The market for industrial battery chargers is expected to grow from its 2023 valuation of US$ 2.3 billion to US$ 4.5 billion by the end of 2033. Industrial battery charger demand is expected to grow rapidly at a CAGR of 7% between 2023 and 2033.
Devices called industrial battery chargers are used to recharge industrial batteries so they can keep working efficiently. These chargers are available in various types, each with specific features and functions. Ferroresonant chargers are frequently employed in the manufacturing and mining industries. The demand for ferroresonant chargers is rising as a result of recent developments in charger technology, such as smaller and lighter designs.
Another factor affecting market growth is advancements in battery charger technology. For instance, intelligent battery chargers that turn off automatically when batteries are fully charged can prevent overcharging. Additionally, these chargers can track temperature and voltage, extending battery life.
“The adoption of renewable energy sources is increasing”
The transition from non-renewable to renewable energy sources is anticipated to be one of the major factors enhancing the need for industrial battery chargers across all end-use industries, particularly in the utility industry. Additionally, both public and private companies have increased their investments in a range of renewable energy projects, particularly those that use solar energy.
In order to achieve a sustainable type of economy, more focus must be placed on renewable energy sources. Market expansion is being driven by the use of green energy solutions in both new and existing energy grids.
“Rapid Expansion of Oil & Gas Industry in North America”
40% of the global market is accounted for by North America.
It is anticipated that the oil and gas industry’s explosive growth will fuel market expansion in North America. Market value in the area is rising as IT and communication technologies are given more attention. In the upcoming years, market expansion is anticipated to be fuelled by government initiatives and regulations that support renewable energy.
Leading companies are focusing on quality control, new developments, and introducing new products with updated technologies while following safety regulations to maintain their position in the market. Top industrial battery charger manufacturers are concentrating on product standards, supply chain management, and pricing trends to expand their global presence.
• In 2020, Applied Power Systems (APS), launched BC-6964 a three-phase industrial battery charger specially designed for hazardous location applications.
• In 2020, a top manufacturer of batteries, Delta Q, introduced the QC350, a new advanced sealed charger. The QC 350 is intended for use in recharging electric car batteries. This charger is designed to be small and portable so that it may be used for charging with ease.
These insights are based on a report on Industrial Battery Chargers Market by Fact.MR.
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Media Relations Team – Fact.MR