Industrial Power Supply Market Size, Share & Industry | 2031

Report Description

The global industrial power supply market size was valued at USD 6.69 Billion in 2022 and is likely to reach USD 11.69 Billion by 2031, expanding at a CAGR of 9.7% during, 2023–2031. The process of providing power to diverse electrical loads is referred to as power supply.

Almost every form of electronic or electrical gadget includes a power supply. To operate industrial machinery, a variety of power sources are necessary, ranging from plant line side AC voltage to electronic device power supplies.

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The power electronics business has experienced considerable expansion in recent years. The COVID-19 pandemic, on the other hand, has had a major influence on the power electronics industry, which is a main market for power supply. Supply chains had a major and immediate influence on power supplies that have already been contracted or are in the manufacturing process.

Industry executives expect supply and construction delays, either as a result of countries shutting down industries to halt the spread of the coronavirus. China provides a large number of components and parts used in the production of power supplies and converters.

Many power supply manufacturers experience shipment delays of five weeks or more, and the market for power supplies was severely harmed as a result of the shipping delays from China and other nations.

Industrial Power Supply Market Trends, Drivers, Restraints, and Opportunities

• Rising demand for energy-efficient gadgets in the industrial sector and the global adoption of electric vehicles are major drivers expected to contribute to the market growth.

• Increasing adoption of energy-efficient equipment in industrial operations is anticipated to fuel the growth of the market.

• Changing frequency-specific norms in different countries, which results in lack of standardization in supply of power supply products, can hamper the market growth.

• Growing requirement for AC-DC power supplies for conversion in industrial and transportation applications is anticipated to drive the industrial power supply market.

• Different sorts of power subsystems, such as AC/DC converters and battery management systems, are utilized in many types of robots for industrial purposes, such as delivery robots, harvesting robots, security and inspection robots. Thus, increasing penetration of robotics is estimated to spur the growth of the market.

• Imposition of regulatory rules and safety requirements at the regional/national level can create challenges for the market.

• Many issues, such as transients, interruptions, voltage fluctuations, and frequency variations, stem from commercial power grid sources, which are dispersed over thousands of miles through transmission lines and subjected to numerous power outages due to extreme weather, equipment failure, traffic accidents, and switching issues. Thus, requirements for high-quality power devices can positively influence the growth of the market.

Scope of Industrial Power Supply Market Report

The report on the global Industrial Power Supply Market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Industrial Power Supply Market Segment Insights

Product Types Segment Analysis

Based on product types, the market can be bifurcated into AC-DC converters and DC-DC converters. The DC-DC converters segment is expected to expand at a robust CAGR during forecast period. Expanding demand for DC power sources in a number of industrial applications, as well as the developing automotive, robotics, and aeronautics and space industries is expected to drive the expansion of the market segment.

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Output Power Segment Analysis

On the basis of output power, the industrial power supply market can be segregated into very low output (up to 500 W), low output (500W-1,000W), medium output (1,000W-10kW), high output (10-75kW), and very high output (75−150kW). The very low output segment is projected to expand at a sustainable rate during the forecast period due to the increased use of automation technologies and the growing acceptance of digital technology by industries.

Verticals Segment Analysis

In terms of verticals, the market can be fragmented into transportation, semiconductor, military & aerospace, robotics, test & measurement, industrial 3d printing, battery charging & test, laser, and lighting. The transportation segment to account for a major market share in the projected timeline. Between 2020 and 2050, energy consumption in the transportation sector is expected to rise by about 40%.

Non-OECD member nations are driving the segment expansion, with energy demand in the transportation sector expected to climb by approximately 80% between 2018 and 2050 in these countries. As a result, the employment in energy-efficient technologies in industrial and transportation applications is expected to drive the segment growth.

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Regional Analysis

Based on regions, the industrial power supply market can be classified as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in Asia Pacific is anticipated to grow at a healthy rate due to increasing usage of automation tools across several industries in nations such as China and Japan, as well as the increasing sale of electric vehicles in aforementioned countries are driving the market expansion.

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