Global Industrial Battery Charger Market Surges with a US$ 2.25 Billion Opportunity in 2022, Envisioning US$ 3.67 Billion Sales by 2028

The global industrial battery charger market is poised for remarkable growth, with a projected Compound Annual Growth Rate (CAGR) of 8.5%. This robust expansion is expected to create an absolute opportunity exceeding US$ 2.25 billion in 2022 alone, and by the end of 2028, the market's sales are anticipated to reach an impressive US$ 3.67 billion.

What's even more striking is the exponential growth forecasted during the 2022-2028 period, with sales projected to increase by a substantial 1.6 times. This surge can be attributed to the growing demand for safe, secure, cost-effective, and sustainable energy grids, driving the widespread deployment of industrial battery chargers.

The market's rising prominence can be traced to its applications across various end-use sectors, including mining, energy & power, and others. As these industries increasingly adopt industrial battery chargers, the overall market size is expected to surpass US$ 1.18 billion by the close of 2021.

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- Favorable Government Policies Boosting Uptake of Industrial Battery Chargers:

The expansion of energy distribution and transmission infrastructure, supported by favorable regulatory frameworks implemented by governments, along with the growing emphasis on sustainability through non-conventional energy sources, are key drivers fostering the widespread adoption of industrial battery chargers.

"The adoption rate of industrial battery chargers is poised for significant growth as electrification initiatives receive robust government backing. The increasing adoption of smart grid technologies across industries will further contribute to the preference for industrial battery chargers in the coming years," comments a senior market research expert at FMI.

Governmental subsidies provided at regional and local levels to promote the use of energy systems based on alternative sources with cost-effective capital investments are complemented by the rising sales of new grid systems. This surge in new grid installations necessitates the integration of secondary or rechargeable batteries for efficient energy transmission and distribution. According to FMI's report, this trend is expected to play a central role in driving the sales of industrial battery chargers in the foreseeable future.

- Vendor Insights: Focus on Efficiency and Innovation Remains Paramount for Key Players

The landscape of the industrial battery chargers market is characterized by consolidation among competition. Leading companies within this market are directing their efforts towards delivering high-efficiency, user-friendly, and easily installable industrial battery chargers that can meet a diverse range of operational specifications.

Furthermore, a noteworthy trend among major industrial battery charger providers is their emphasis on ensuring compatibility with challenging environmental conditions. This strategic approach holds the potential to grant them a competitive advantage in the competitive industrial battery charger market.

Battery Service Hub (BSH) in the UK has been a significant contributor, offering industrial batteries, industrial battery chargers, and a variety of charging solutions for equipment like forklift trucks, EVs, access platforms, and floor cleaning machines. The company's focus on delivering high-performance and efficient battery charging profiles is expected to continue. BSH stands out as a notable player in the rental battery charging solutions sector.

EnCharge Power Systems, based in the US, has introduced remote monitoring solutions for industrial battery charging, enabling seamless access to real-time data.

Storage Battery Systems, LLC (SBS) recently formed a partnership with Systems Sunlight S.A. for upcoming battery technologies. With the constant introduction of novel and sustainable battery technologies in the market, major players are likely to increase their research and development investments to innovate new battery charging technologies.

The comprehensive report by FMI features some of the key players active in the industrial battery charger market, 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.

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- 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

Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)
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This release was published on openPR.