Industrial Battery Charger Market Growth Overview and Predictions on Size, Share and Trend Through 2
market for industrial battery charger is projected to register ~8% CAGR through 2028, primarily driven by the significant growth in transmission and distribution infrastructure, further backed by high replacement rate of aging power infrastructure.
[UKPRwire, Mon Sep 09 2019] Industrial Battery Charger Market in Numbers
- Industrial battery charger sales were valued at ~US$ 1.6 Bn in 2018, in line with the growing trend of rechargeable batteries, and the subsequent rise in demand from the energy & power industry.
- The market for industrial battery charger is projected to register ~8% CAGR through 2028, primarily driven by the significant growth in transmission and distribution infrastructure, further backed by high replacement rate of aging power infrastructure.
- Industrial battery charger market in Asia Pacific excluding Japan (APEJ) will represent high market attractiveness, prominently banking on the rapid expansion of rail networks. The demand for industrial battery charger from Indian railways has been particularly notable, over the recent past.
- Growing criticality of alternative power sources in light of constant depletion of non-renewable sources, will remain an important factor triggering installations of industrial battery products, including industrial battery chargers.
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- Competition Landscape – Industrial Battery Charger Market
- According to the latest Fact.MR study, the competition in industrial battery charger market is characterized by a large number of smaller companies, which collectively hold 60% share in the global market revenues. Leaders, such as ABB Ltd, Exide Technologies, and Enersys are emphasizing improved R&D to accelerate new launches, and eventually boost their global presence. To achieve enhanced regional and global foothold in the industrial battery charger market, companies are observed to have adopted effective product innovation strategies. With growing focus on strengthening sales via direct distribution, notable industry players continue to have a strong market footprint, regionally and globally.
- New product developments (NPDs) will continue to be among the key winning imperatives, governing brand repositioning strategies of leading players in the industrial battery charger market. While a majority of NPDs are customer-centric and thus revolve around evolving end-user preferences, this has been rapidly emerging as an effective strategy for a better competitive edge. For instance, EnerSys, a leading player in the industrial battery charger industry, has recently launched a new range of forklift battery chargers, which are technically the advanced on-board chargers, allow for recharging of forklift motive power batteries anytime and anywhere. These battery chargers can turn a lift truck into a portable charging room.
- In addition, strategic collaborations and M&A have been cited as the preferred competition strategies adopted by industrial battery charger market players. Several companies are entering strategic partnerships and forming joint ventures with regional players. By augmenting investments in joint ventures with regionally leading distribution partners, market participants are also likely to consider regional expansion as a preferred strategy in the near future. For instance, in March 2019, Hitachi, Ltd. announced establishment of its brand new headquarter in the Oceania region, reinforcing its business within the region.
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Key Factors Shaping the Industrial Battery Charger Market
- Increasing support from governments to the thriving trend of ‘electrification’ has been accelerating the procurement of industrial battery chargers. Governments in many regions are offering attractive subsidy schemes to encourage procurement of alternative energy systems at individual as well as organizational levels, at reduced capital cost. Moreover, their growing focus on building an electricity grid that supports evolving consumer expectations is bolstering demand for relevant charging infrastructure. The accelerating industrial shift towards adoption of smart grids continues to create and augment preference for industrial battery chargers.
- Potential use of electrification technologies to enable the delivery of less carbon-intensive electricity supply and their deployment as tools for alleviated environmental impact, are creating novel avenues for industrial battery charger manufacturers. Cost savings mark an additional benefit for investors in industrial battery chargers.
- Growing use of batteries to meet the entire electrical load of both AC and non-AC coaches has led to a surge in the adoption of energy storage solutions, translating into an increased demand for industrial battery chargers. Wide applications of flooded and sealed lead acid (SLA) batteries in railways are likely to reinforce the growth of market for industrial battery charger in the years to come.
- Increasing number of warehouses are getting electric forklifts deployed in place due to reduced fuel costs and easy chargeability during intervals for higher efficiency across shifts. Additionally, low operating costs of electric forklifts, compared to the internal combustion models, have been augmenting their traction, thereby creating demand for industrial battery chargers that are widely used for charging industrial vehicles. Industrial battery chargers are garnering an increased traction due to their ability to charge forklifts without altering the battery’s lifespan, which otherwise a typical result of overheating and overcharging.
- Sensing significant benefits of miniaturization, including efficiency, logistics and material reductions, manufacturers of industrial machines and products are making a paradigm shift to advanced manufacturing technologies, which in turn is creating opportunities in market.
- Surging focus on rechargeable batteries as an ideal solution for uninterrupted transmission and distribution of energy has been creating lucrative growth opportunities for the manufacturers operating in the industrial battery charger market.
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