Industrial Battery Chargers Market is expected to reach US$ 2.25 Bn in 2022, likely to surge at a vigorous 8.5% CAGR during the assessment period
Additionally, the overall sales of industrial battery chargers are expected to increase by 1.6x over the forecast period (2022-2028). Deployment of industrial battery chargers is expected to surge as the need for safe, secure, cost-effective, and sustainable grid increases.
The demand in the market is expected to increase as an application in diverse end-use sectors such as mining, energy & power, and others rise. On account of this, the overall market size is expected to reach US$ 1.18 Bn by the end of 2021.
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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.
Subsidies offered by regional and local governments for procurement of energy systems based on alternative sources at economical capital costs are strongly backed by climbing new grid sales, which necessitate the deployment of secondary or rechargeable batteries for energy transmission and distribution. FMI’s report opines that this will play a pivotal role in encouraging sales of industrial battery chargers in the near future.
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.
Competitive Landscape
The presence of numerous leading players in the global market has led to severe competition, wherein, tier-1 manufacturers are expected to hold around 53% demand share. Key players are collaborating with leading IT and mining industries to create lucrative revenues.
Emergence of a large number of manufacturers across APEJ countries are eyeing the market for cost-effective industrial battery chargers to expand their global presence and strengthen their footprints. For instance,
- In March 2021, Advanced Charging Technologies Inc. (ACT), a leader in cloud-based integrated solutions for forklift battery and charging technologies, recently expanded manufacturing to San Antonio to accommodate increased growth opportunities and the ever-evolving global battery charger market.
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.
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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.
Industrial Battery Chargers Market By Category
Technology :
- High Frequency Chargers/Switch Mode Based
- SCR (Silicon Controlled Rectifier)/ Thyristor Based
- Ferroresonant
- Hybrid (SCR + Ferroresonant).
Battery Rated Voltage :
- Up to 24V
- 48V
- 60V
- 110V
- Above 110V
Output Charging Current :
- 15A-50A
- 51A-150A
- 151A-250A
- 251A-500A
- Above 500A
Battery Type :
- SLA Batteries
- NiCd Batteries
- Plante Batteries
- Lithium Batteries
Configuration :
- FC & BC (Float and Boost)
- FC & FCBC (Float and Float cum Boost)
- Dual FCBC (Dual Float cum Boost)
- FCBC (Float cum Boost)
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