The power supply market is expected to be worth USD 34.92 billion by 2023, growing at a CAGR of 6.7% from 2018 to 2023. Factors such as growing adoption of home and building automation systems, emerging telecommunications sector, and increasing demand for energy-efficient devices/appliances are driving the growth of the power supply market. The increasing requirement of power supply in medical and healthcare devices will provide opportunities to players in this market.
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The market for power supplies with low output power (500 W and below) is expected to grow at the highest CAGR during 2018–2023. The growth of power supplies with low output power is mainly due to the increasing use of AC-DC power supplies with low output power in telecommunications and consumer electronics. More than 3 million products supplied across the world operate in this power range and are designed to ensure low current leakage and protection against short circuits, overvoltage, and overload issues of high-wattage products.
Many telecommunication and lighting devices, medical equipment, and consumer electronics, as well as a few industrial applications, such as home and building automation systems, operate in this power range due to the benefits such as reduced power control system size, weight, and cost; this also makes the consumption of electricity more efficient. Hence, owing to the increasing demand for energy-efficient devices/appliances and advancements in telecommunications and medical sectors will upsurge the growth of low output power AC-DC power supplies.
The power supply market for AC-DC power supplies is expected to grow at the highest CAGR from 2018 to 2023. The growth of this type of power supply can be attibuted to its wide usage in industrial and healthcare applications. The AC-DC power supplies are available in different types such as enclosed/encapsulated, DIN rail, open frame, PCB mount, configurable, and others. Other types comprise power supplies such as panel mount, specific purpose, chassis mount, front end type, and external type power supplies.
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The power supply market for lighting vertical is expected to grow at the highest CAGR during the forecast period. In the lighting industry, LED lighting has a significant growth potential owing to the increasing consumer demand for energy-efficient lighting systems, declining prices of LEDs, and growing penetration of LEDs as a light source in several lighting applications. LED lighting is a significant consumer of power supplies, thereby driving the growth of the power supply market in the near future.
The power supply market in APAC is expected to grow at the highest CAGR during the forecast period. Moreover, the market in APAC is likely to continue to hold the largest size owing to the increasing demand for consumer equipment, such as portable healthcare electronics and white goods. Increasing digitization and automation in various sectors is likely to generate demand for power supplies in APAC.
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