Apr 22, 2020
COVID-19 to Impact Adoption of Industrial Battery Chargers as Downside Risks Continue to Escalate, Says Fact.MR
by Team Fact.MR
Global industrial battery chargers market was valued at US$ 2.1 billion in 2020 and is expected to add a value opportunity worth US$ 486.8 million during the forecast period. The market is set to grow at a sluggish 2.6% CAGR amid the COVID-19 pandemic. The global industrial battery chargers market is projected to witness stagnancy owing to the economic slowdown from COVID-19. Significant drop in the demand for oil & gas due to nation-wide lockdowns in many of the countries and a sharp decline in IT spending, has led to demand destruction of industrial battery chargers globally. In addition, irregularity and price variations of raw material supplies due to high demand–supply ratio is expected to hamper production of industrial battery chargers in the coming years. However, the global industrial battery market is projected to regain traction in the second half of the forecast period when the economy is anticipated to return to normalcy.
Key Takeaways of Industrial Battery Chargers Market
- Global industrial battery chargers market is expected to grow at a volume CAGR of 2.7% and is anticipated to expand 1.3X through 2030.
- Ferro resonant technology will hold maximum share in terms of value and is projected to be valued at US$ 907.4 million by the end of forecast period (2020 – 2030).
- 60V battery rated voltage is expected to grow at a value CAGR of 3.7% and it is expected to gain 246 BPS into its market share by the end of forecast period.
- 251A – 500A output charging current is anticipated to account for majority share in terms of value and is projected to create an absolute $ opportunity of more than US$ 66 million during the forecast period.
- Up to 5KW & greater than 15KW power rating is projected to grow at a value CAGR of 3.3% & 1.7% respectively and will collectively create an absolute $ opportunity of more than US$ 306 million by the end of forecast period.
- Sealed Lead Acid (SLA) battery is anticipated to grow at a value CAGR of more than 2.4% and will account for a valuation of more than US$ 1,527 million by the end of forecast period.
- Float & boost (FC & BC) configuration is projected to hold maximum share in global industrial battery chargers market and is expected to grow 1.9X more float cum boost configuration by the end of forecast period.
- IT & Data Centre end use sector is expected to hold more than 23% share and it is expected to create an absolute $ opportunity of more than US$ 147 million during forecast period.
- APEJ is expected to hold maximum share in terms of value and will gain 72 BPS on its market share in terms of value by the end of forecast period.
“Demand for industrial battery chargers will be impacted & will witness sharp downfall in the next couple of years due to economic slowdown amid COVID-19 pandemic. However, the market is set to regain traction in the second half of the forecast period and poised to create significant opportunities” says the Fact.MR analyst.
New Product Developments Pave Way for Intense Competition
Global industrial battery chargers market will remain highly competitive in nature. Key players are focusing on research and development in order to develop new solutions according to specific requirements. For instance,
- In November 2019, XL Lifts launched a series of industrial battery chargers for forklift battery charging. The newly launched battery chargers are weather resistant.
- In October 2018, Douglas Battery, a brand of ENERSYS, introduced a new battery charger; Raptor™ Rapid charger. This battery has high frequency and IS fully automatic, which will eliminate the need for battery replacement.
More Valuable Insights on the Industrial Battery Chargers Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global industrial battery chargers market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the industrial battery chargers market on the basis of technology, battery rated voltage, output charging current, power rating, battery type, configuration, and end use sectors across eight major regions.
>>> To Get more insights on industrial battery chargers market, visit- https://www.factmr.com/report/3758/industrial-battery-charger-market
About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analysed industrial good industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.