Industrial Power Supply Market Worth $9.7 Billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 6, 2021 /PRNewswire/ -- According to the new market research report "Industrial Power Supply Market By Type (AC-DC and DC-DC Converter), Output Power (Very Low Output(up to 500W), Low Output(500-1,000W) Medium Output(1,000W–10kW), High Output(10-75kW), Very High Output(75-150kW), Vertical, Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Industrial Power Supply Market size is projected to reach USD 9.7 billion by 2026.The global Industrial Power Supply Market size is expected to grow from an estimated USD 7.0 billion in 2021 to USD 9.7 billion by 2026, at a CAGR of 6.9 %. The drivers for this market are Increasing demand for energy-efficient devices in industrial sector and Surging adoption of electric vehicles worldwide. The market is segmented by product type, output power, vertical, and region.
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By product type, AC−DC Converters is expected to dominate the Industrial Power Supply Market.
The market is segmented by product type into AC−DC converters and DC−DC converters. AC−DC converters accounted for the larger share of the Industrial Power Supply Market in 2020. Rising demand for AC-DC power sources in automotive charging and defense applications to propel the growth of market for AC-DC converters.
By output power, very low output (up to 500 W) is expected to dominate the Industrial Power Supply Market.
The very low output (up to 500 W) segment is estimated to account for the largest share in 2021, and this trend is expected to continue during the forecast period. The rising use of automation solutions and digital technology by industries based in China, India, and Japan is the prime reason for the growth of the market for industrial power supplies with a very low output.
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By vertical, transportation is projected to have a higher growth rate in the Industrial Power Supply Market.
The market is segmented by vertical into transportation, military & aerospace, lighting, test & measurement, semiconductor, battery charging & test, robotics, industrial 3D printing, and laser. The transportation segment is estimated to lead the market and is also expected to register a higher CAGR. In automotive applications, power supplies are used in high-performance electric vehicle charging stations and they are also used in electric vehicles (EVs) and hybrid electric vehicles (HEVs) to change the DC power from an on-board high-voltage battery into lower DC voltages to power headlights, interior lights, wipers, window motors, fans, pumps, and many other systems. The growing demand for electric vehicles to reduce the overall carbon footprint is a major driver for the transportation vertical in the Industrial Power Supply Market.
Asia Pacific is expected to dominate the global Industrial Power Supply Market.
Asia Pacific is estimated to be the largest Industrial Power Supply Market during the forecast period. As per the International Energy Agency (IEA) report, around 45% of electric cars on the road in 2018 were in China which is a total of 2.3 million as compared to 39% in 2017. Top EV manufacturers such as SAIC, FAW, Dongfeng, Chana, etc. have their manufacturing locations situated in China, wherein a lot of power supplies is demanded per year for the testing requirements. Also, the rising industrial automation in the countries like India & Japan along with the strict regulations and standards for the use of industrial electronics in developing countries such as China, Japan, and, India are the driving factors for the growth of industrial power supplies market in the region.
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To provide an in-depth understanding of the market's competitive landscape, the report includes the profiles of some of the top manufacturers in the Industrial Power Supply Market. These players include TDK Lambda (Japan), XP Power (Singapore), Delta Electronics (Taiwan), Siemens (Germany), and Murata Power Solutions (US).
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