The global DC power supplies market size is projected to reach USD 454 million by 2024 from an estimated value of USD 361 million in 2019, at a CAGR of 4.7% from 2019 to 2024. The growing wireless communication & infrastructure and aerospace & defense segment in the countries such as US & Canada and growing demand for industrial automation and consumer electronics sector in countries such as India & Japan is anticipated to drive the demand of the DC power supplies market.
The low output segment is projected to account for a significant share of the DC power supplies market.
The low output DC power supplies are likely to dominate the market during the forecast period. Low output power supplies are generally used for are used for testing low power automotive components, medical equipment, consumer electronics & appliances, and wireless communications. They have the advantages such as reduced cost, weight, and size of the power control system. Growing usage of DC power supplies for testing low power automotive components and consumer electronics has led to the rise in its demand which is expected to speed up the growth for DC power supplies market.
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The high output segment is projected to be the fastest-growing DC power supplies market.
The high output power supplies are mainly the programmable ones primarily used to for automotive test equipment (ATE), semiconductor fabrications, aerospace & military, energy storage, and others. A few key features of these high output power supplies are consistent controls, broad voltage-current range, high frequency, and enhanced design. The requirement to test the products that undergo harsh, rugged and extensive environmental conditions for operational duties by military & avionics is expected to drive the growth for the high output power supplies in the DC power supplies market.
North America is projected to be the largest market for DC power supplies
In this report, the DC power supplies market is segmented into five regions, namely, Asia Pacific, Europe, North America, South America, and the Middle East & Africa. North America is predicted to account for the largest DC power supply market share from 2019 to 2024. Also, it is expected to be the fastest-growing market for DC power supplies during the forecast period. The growing wireless communication & infrastructure and aerospace & defense segment in countries such as the US & Canada is likely to boost the demand of DC power supplies market in the region.
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The major players in the DC Power Supplies Market are Keysight Technologies (US), TDK Lambda (Japan), Chroma ATE (Taiwan), Good Will Instrument (Taiwan), Rohde & Schwarz (Germany), and B&K Precision (US), Tektronix (US), and MEAN WELL (Taiwan).