Industrial Battery Chargers Market to Expand at 8.3% CAGR During Forecast Period 2018 - 2028 - Future Market Insights

VALLEY COTTAGE, New York, April 10, 2019 /PRNewswire/ -- More than 1.3 million industrial battery chargers were sold in 2018, according to a recent market research intelligence presented by Future Market Insights (FMI). The study projects a strong increase of over 7% in the procurement of industrial battery chargers in 2019.

As industrialization continues to generate ever-growing demand for energy storage, the industrial battery chargers are likely to witness heavy adoption. More than 35% of the global demand for industrial battery chargers is accounted by IT & data center, 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 plante 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.

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Favorable Government Initiatives to Accelerate Adoption of Industrial Battery Chargers

Increase in the energy distribution and transmission infrastructure backed by favorable 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.