The global industrial battery chargers market was valued at around US$ 1.5 Bn in 2017.
The industrial battery chargers market is expected to experience robust growth, at an estimated 8.3% CAGR over 2018–2028.
Asia Pacific excluding Japan (APEJ) and North America are expected to remain dominating regional markets for industrial battery chargers during the forecast period.
Healthy investments in infrastructure projects, such as the Trump Infrastructure Plan of US$ 1,500 Bn in the US, are expected to increase the footprints of various end-use industries, and drive the growth of the industrial battery chargers market.
China, India, and South Africa are expected to create noteworthy growth opportunities for the manufacturers of industrial battery chargers over the forecast period.
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Prominent American and European companies are shifting or expanding their manufacturing facilities of industrial battery chargers to emerging economies, owing to the availability of economical labour and raw material.
The market for industrial battery chargers in countries such as China, India, and Indonesia is projected to benefit significantly from this demand shift.
The IT & data centers segment is expected to be the most attractive end use sector in the industrial battery chargers market throughout the forecast period, owing to a surge in the IT industry. This segment is projected to occupy nearly 1/4th of the global industrial battery chargers market revenue.
Worldwide ICT spending has increased significantly due to the rising adoption of technologically-advanced products, and frequent launches of new IT & communication technologies during the past few years.
The subsequent increase in the demand for power grids and energy storage units in in turn estimated to fuel the sales volume of industrial battery chargers over the forecast period.
Top 3 Factors Shaping the Industrial Battery Chargers Market
Increasing Number of End-Use Sectors Deploying Industrial Battery Chargers
The overarching goal of the deployment of industrial battery chargers is to make a grid that is safer, more secure, cost-effective, and considerably sustainable. Switching from non-renewable to renewable energy is one of the primary factors driving the demand for industrial battery chargers in the utility sector.
According to the World Bank statistics, around 78 GW solar and wind energy generation capacity was installed by the end of FY 2016, and this is expected to increase to 378 GW by the end of FY 2021.
Rising Power Consumption by the Population Augmenting the Demand for Industrial Battery Chargers
In 2018, according to EIA (United States of Energy Information Administration), the global population was 7.6 Bn, and it is estimated that, energy utilization by the total world population will increase by 48% from now to the end of 2040.
Most of the generated demand is expected to originate from the Middle East & Africa, Europe, and Asian countries. Consistently expanding energy consumption will thus promote the demand for industrial batteries, thereby boosting the sales of industrial battery chargers
Digitization and Technological Developments in the Industrial Battery Chargers Market
The ongoing industrial revolution is built on a digital revolution, combining multiple technologies leading to extraordinary shifts in the industry. It is transforming the entire electrical industry with emerging technologies and evolving business strategies.
Smart charging with the advent of IoT (Internet of Things) is expected to gain significant traction in the global industrial battery chargers market over the projected period.
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Industrial Battery Chargers Market Structure Analysis
The global industrial battery chargers market represents a fairly organized competition, wherein, tier-1 manufacturers hold around 53% revenue share.
The emergence of a large number of manufacturers from the Asia Pacific region offering industrial battery chargers at competitive price points, has created a huge price variation in the industrial battery chargers market at a global level.
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.