The global industrial power supply market size is expected to reach USD 12.8 billion by 2024 from an estimated value of USD 9.9 billion in 2019, at a CAGR of 5.4 % during the forecast period. The rise in lighting and consumer electronics sector in the nations such as US & China with the implementation of industrial automation in the manufacturing industry is anticipated to drive the demand of industrial power supply industry.
The lighting segment is projected to be the largest segment of the industrial power supply market
The lighting segment is predicted to dominate the industrial power supply industry based on its application. Some of the uses of LED lighting include automotive lighting, traffic signals, historical places lighting, electronic displays, street lighting, factory lighting, medical lighting, and space lighting. Currently, the demand for LED lights is anticipated to rise for metros because of their cost-effective and ecofriendly nature. Nevertheless, the demand for these lights in industrial and street lighting is expected to expand, which is likely to upsurge the industrial power supply market.
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The AC-DC converter segment is projected to be the fastest-growing segment of industrial power supply market
AC-DC converter is a device that receives an AC power input, rectifies it to varying DC voltage, and ultimately passes it through an electronic filter to obtain unregulated DC voltage. AC-DC converters are used primarily in consumer devices, medical devices, industrial & process control systems, measurement equipment, semiconductor fabrication equipment, and defense applications. The growing demand for DC power sources for various industrial & medical applications is the main factor that drives the need for AC-DC converters in industrial power supply market.
The low output segment is projected to account for a major share of the industrial power supply industry
The low output power supplies are likely to dominate the market during the forecast period. They are appropriate for industrial applications, medical equipment, consumer electronics, and telecommunication devices because of numerous benefits, such as reduced cost, weight, and size of the power control system. Digitalization and growing automation in industrial & telecommunication applications have led to the increase in demand for power supplies, which is expected to speed up the growth for industrial power supply industry.
Asia Pacific is expected to be largest market for industrial power supply
In this report, the industrial power supply market has been analyzed with respect to five regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa. Asia Pacific is expected to lead the market during the forecast period.
The growing demand for consumer electronics and increasing industrial automation in the countries like India & Japan along with stringent regulations and standards for the use of electronics in developing countries such as China, Japan, India, and Indonesia are the driving factors for the growth of industrial power supply market in Asia Pacific.
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The major players in the Industrial Power Supply Market are TDK Lambda (US), XP Power (Singapore), Delta Electronics (Taiwan), Siemens (Germany), Murata Power Solutions (US), ABB (Switzerland), MEAN WELL (Taiwan), Cosel (Japan), CUI (US), Artesyn Embedded Power (US) , and Phoenix Contact (Germany).