Indian and Chinese industrial sectors continue to create significant demand for industrial battery chargers for a variety of energy solutions
Global industrial battery charger market is estimated to register a growth of 8.3 per cent by the end of 2028, according to a latest Future Market Insights (FMI). In 2018, over 1.3 million industrial battery chargers were sold.
The study estimates an increase of more than 7 per cent in the industrial battery chargers’ procurement in 2019.
As industrialisation remains to create ever-growing demand for the storage of energy, the industrial battery chargers are estimated to see heavy adoption.
More than one-third (35 per cent) of the demand for industrial battery chargers worldwide is accounted by energy and power industries and IT and data center, the study notes.
In coming years, sealed lead acid (SLA) batteries, representing a leading market value share, will face severe competition from Nickel-Cadmium (NiCd) and plante batteries. However, FCBC (float cum boost) and dual FCBC configurations are expected to emerge an attractive option for industrial battery charger manufacturers, the study points out.
On the other hand, hybrid technology industrial battery chargers will likely to emerge as the most lucrative segment in the market, in the next few years.
India and China to create major demand
According to the report, Indian and Chinese industrial sectors continue to create significant demand for industrial battery chargers for a variety of energy solutions, primarily driving the growth of market in the Asia Pacific excluding Japan (APEJ). Currently, APEJ holds nearly 25 per cent of the overall revenue of industrial battery chargers market.
In view of significant steps taken by the governments in Europe for popularisation and adoption of sustainable energy alternatives in the region, it is highly possible that the industrial battery chargers demand will be outstanding in European countries. Currently, European countries accounts for less than a fourth of the total global demand.
Although European nations leading the way for growing usage of renewable energy, developing economies are likely to emerge as the game changers, in view of the rapidly improving emission patterns, the report says.