Industrial Battery Chargers Market to Surpass Valuation of US$ 2.1 Bn amid COVID-19 Pandemic
The rapid outbreak of COVID-19 has bought on an economic crisis that the entire world is grappling with. Most of the businesses have been negatively impacted with the complete lockdown imposed by the governments of several countries. Industrial battery chargers that are used for charging large battery banks have seen resilient downfall in the demand globally. Energy & power sector are the affected industries due to coronavirus pandemic.
European utilities lower their planned investment between 10% to 15% as governments are try to preserve cash and cope with supply chain disruptions and other delays related to the spreading coronavirus. Other end use sectors such as marine, manufacturing, IT, Oil & Gas have also been impacted negatively amid global outbreak of COVID-19. That, in turn, is expected to hamper growth of the global industrial battery chargers market.
Therefore, the global industrial battery chargers market is projected to witness growth at a CAGR of 2.6% to create an absolute $ opportunity of more than US$ 486 million. The market is projected to be valued at more than US$ 2.1 billion by the end of the forecast period (2020 – 2030), predicts Fact.MR. By battery, SLA batteries are poised to account for a significant share in the market and set to witness high adoption in APEJ.
Ferroresonant Technology to be the Frontrunner during the Forecast Period
Economic health of the mining, and manufacturing industries which are the key consumers of the ferroresonant industrial battery chargers has been significantly weakened due to COVID-19 pandemic.
Mining industry is facing difficulties as most of the mines have been closed or have placed their operations on maintenance in line with lockdown protocols. In addition, the comprehensive demand for mining commodities has plummeted due to shutdowns in primary & secondary companies.
Similar trend is seen in the manufacturing industry which is facing dormancy due to complete shutdown of business operations. Those companies who have been able to restart the manufacturing facilities are facing abruptly scaled down production due to the vastly affected supply chain.
The downfall in these industries is poised to hinder adoption of ferroresonant industrial battery chargers. In Fact.MR’s recently published report ferroresonant industrial battery chargers are expected to lose 256 BPS from its market share to be valued at US$ 907.4 million by the end of forecast period.
Industrial Battery Chargers Market to Witness Slow Growth due to Diminishing Demand in End Use Sectors
Investments from the government and private organizations on renewable energy projects, particularly solar panel based, in a bid to achieve the aim of becoming a sustainable economy, have rubbed off on developmental efforts directed toward battery technologies.
Deployment of green energy solutions in existing as well as new energy grids will also remain the key influencers of industrial battery chargers market prospects. Outbreak of COVID-19 has dampened global business economy as almost the entire globe is under lockdown to avoid spread of coronavirus.
Global IT, energy & power, manufacturing, and mining industries which are key consumers of industrial battery chargers are witnessing significant drop in demand that in turn, has hampered the supply-demand eco system.
For instance, owing to a sharp decline in the demand of oil & gas due to stringent lockdowns in most of the countries, coupled with the Russia-OPEC price war has resulted in plummeting oil prices causing the biggest slowdown in the oil & gas sector than ever before.
Therefore, oil & gas industry, one of the end use sectors in the global industrial battery chargers market is expected to witness slow growth at a CAGR of 1.5% during the forecast period, predicts Fact.MR
APEJ to Outperform Global Industrial Battery Chargers Market
Impact of the global outbreak of coronavirus pandemic has ramped up to unprecedented levels and the commercial markets are beginning to feel the devastating impact. China, an industrial battery charger manufacturing powerhouse in the world, is now grappling with the economic turbulence caused due to COVID-19 pandemic which has significantly affected the industrial battery chargers market.
However, the situation in Asia Pacific is now coming under control resulting in business restoration in the region. For instance, on April 8, 2020 the government of China lifted the 76-day lockdown in Wuhan and other cities which led to a slight rise in the trade surplus of the country. In Fact.MR’s report, Asia Pacific (including Japan) is projected to be the leader in the global industrial battery chargers market with more than 30% market share during the forecast period.
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New Product Development to be Market Stimulating Strategy
Global industrial battery chargers market is highly competitive in nature. Leading players are introducing new products with updated technologies in order to maintain their position in the market. For instance, in February 2020, Applied Power Systems (APS) launched BC-6964 a three phase industrial battery charger specially designed for hazardous location applications.
Some of the prominent players in the global market are EnerSys which hold more than 15% share of the market followed by ABB Ltd. which accounted for around 6-7% share of the global industrial battery chargers market. The other leading players in the market are Hitachi Ltd., Exide Technologies, Delta Q, GS Yuasa Corporation, AMETEK Inc., and Crown Battery Manufacturing Company etc.
COVID-19 Market Insights:
Global outbreak of the COVID-19 has caused major impact on the entire world especially the business economy. Most of the key regions of the world are under complete lockdown in order to prevent spread of the COVID-19.
Marine industry which is one of the leading end use sectors of industrial battery chargers is undergoing a slump amid the lockdown. The slump in demand for goods from China is causing ripple effects on the global marine industry, in addition, most of the major ports in the world are not operational due to restricted entry by most of the countries.
For instance, in March 2020, Saudi Arabia announced closure of air & sea travel to the country in order to prevent the spread of coronavirus. Other end use sectors such as manufacturing, mining, railways, telecommunication and infrastructure are also expected to witness the heavy impact of the global slowdown caused due to outbreak of COVID-19 which has subsequently decreased the demand for industrial battery chargers globally during the first half of the forecast period.
However, post-recovery, as the effects of this slowdown start fading and primary and secondary businesses get restored, the global industrial battery chargers market will also regain the movement, predicts Fact.MR.
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“Growth of the global industrial battery chargers market is directly proportional to the dynamics in the end use industries. Ongoing outbreak of COVID-19 is will hinder growth of the industrial battery chargers market as it is expected to witness sharp downfall in demand for next couple of years.”
Global Industrial Battery Chargers Market: Scope of the Report
The recent global industrial battery chargers market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities and threats to the expansion of the global industrial battery chargers market.
A detailed segmental analysis, based on technology, battery rated voltage, output charging current, power rating, battery type, configuration, end use sector and regions, has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution and market value analysis provides an in-depth perspective about the future scope of the global industrial battery chargers market.
In addition, a separate section on market structure has also been provided. The section provides a detailed analysis of key market players and the strategies for expansion in the industrial battery chargers market.
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Key Segments of the Industrial Battery Chargers Market
Fact.MR’s study on the industrial battery chargers market offers information divided into two key segments-technology, a battery rated voltage, output charging current, power rating, battery type, configuration, and end-use sectors across eight major regions. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
- Ferroresonant Chargers
- High Frequency Chargers Sanitizer
- Hybrid Chargers
- SCR Chargers
Battery Rated Voltage
- Up to 24V
- 110 V
- Above 110V
Output Charging Current
- Above 500A
- Up to 5kW
- Above 15KW
- Lithium Battery
- NiCd Battery
- Plante Battery
- Sealed Lead Acid (SLA) Battery
- Dual FCBC
- FC & BC
- FC % FCBC
- Energy & Power
- IT & Data Centre
- Oil & Gas
- North America
- Latin America
- Eastern Europe
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