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 % during the forecast period. Asia Pacific is expected to lead the industrial power supply market, followed by North America and Europe. The market in Europe is also expected to grow at the highest rate during the forecast period. The growing lighting sectors in China and the US and the increasing adoption of industrial automation in the manufacturing sector are likely to boost the industrial power supply market in Asia Pacific and North American regions. Moreover, the adoption of electric vehicles is high in the countries such as China, US, Japan, etc. which might boost the demand for power supplies.
AC−DC Converters is expected to dominate the Industrial Power Supply Market.
The industrial power supply 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.
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Transportation is projected to have a higher growth rate in the industrial power supply market.
The industrial power supply 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 be the largest 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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The leading players in the Industrial Power Supply Market are TDK Lambda (Japan), XP Power (Singapore), Delta Electronics (Taiwan), Siemens (Germany), and Murata Power Solutions (US), XP Power (Singapore), Advanced Energy (US), Bel Fuse (US), Cosel (Japan), MEAN WELL (Taiwan), etc.