Top 3 Factors Shaping the Industrial Battery Chargers Market
Extensive Number of End-Use Sectors Deploying Industrial Battery Chargers
The overarching goal of the deployment of industrial battery chargers is to make a grid more safe, secure, cost-effective, and 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 World Bank statistics, around 78 GW solar and wind turbine 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 this demand is expected to originate from the Middle East & Africa, Europe, and Asian countries. Hence, this consistently expanding demand for energy will promote the demand for industrial batteries, thereby boosting the volume 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.
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.
- Top companies in the industrial battery chargers market include 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.
- The emergence of a large number of manufacturers from Asia Pacific that offer low-cost industrial battery chargers has created a huge price variation in the industrial battery chargers market around the globe.
Industrial Battery Chargers – Uptake of Digitization and Utility as Alternate Energy Source
The digital revolution has grown on transformations in battery technology employed in industrial operations, as smart solutions gain traction succoured by IoT proliferation. Growing focus on establishments of new power grids is another significant influencer of industrial battery product installations, in turn propelling adoption of relevant charging technologies.
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Market Set to Grow 2.2X between 2018 and 2028
Investments from the government and private organizations on renewable energy projects, particularly for solar panel based, in a bid to achieve the aim of becoming a sustainable economy, have rubbed off on developmental efforts directed toward battery technologies. Deployment of green energy solutions in existing as well as new energy grids will also remain key influencers of industrial battery chargers market prospects.
Why Emerging Markets are Potent Opportunistic Areas?
North America and Western Europe have traditionally led the way in the industrial battery chargers landscape, upheld by the booming oil & gas sector that entails the requirement for industrial batteries. However, emerging nations of APEJ show high-growth potential and evident profitable opportunities, as governments and private sectors across these nations focus more on ICT spending and IT & communication technologies, sensing the sector’s contribution to economic growth.
The Broader Perspective
Industrial battery chargers industry continues to remain inclined toward mergers & acquisitions, along with divestment activities to generate capital while reducing their debts. Innovative development remains the cornerstone among stakeholders as adoption deployments of industrial battery chargers continue to proliferate.
How Growth will Unfold
Investments in the energy transmission & distribution infrastructure continue to grow unabated to meet the growing power demand worldwide. With intelligent power distribution & control networks on the rise, it is highly likely that developments and demand for industrial battery chargers will be remarkable in the foreseeable future
Industrial Battery Chargers Market: Segmentation
- High Frequency Chargers/Switch Mode Based
- SCR (Silicon Controlled Rectifier)/ Thyristor Based
- Hybrid (SCR + Ferroresonant)
Battery Rated Voltage
- Up to 24V
- Above 110V
Output Charging Current
- Above 500A
- SLA Batteries
- NiCd Batteries
- Plante Batteries
- Lithium Batteries
- FC & BC (Float and Boost)
- FC & FCBC (Float and Float cum Boost)
- Dual FCBC (Dual Float cum Boost)
- FCBC (Float cum Boost)
- Energy and Power
- IT and Data Centers
- Oil & Gas
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ (Asia Pacific Excluding Japan)
- Middle East & Africa