The global industrial battery chargers market is projected to witness growth at a CAGR of 8.5%, to create an absolute $ opportunity of more than US$ 2.25 Bn in 2022. The sales in industrial battery chargers are expected to exceed US$ 3.67 Bn by the end of 2028.
According to a recent market research intelligence presented by Future Market Insights, more than 1.3 million industrial battery chargers were sold in 2018. (FMI). According to the study, the procurement of industrial battery chargers will increase by more than 7% in 2022.
Rising new grid sales necessitate the deployment of secondary or rechargeable batteries for energy transmission and distribution, which strongly supports regional and local government subsidies for the procurement of energy systems based on alternative sources at low capital costs. According to FMI’s report, this will be critical in encouraging future sales of industrial battery chargers.
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As industrialization continues to generate ever-growing demand for energy storage, the industrial battery chargers are likely to witness heavy adoption. More than 35% of the global demand for industrial battery chargers is accounted by IT & data center, and energy & power industries, as indicated by FMI’s analysis.
- SLA (sealed lead acid) batteries, representing a dominant market value share, will face strong competition from NiCd (Nickel-Cadmium) and plante batteries in coming years.
- FCBC (float cum boost) and dual FCBC configurations are likely to emerge highly lucrative for industrial battery charger manufacturers.
- Hybrid technology industrial battery chargers will reportedly emerge as the most attractive segment in industrial battery chargers market, within the next few years.
Favorable Government Initiatives to Accelerate Adoption of Industrial Battery Chargers
Increase in the energy distribution and transmission infrastructure backed by favorable governmental regulatory framework, and the flourishing trend of sustainability through non-conventional alternatives as energy sources are playing a vital role in establishing a strong adoption base for industrial battery chargers.
“The rate of industrial battery chargers’ procurement will significantly take off as electrification continues to receive strong governmental support. Mounting pace of the smart grid adoption across industries will remain another key factor encouraging preference for industrial battery chargers in the years to come,” says a senior market research professional at FMI.
Asian & European Economies to Lead in Industrial Battery Chargers Market
Chinese and Indian industrial sectors continue to generate substantial demand for industrial battery chargers for a plethora of energy solutions. This according to the report is prominently pushing growth of industrial battery chargers market in APEJ. According to the report, APEJ currently holds almost a fourth of the total revenue of industrial battery chargers market.
In the light of significant efforts taken by European governments in the popularization and adoption of sustainable energy alternatives, it is highly likely that the demand for industrial battery chargers will be notable in Europe, which currently accounts for just-under a fourth of the global demand.
Although European countries leading the way for the increasing usage of renewable energy, developing countries are expected to emerge as game changers, looking at the rapidly improving emission patterns.
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Vendor Insights: Key Companies to Remain Focused on Innovation in Terms of Efficiency
The industrial battery chargers market has been cited as a fairly consolidated competition landscape. In addition to high-efficiency, easy-to-use, and easy-to-install industrial battery chargers, the prominent companies in industrial battery charger market are focusing on their capabilities to cater to diverse specifications of a wide range of operational requirements.
Moreover, high compatibility with harsh environmental conditions has emerged as a lucrative trend among leading providers of industrial battery chargers, which could potentially offer them a competitive edge over others in the industrial battery charger market.
- The UK’s Battery Service Hub (BSH) has been delivering industrial batteries, industrial battery chargers, and a range of charging solutions for an extensive range of equipment such as forklift trucks, EVs, access platforms, floor cleaning machines, and others. The company is expected to maintain the focus on delivering high-performance, efficient battery charging profiles. BSH is cited as an important player in the rental battery charging solutions landscape.
- The US-based EnCharge Power Systems announced the introduction of remote monitoring solutions for industrial battery charging, which allow ready remote access to real-time data.
- Storage Battery Systems, LLC (SBS) recently announced the partnership with Systems Sunlight S.A., over the soon-to-be-launched battery technologies. With an increasing number of novel, sustainable battery technologies introduced in market frequently, it is highly likely that the key players will augment R&D investments for innovation of new battery charging technologies.
Some of the major companies active in industrial battery charger market have been covered in FMI’s report, including ABB Ltd., Hitachi ltd, Exide Technologies, ENERSYS, Delta Q, Gs Yuasa International Ltd., AMETEK. Inc, Sevcon, Crown Battery Manufacturing Company, Lester Electrical, AEG Power Solutions, and Kirloskar Electric Company among others.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 6-years.
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