The industrial battery chargers market is expected to grow at a CAGR of 8.5%

More than 35% of the global demand for industrial battery chargers is accounted by IT & data centre, and energy & power industries, as indicated by FMI's analysis.

SLA (sealed lead acid) batteries, representing a dominant market value share, will face strong competition from NiCd (Nickel-Cadmium) and planté batteries in coming years.

FCBC (float cum boost) and dual FCBC configurations are likely to emerge highly lucrative for industrial battery charger manufacturers.

Hybrid technology industrial battery chargers will reportedly emerge as the most attractive segment in industrial battery chargers market, within the next few years.

Favourable government initiatives to accelerate adoption of industrial battery chargers

Increase in the energy distribution and transmission infrastructure backed by favourable 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. Mounting pace of the smart grid adoption across industries will remain another key factor encouraging 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 popularisation 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.

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, 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.

The UK's Battery Service Hub (BSH) has been delivering industrial batteries, industrial battery chargers, and a range of charging products for an extensive range of equipment such as forklift trucks, EVs, access platforms, floor cleaning machines, and others. The company is expected to maintain the focus on delivering performant, efficient battery charging profiles. BSH is cited as an important player in the rental battery charging solutions landscape.

The US-based EnCharge Power Systems announced the introduction of remote monitoring solutions for industrial battery charging, which allow ready remote access to real-time data.

Storage Battery Systems, LLC (SBS) announced the partnership with Systems Sunlight S.A., over the soon-to-be-launched battery technologies. With an increasing number of novel, sustainable battery technologies introduced in market frequently, it is highly likely that the key players will augment R&D investments for innovation of new battery charging technologies.