Industrial Battery Chargers Market By Technology (High Frequency Chargers/Switch Mode Based, SCR (Silicon Controlled Rectifier)/ Thyristor Based, Ferroresonant, Hybrid (SCR + Ferroresonant)), Battery Type (SLA Batteries, NiCd Batteries, Plante Batteries, Lithium Batteries), Battery Rated Voltage, Configuration & Region for 2022-2028
Industrial Battery Chargers Market - Analysis, Outlook, Growth, Trends, Forecasts
- January 2022
- 387 pages
- Industrial Automation
Industrial Battery Chargers Market Outlook 2022-2028
[387 Pages Report] The global industrial battery chargers market is projected to witness growth at a CAGR of 8.5%, to create an absolute $ opportunity of more than US$ 2.25 Bn in 2022. The sales in industrial battery chargers are expected to exceed US$ 3.67 Bn by the end of 2028.
Industrial Battery Chargers Market Size Value in 2022
US$ 2.25 Bn
Industrial Battery Chargers Market Size Value in 2028
US$ 3.67 Bn
Industrial Battery Chargers Historical CAGR (2013-2021)
Industrial Battery Chargers Value-based CAGR (2022-2028)
Additionally, the overall sales of industrial battery chargers are expected to increase by 1.6x over the forecast period (2022-2028). Deployment of industrial battery chargers is expected to surge as need for safe, secure, cost-effective, and sustainable grid increases.
The demand in the market is expected to increase as application in diverse end-use sectors such as mining, energy & power, and others rises. On account of this, the overall market size is expected to reach US$ 1.18 Bn by the end of 2021.
2013-2021 Industrial Battery Chargers Market Outlook In Comparison To 2022-2028 Growth Forecast
As per Future Market Insights (FMI), demand is projected to increase at a 8.5% CAGR between 2022 and 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 U.S. is expected to spearhead the growth in North America industrial battery chargers market.
Surging adoption of renewable energy in the U.S. across a wide range of end-use applications will propel the growth in the market. According to the U.S. 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.
Favourable Government Initiatives And Trend For Green Energy To Accelerate Industrial Battery Chargers Sales
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.
Market Research Methodology - Perfected through Years of Diligence
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Why is Demand for Industrial Battery Chargers Increasing in China?
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.
How will the Industrial Battery Chargers Market Demand Fare in India?
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.
How Big is the Opportunity for the U.S. Industrial Battery Chargers Market?
As per FMI, the U.S. 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.
Which is the Most Preferred Technology for Industrial Battery Chargers?
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.
How will Demand for Industrial Battery Chargers Increase across IT & Data Centers?
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 U.S., 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,
- In March 2021, Advanced Charging Technologies Inc. (ACT), a leader in cloud-based integrated solutions for forklift battery and charging technologies, recently expanded manufacturing to San Antonio to accommodate increased growth opportunities and the ever-evolving global battery charger market.
Scope Of Report
Historical Data Available for
US$ Bn 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
Available upon Request
Industrial Battery Chargers Market By Category
- 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
Battery Type :
- 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)
End-Use Sector :
- Energy and Power
- IT and Data Centers
- Oil & Gas
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa