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The Industrial Battery Packs Market is estimated to reach US$ 2.25 billion in 2022, growing at an impressive 8.5 percent CAGR over the forecast period.

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 the need for safe, secure, cost-effective, and sustainable grid increases.

The demand in the market is expected to increase as an application in diverse end-use sectors such as mining, energy & power, and others rise. On account of this, the overall market size is expected to reach US$ 1.18 Bn by the end of 2021.

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Favorable Government Initiatives to Accelerate Adoption of Industrial Battery Chargers

An increase in the energy distribution and transmission infrastructure backed by a favorable governmental regulatory framework, and the flourishing trend of sustainability through non-conventional alternatives as energy sources are playing a vital role in establishing a strong adoption base for industrial battery chargers.

“The rate of industrial battery chargers’ procurement will significantly take off as electrification continues to receive strong governmental support. The mounting pace of the smart grid adoption across industries will remain another key factor encouraging a preference for industrial battery chargers in the years to come,” says a senior market research professional at FMI.

Subsidies offered by regional and local governments for procurement of energy systems based on alternative sources at economical capital costs are strongly backed by climbing new grid sales, which necessitate the deployment of secondary or rechargeable batteries for energy transmission and distribution. FMI’s report opines that this will play a pivotal role in encouraging sales of industrial battery chargers in the near future.

Asian & European Economies to Lead in Industrial Battery Chargers Market

Chinese and Indian industrial sectors continue to generate substantial demand for industrial battery chargers for a plethora of energy solutions. This according to the report is prominently pushing growth of industrial battery chargers market in APEJ. According to the report, APEJ currently holds almost a fourth of the total revenue of industrial battery chargers market.

In the light of significant efforts taken by European governments in the popularization and adoption of sustainable energy alternatives, it is highly likely that the demand for industrial battery chargers will be notable in Europe, which currently accounts for just-under a fourth of the global demand.

Although European countries leading the way for the increasing usage of renewable energy, developing countries are expected to emerge as game changers, looking at the rapidly improving emission patterns.

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,

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Vendor Insights: Key Companies to Remain Focused on Innovation in Terms of Efficiency

The industrial battery chargers market has been cited as a fairly consolidated competition landscape. In addition to high-efficiency, easy-to-use, and easy-to-install industrial battery chargers, the prominent companies in industrial battery charger market are focusing on their capabilities to cater to diverse specifications of a wide range of operational requirements.

Moreover, high compatibility with harsh environmental conditions has emerged as a lucrative trend among leading providers of industrial battery chargers, which could potentially offer them a competitive edge over others in the industrial battery charger market.

Some of the major companies active in industrial battery charger market have been covered in FMI’s report, 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.

Industrial Battery Chargers Market By Category

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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The post FMI forecasts demand for US industrial battery chargers, sales growth, regional analysis, and key players through 2028. appeared first on Future Market Insights.

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