Overview:
The industrial battery chargers market is expected to reach US$ 3.42 Bn in 2027, growing at a CAGR of 8.14% during the forecast period from 2019 to 2027. Industrial battery chargers are used for charging large battery banks that find its applications in various industries such as IT, telecom and power. Continuous supply of power is very crucial in large industries as few minutes of power downtime could incur huge amount of loss. To avoid such occurrences, batteries are predominantly used. Rising technology innovation in battery powered transportation, energy and power sector, etc. has created huge demand for storage of energy. This, in turn has resulted into high demand for industrial battery chargers worldwide. Also, growing installations of new power-grids across the globe further stimulates the growth of industrial battery chargers market.
According to, “World Economic and Social Survey, 2018”, conducted by the United Nations, recent developments in battery technology has made renewable energy technology for off-grid power more viable in many communities of Asia and other developing parts of the world such as Latin America and Africa. United Nations also emphasized on increasing use of battery technology for achieving the goal of sustainable development.
Batteries store energy for reasonably longer period of time. They are of great help in delivering energy more effectively than thermal engine. Responsiveness of battery is instant compared to other source of power such as generator. For instance, a diesel generator requires about 2-3 min for starting and also it generates lot of smoke which cause air pollution. On the contrary, batteries are smokeless and they supply power instantly.
"Ferroresonant Technology accounted for the Largest Market Share in 2018"
Technological upgradation has enhanced the efficiency of ferroresonant chargers, while increasing the power factor as well. Ferroresonant technology chargers provide better protection against A.C. fluctuation. This helps to avoid any damage to machine working on it and fluctuation in battery efficiency. Ferroresonant chargers are not affected by environmental factors such as humidity or temperature. This acts as a major advantage of ferroresonant technology chargers. Having a long life cycle, this type of chargers are long-lasting and can serve for almost 15 years with minimum amount of repair and maintenance. In addition to this, ferroresonant chargers are easy to diagnose and repair. The aforementioned benefits of ferroresonant technology chargers have put it ahead than other charger technologies in overall market share. Apart from this, recent developments in charger technologies such as reduction in size and weight, the high frequency chargers are expected to have a steady growth in the market.
"North America Garnered Largest Market Share in 2018"
In 2018, North America led the industrial battery chargers market worldwide. The region is expected to witness a considerable growth during the forecast period from 2019 to 2027. North America has highly developed power, IT and data center sectors. These sectors are gobbling large amount of energy every day. Currently, data centers in the U.S. use almost 90 Bn KWh of energy every year and this number is increasing on yearly basis. With the increasing growth in IT and data centers, the demand for industrial battery chargers is increasing at a rapid pace. Moreover, the growth and acceptance of IoT further aids the growth in number of data centers and ultimately supporting the demand of industrial battery chargers, thereby enhancing the market growth in the region.
Competitive Insights
Major players profiled in industrial battery chargers market includes ABB Ltd., Exide Technologies, EnerSys, GS Yuasa Corporation, Ametek, Inc., Crown Battery Manufacturing, Hitachi Ltd., Delta Q Technologies Corp., Sevcon Inc., Lester Electrical, Kirloskar Electric Company, AEG Power Solutions Ltd., Motor Appliance Corporation, Schumacher Electric Corp. etc. among others. These companies are adopting several strategies for gaining larger share of the market. For instance, in May 2019, Exide Technologies launched their next generation technology for automotive and industrial application. The carbon boost 2.0 technology can attain 75% more energy saving on EFB start-stop battery. It can be used for EFB and premium batteries that are used in light vehicles. Moreover, in February 2016, Sevcon Inc. acquired Italy based privately held battery charger manufacturing company Bassi S.r.l. With this acquisition the company is expecting 35% share in vehicle electrification market.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Industrial Battery Chargers market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Technology
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Battery
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Battery Voltage
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Output Current
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End-use Industry
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
