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.
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