteries. Those strategic choices to focus on sustainability, industry partnerships, and global reach have made it one of the prime players in the battery testing and certification market that ensures the reliability and safety of any battery storage system across a wide array of industries.

DEKRA focuses on organic growth strategies, such as product launches, and inorganic growth strategies, such as acquisitions, collaborations, and partnerships. For instance, in April 2022, the company introduced a rapid battery test for its corporate clients in Germany, a groundbreaking initiative that RWTH Aachen University and several vehicle manufacturers have validated. This test assesses the state of health (SOH) for traction batteries in a mere fifteen minutes. It also focuses on inorganic growth strategies. For instance, in November 2022, it announced the inauguration of a cutting-edge testing center for automotive and stationary batteries at its technology center in Germany. In conclusion, its strategic choices, including investment in innovation, testing facility expansion, and service portfolio strengthening, position it as a key player in the battery TIC market.

Related Reports:

Battery TIC Market by Standard and Certification Type (Safety Testing, EMC Testing), Battery Type (Lithium-ion, Lead-Acid), Application (Electric Vehicles, Industrial Equipment, Consumer Electronics), Service Type and Region - Global Forecast to 2029

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Battery TIC Market Size,  Share & Growth Report
Report Code
SE 9083
RI Published ON
7/10/2024
Choose License Type
BUY NOW
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
GET A FREE SAMPLE

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

SEND ME A FREE SAMPLE
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2024 MarketsandMarkets Research Private Ltd. All rights reserved
DMCA.com Protection Status