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.
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 need for safe, secure, cost-effective, and sustainable grid increases.
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The demand in the market is expected to increase as application in diverse end-use sectors such as mining, energy & power, and others rises. On account of this, the overall market size is expected to reach US$ 1.18 Bn by the end of 2021.
A half-yearly comparison and insightful analysis of industrial battery chargers market growth along with recent developments influencing growth outlook of the market is presented by Future Market Insights.
The market has been predominantly influenced by certain macro-economic factors, industrial and innovation factors including manufacturing sector development, development of mining and infrastructure, power industrial growth, economic growth and increase in FDI flow in the developing nations.
According to FMI analysis, the difference between the BPS values observed in the glass door merchandizers market in H1, 2022 – Outlook over H1, 2022 Projected reflects a rise of 24 BPS. However, compared to H1, 2021, the market is estimated to grow by 53 BPS in H1 -2022.
Increase in the growth outlook as per the current estimation is owing to growth in the demand for electric vehilces as compare to conventional IC Engine vehicles. This is the primary driver of the industrial battery charger market’s expansion.
Further, increasing energy distribution and transmission infrastructure fueled by supportive government financing and investments by several market participants are also driving the growth of the market. Moreover, the increasing use of smart grids across a variety of end-use sectors would increase demand for industrial battery chargers, particularly in India and other rising nations.
Despite several positive prospects, there are certain challenges lying ahead of the market of industrial battery chargers such as, high installation and maintenance cost, risk in upstream for procurement of raw materials. This factors are expected to impact the growth outlook of the market to a certain extent.
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Country-Wise Analysis
Why is Demand for Industrial Battery Chargers Increasing in China?
China is considered to be an industrial battery charger manufacturing powerhouse worldwide. As per Future Market Insights, China is expected to outperform other countries in Asia Pacific excluding Japan region.
With increasing demand for renewable energy and green energy solutions, adoption of industrial battery chargers across IT & data centers, power & energy and mining industries will surge.
Additionally, expansion of oil & gas industry will also aid the growth in China industrial battery chargers market. Application of industrial battery charger in marine industry will also favour the growth in the China market.
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.
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)
End-Use Sector :
- Railways
- Energy and Power
- Mining
- Manufacturing
- IT and Data Centers
- Marine
- Telecommunications
- Infrastructure
- Oil & Gas
Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa
- Japan
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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 10-years.
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