Industrial Battery Chargers Market to Surpass Valuation of US$ 2.1 Bn amid COVID-19 Pandemic

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business

Summary

The industrial battery charger market is anticipated to register a CAGR of ~8 % through 2028.

Press Release

According to a recent study of Fact.MR, ~1,400 thousand units of industrial battery chargers were sold in the year 2018. In addition to the constant surge in uninterrupted operational requirements from a multitude of end users, the growing criticality of quick charging batteries will remain the key factors complementing industrial battery charger market growth in coming years. Marked penetration of intelligent or smart industrial battery chargers will be a notable trend in market over the coming years, according to the study.

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As indicated by the study, mounting demand for smart grid storage will remain a strong booster to industrial battery charger sales. Additionally, a visibly strong surge in adoption of sealed lead acid (SLA) industrial batteries, which are selling high for their compact size and superior capabilities suitable for back-up and cycling applications, will continue to benefit sales of industrial battery charger.

In 2018, the combined demand for industrial battery charger from manufacturing and energy & power industries, along with railways, accounted for ~70% of the sales volume. However, the study indicates that growing dependency on oil & gas energy storage is supplementing investments made in lithium batteries, which synchronize with the sustainable energy storage trend, and thus is likely to create opportunities for manufacturers of lithium-based industrial battery chargers.

Fact.MR’s report opines that the growing sales of electric forklifts across warehouses have been one of the key determinants spurring adoption of industrial battery chargers. Aggravating demand for simple and efficient power solutions with built-in intelligence, across multiple end-use segments, such as IT & telecom industry, data centers, mining, manufacturing, railways, oil & gas, and energy & power, is further widening the application rage of industrial battery chargers.

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Preference for Energy-efficient Battery Technologies Shaping Innovations

The industrial battery charger industry is undergoing a sea change, particularly in terms of charging capabilities. According to the report, transforming battery technologies and innovations in industrial infrastructure are creating favorable ground for adoption of intelligent battery chargers that target industrial applications, thereby, assisting growth of the industrial battery charger market.

The study also mentions that the heightening popularity of energy-efficient and cost-effective technologies, such as ferroresonant and SCR technology, over hybrid and high-frequency battery variants, will significantly contribute towards the growth of industrial battery charger market. Extensive inherent advantages of these energy-efficient technologies, in terms of voltage regulation, low operation costs, easy maintenance, and high reliability, will continue to account for high preference. The subsequent rise in demand for high-efficiency power solutions for different industrial operations is set to augur well for the sales of industrial battery chargers.

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IT and data centers are anticipated to remain the prominent end-use sector and will thus hold a fourth of global sales volume of industrial battery chargers, in coming years. High dependency of IT and data centers on backup power has been creating lucrative opportunities in the industrial battery charger market. With evident profitable opportunities, APEJ will remain the leading market for industrial battery charger manufacturers. While APEJ’s market attractiveness is attributed to spectacular expansion of the IT & telecom industry, that of developed regional markets has been traditionally banking on the resurgence of oil & gas industry, which is among the prime end-use consumer of industrial batteries.

This Fact.MR study presents a long-term perspective of the market for industrial battery charger for the period, 2018 to 2028. The industrial battery charger market is anticipated to register a CAGR of ~8 % through 2028.

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Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2020/03/19/2003442/0/en/Lead-Acid-Battery-Sales-Proliferate-in-Fast-Developing-Economies-AGM-Battery-to-Account-for-a-Third-of-Global-Demand-by-2029-Fact-MR.html

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