Industrial Power Supply Market to Reach $32.1 Billion, Globally, by 2033 at 10.6% CAGR: Allied Market Research

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Aug 20, 2024, 03:17 ET

As businesses and industries become more conscious of their energy consumption and environmental impact, they are increasingly seeking power supply solutions that offer higher efficiency and lower energy waste. This trend is fueled by both cost-saving initiatives and regulatory pressures to reduce carbon footprints, thereby expected to boost the demand of industrial power supply market during the forecast period.

WILMINGTON, Del., Aug. 20, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Industrial Power Supply Market by Type (Switching Power Supplies, Unregulated Power Supplies, Linear Power Supplies and Others), Product (Panel Mount, DC/DC Converters, LED Drivers, Battery Chargers and Others), Application (Industrial Automation, Medical Devices, Telecommunication, Data Centers and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the industrial power supply market was valued at $11.6 billion in 2023, and is estimated to reach $32.1 billion by 2033, growing at a CAGR of 10.6% from 2024 to 2033.

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Prime determinants of growth

As solar, wind, and other renewable energy technologies are increasingly integrated into power grids and industrial operations, there's a growing need for specialized power supply systems that can efficiently manage and convert the variable output from these sources. Industrial power supplies play a crucial role in this transition by providing the necessary power conditioning, voltage regulation, and energy storage solutions to ensure a stable and reliable power flow from renewable sources to industrial equipment. The expansion of renewable energy sources is significantly driving the demand for industrial power supplies market.

Report coverage & details:

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2023	$11.6 billion
Market Size in 2033	$32.1 billion
CAGR	10.6 %
No. of Pages in Report	340
Segments Covered	Type, Product, Application, and Region.
Drivers	Rising demand for energy-efficient power supplies Increased demand for power supply reliability and stability
Opportunity	Rising adoption of electric vehicles
Restraint	High maintenance and operational costs

The switching power supplies segment is expected to experience the fastest growth throughout the forecast period.

By type, the switching power supplies segment held the highest market share in 2023 and is estimated to maintain its leadership status throughout the forecast period. Switching power supplies indeed operate at significantly higher efficiency levels compared to linear power supplies, typically in the range of 80-95%. The efficiency of switching power supplies stems from their operating principle. They rapidly switch the input voltage on and off at high frequencies, typically in the range of 10 to 100 kilohertz. This switching action, combined with energy storage in inductors or capacitors, allows for efficient power conversion with minimal energy loss.

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The DC/DC converters segment is expected to experience the fastest growth throughout the forecast period.

By product type, the DC/DC converters segment held the highest market share in 2023 and is estimated to maintain its leadership status throughout the forecast period. DC/DC converters play a crucial role in modern electronics, serving as the backbone of power management systems across a wide range of applications. Their dominance in the market stems from their versatility and essential function in converting and regulating voltage levels.

The industrial automation segment is expected to experience the fastest growth throughout the forecast period.

By application, the industrial automation segment held the highest market share in 2023 and is estimated to dominate during the forecast period. As factories and production facilities increasingly adopt automated systems, robotics, and interconnected devices, the demand for reliable, efficient, and sophisticated power solutions has skyrocketed. These automated systems require precise power management to ensure optimal performance and minimize downtime.

Asia-Pacific is expected to experience the fastest growth throughout the forecast period.

By region, Asia-Pacific was the fastest growing region in terms of revenue in 2023. Rapid industrialization across the region is a primary factor driving the demand for industrial power supplies. Countries such as China, India, Vietnam, and Indonesia are experiencing significant industrial growth, with a focus on manufacturing sectors such as automotive, electronics, and textiles. This industrial expansion necessitates reliable and efficient power supply solutions to support the increasing number of factories and production facilities. All these factors are expected to drive the demand for the industrial power supply market.

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Leading Market Players: -

Siemens AG
ABB Ltd.
General Electric Company
Schneider Electric
Eaton
Advanced Energy
Bel Fuse Inc
Delta Electronics, Inc.
Murata Manufacturing Co., Ltd.
Power Integrations.

The report provides a detailed analysis of these key players in the global industrial power supply market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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