The global industrial battery chargers market is projected to witness growth at a CAGR of 8.5%, to create an absolute USD opportunity of more than USD 2.25 Billion in 2022. The sales in industrial battery chargers are expected to exceed USD 3.67 Billion by the end of 2028.
Attribute | Details |
---|---|
Industrial Battery Chargers Market Size Value in 2022 | USD 2.25 billion |
Industrial Battery Chargers Market Size Value in 2028 | USD 3.67 billion |
Industrial Battery Chargers Historical CAGR (2013 to 2021) | 8.4% |
Industrial Battery Chargers Value to based CAGR (2022 to 2028) | 8.5% |
Additionally, the overall sales of industrial battery chargers are expected to increase by 1.6x over the forecast period (2022 to 2028). Deployment of industrial battery chargers is expected to surge as need for safe, secure, cost to effective, and sustainable grid increases.
The demand in the market is expected to increase as application in diverse end to use sectors such as mining, energy & power, and others rises. On account of this, the overall market size is expected to reach USD 1.18 Billion by the end of 2021.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Market Statistics | Details |
---|---|
H1,2021 (A) | 8.1% |
H1,2022 Projected (P) | 8.4% |
H1,2022 Outlook (O) | 8.6% |
BPS Change : H1,2022 (O) - H1,2022 (P) | (+) 24 ↑ |
BPS Change : H1,2022 (O) - H1,2021 (A) | (+) 53 ↑ |
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.
As per Future Market Insights (FMI), demand is projected to increase at a 8.5% CAGR between 2022 to 2028. Growing trend of using renewable energy is one of the factors boosting the growth in the market.
Increasing demand for renewable energy in utility sectors such as mining, energy & power, and others have created a conducive environment for the market. According to the statistics availed by the World Bank, solar and wind turbine energy generation capacity increased to 378 GW in FY-2021.
On account of this, demand for industrial battery chargers is expected to accelerate across the globe within the energy and power industry. FMI opines, North America is expected to be the second largest region, holding 20.1% of market share in 2022.
Growth in the region is attributable to the expansion of the industrial sectors such as mining, energy and power, and others. Besides this, the USA is expected to spearhead the growth in North America industrial battery chargers market.
Surging adoption of renewable energy in the USA across a wide range of end-use applications will propel the growth in the market. According to the USA of Energy Information Administration, it is estimated that energy utilization by the total world population will increase by 48% by the end of 2040.
Further, investments from government and private organizations on renewable energy projects, particularly for solar panel based, due to sustainability concerns, have increased the advancements in battery technologies.
Hence, preference for green energy solutions in existing and new energy grids will create lucrative opportunities for industrial battery chargers market players.
Increasing energy distribution and transmission infrastructure driven by favourable government funding and investments have increased the growth in the industrial battery chargers market.
Flourishing trend of sustainability across IT & data centers, mining, and energy & power industry will provide impetus to the growth in the market over the forthcoming years. Further, mounting pace of smart grid adoption across diverse end-use industries will improve the preference for industrial battery chargers, especially across India and other emerging economies.
According to the India country report on smart grids, the utility electricity sector in India has a National Grid with an installed capacity of 326.8 GW and the government will increase the adoption of smart grids across the country by the end of 2030.
Further, subsidies offered by regional and local governments for procurement of energy systems based on alternative sources are strongly backed by climbing new grid sales. This is expected to necessitate the deployment of secondary or rechargeable batteries for energy transmission and distribution.
On account of the aforementioned factors, the demand for industrial battery chargers is expected to surge across the end-use sectors by 2028.
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.
As per FMI, India is expected to spearhead the growth in South Asia industrial battery charger market. Growing sustainability concerns and adoption of green energy solutions in marine, oil & gas, and energy & power industries will propel the growth in the market.
The ongoing industrial revolution and surging digitization across the country will transform the face of industrial battery charger market. Adoption of smart grids across under-developed parts of India will continue driving sales over the assessment period.
Subsequently, favourable government initiatives and funding to increase the adoption of smart grids in mining, IT & data centers, and energy & power industries will aid the growth in the market.
As per FMI, the USA industrial battery chargers market is expected to hold the largest share across North America. Demand for industrial battery chargers is high across the IT & data centers and energy & power sector, thereby fueling the sales.
Strong presence of leading companies across the country will boost the sales of industrial battery chargers. Also, leading IT companies are extensively adopting industrial battery chargers’ amid growing digitization across the country.
Growing adoption of Internet of Things (IoT) across the IT and energy & power industries will create lucrative opportunities for the growth in the market. Additionally, booming oil & gas industries and increased spending on ICT and IT & communication technologies will contribute to the growth in the market.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
In terms of technology, hybrid technology will emerge as the most attractive segment over the next ten years. However, the ferroresonant technology is expected to be the front-runner during the forecast period.
Increasing adoption of ferroresonant technology in mining and manufacturing industry will fuel the growth in the segment. With the onset of the novel COVID-19, downfall of mining and manufacturing industries hindered the demand for ferroresonant technology in the market.
Hence, increasing adoption of hybrid technology across energy & power and IT & data centers sectors will fuel the growth in the segment.
As per FMI, over 35% of global industrial battery charger sales are expected to be concentrated in IT & data centers, followed by mining and energy & power industries. Growing industrialization across the globe and advancements in technology has propelled the need for more energy storage.
Surging adoption of IoT across developed nations such as the USA, Germany, and the U.K. within ICT and IT & communication sector is accelerating the demand for industrial battery chargers.
In IT & data centers, demand for sealed lead acid (SLA) batteries is expected to increase, followed by NiCd and plante batteries.
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,
Attribute | Details |
---|---|
Forecast Period | 2022 to 2028 |
Historical Data Available for | 2013 to 2021 |
Market Analysis | USD billion for Value |
Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; Asia Pacific excluding Japan; Japan; and MEA |
Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, others. |
Key Market Segments Covered | Maximum Data Delivery Rate, End User, Component, and Region |
Key Companies Profiled | 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; Kirloskar Electric Company. |
Pricing | Available upon Request |
The global industrial battery chargers market is expected to reach a valuation around USD 2.07 Bn in 2021.
Increasing application in IT & data centers and mining industries and growing trend of green energy solutions & renewable energy in emerging economies will fuel the sales in the market.
As per Future Market Insights, India, the U.S., the U.K., India and China are the top countries driving the demand for industrial battery chargers.
As per FMI, sales of industrial battery chargers’ solution grew at 8.4% CAGR between 2013 and 2021.
North America industrial battery chargers market will account for over 20.1% of overall sales in the market.
Industrial Automation
October 2022
REP-GB-4623
303 pages
Explore Industrial Automation Insights
View Reports