According to Future Market Insights, the industrial battery chargers market will expand at an annual rate of 8.3% between 2018 and 2018.
In 2019 alone, the procurement of industrial battery chargers is expected to record a 7% increase.
More than 35% of the global demand for industrial battery chargers is accounted by IT & data center, and energy & power industries.
Factors driving the market growth include:
Favorable government regulation on energy sustainability and an increase in energy distribution and transmission infrastructure.
For instance, local and regional governments are expected to increase subsidies for procuirement of energy systems based alternative sources
"... 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.
The Asian and European economies are expected to be leaders in adopting industrial battery chargers. The Asia/Pacific excluding Japan (APEJ) region holds a fourth of the total revenue of industrial battery chargers market.
Although European countries are leading the way for the increasing usage of renewable energy, developing countries are expected to emerge as game changers, looking at the rapidly improving emission patterns.
Vendors and technology companies within the sector are more focused on improving their capabilities to cater to diverse specifications of a wide range of operational requirements as well as ensuring their offerings are highly compatable with harsh environmental conditions.