Global Industrial Battery Chargers Market: Overview
The growth of the global industrial battery chargers market is estimated to be driven by the increasing deployment of these battery chargers for the purpose of making grid more sustainable, cost-effective, secured, and safe. The switch to renewable source of energy from non-renewable sources is prophesized to emerge as one of the important factors accentuating the demand for industrial battery chargers across various segments, especially in the utility sector. In accordance with the data of World Bank, nearly 78 GW wind turbine and solar energy production capacity was set up toward the end 2016 and the same is estimated to rise to around 378 GW toward the end of 2021.
Increasing investments in the energy distribution and transmission infrastructure is estimated to rise so as to meet the ever-rising demand of power across the globe. The control and distribution of power is more intelligent and efficient now, which is anticipated to pave way for the developments of the global industrial battery chargers market over the timeframe of analysis, from 2020 to 2030. In addition to that, there has been a rise in the number of manufacturers from the Asia Pacific region. These manufacturers from Asia Pacific are making an offer of low-cost industrial battery chargers, thereby creating a huge variation in price across the globe.
The global industrial battery chargers market has been segmented on the basis of three important parameters, which are vehicle type, sales channel, and region.
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Global Industrial Battery Chargers Market: Notable Developments
One of the latest developments in the global industrial battery chargers market that is likely to leave an impact on the market is mentioned as below:
- In February 2020, Prominent US-based manufacturer of electromechanical devices and electronic instruments, AMETEK, Inc, made an acquisition of Intellipower, Inc. The latter is a provider of ruggedized and high-reliability uninterruptible power systems catering to an extensive range of industrial and defense applications. With this acquisition, AMETEK is expected to diversify its product portfolio and fortify its position in the sector of power systems worldwide.
Some of the leading companies in the global industrial battery chargers market include the following:
- GS Yuasa Corporation
- Exide Technologies
- Crown Battery Manufacturing Company
- Kirloskar Electric Co. Ltd.
- Hitachi Ltd.
- AMETEK, Inc.
Global Industrial Battery Chargers Market: Key Trends
The global industrial battery chargers market is characterized by the prevalence of the following challenges, market drivers, and promising opportunities.
Demand to Increase on the Back of Growing Focus on Renewable Energy Sources
The global industrial battery chargers market is likely to be influenced by the growing importance of digital revolution and has thrived on transformations in the technology of battery. This technology is utilized across many of the industrial operations because smart solutions are gaining traction in various industrial processes. Augmented emphasis on the setting up of new grids of power is likely to influence the growth of the global industrial battery chargers market considerably over the timeframe of analysis, from 2020 to 2030.
In addition to that, there has been a rise in the investments made by the private and government enterprises on various projects of renewable energy, especially the ones that are based on solar energy. With increased focus on renewable sources of energy, the aim is to attainable sustainable form of economy. Increasing deployment of various green energy solutions in new as well as exiting grids of energy is likely to foster growth of the global industrial battery chargers market over the tenure of assessment, from 2020 to 2030.
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Global Industrial Battery Chargers Market: Geographical Analysis
Traditionally, Europe and North America regions have been the leading territories in the global industrial battery chargers market throughout the period of forecast. Thriving business of the oil and gas sector in both the regions are expected to fuel growth of the market in both North America and Europe. Asia Pacific is likely to present immense growth prospects for the market players, thanks to the growing focus and investment on IT and communication technologies in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.