New York, United States , July 16, 2024 (GLOBE NEWSWIRE) -- The Global Industrial Power Supply Market Size is to Grow from USD 8.99 Billion in 2023 to USD 15.11 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.33% during the projected period.
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Numerous industrial sectors rely on the global industrial power supply market to offer the necessary electrical power for operating machinery, equipment, and processes. In this industry, power supply solutions such as UPS systems, DC-DC converters, AC-DC converters, and other power distribution equipment are readily accessible. The requirement for robust and efficient power supply solutions is expected to rise sharply as businesses continue to transform and integrate automation, robotics, and Internet of Things technology. Global demand for electric vehicles is expanding sharply as a result of the governments of various countries, including China, India, the US, France, and the UK, implementing robust plans and initiatives to reduce carbon emissions through the promotion of eco-friendly vehicle use. These governments place a high priority on constructing public infrastructure for charging electric vehicles and offer several incentives to promote the use of these vehicles. One important regulatory element controlling industrial power supply is safety requirements, such as those set by organizations like Underwriters Laboratories (UL) and the International Electrotechnical Commission (IEC). These standards outline the requirements for grounding, insulation, overcurrent protection, and other safety precautions to lessen the risk of electric shock, fire, and other risks.
Browse key industry insights spread across 206 pages with 110 Market data tables and figures & charts from the report on the "Global Industrial Power Supply Market Size, Share, and COVID-19 Impact Analysis, By Type (AC-DC Converter and DC-DC Converter), By Output Power (Up to 500W, 500-1000W, 1000W-10KW, 10KW-75KW, and 75-150KW), By Vertical (Medical & Healthcare, Transportation, Lighting, and others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The AC-DC converter segment is anticipated to hold the greatest share of the global industrial power supply market during the projected timeframe.
On the basis of type, the global industrial power supply market is classified into AC-DC converter and DC-DC converter. Among these, the AC-DC converter segment is anticipated to hold the greatest share of the global industrial power supply market during the projected timeframe. The electrical grid and many industrial facilities distribute power using alternating current (AC). AC-DC converters bridge this power imbalance by converting AC electricity into the DC power required by industrial machinery.
The up to 500W segment is anticipated to grow at the fastest pace in the global industrial power supply market during the projected timeframe.
On the basis of output power, the global industrial power supply market is segmented into up to 500W, 500-1000W, 1000W-10KW, 10KW-75KW, and 75-150KW. Among these, the up to 500W segment is anticipated to grow at the fastest pace in the global industrial power supply market during the projected timeframe. Many industrial applications require low power for sensors, actuators, and electronic control components, especially in control and instrumentation systems. These applications suit power supplies with up to 500W of output, as these systems are often used at lower power levels.
The lighting segment is predicted to grow at the highest pace in the industrial power supply market during the estimated period.
On the basis of vertical, the global industrial power supply market is bifurcated into medical & healthcare, transportation, lighting, and others. Among these, the lighting segment is predicted to grow at the highest pace in the industrial power supply market during the estimated period. This is due to the growing usage of LED lighting in a variety of applications, including electronic displays, traffic signals, street lighting, medical lighting, automobile illumination, and factory lighting systems.
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North America is expected to hold the largest share of the global industrial power supply market over the forecast period.
North America is expected to hold the largest share of the global industrial power supply market over the forecast period. North America holds a sizable portion of the industrial power supply market because the region concentrates on major industry players and technological advancements. Industrial automation is highly valued in the region, particularly in the manufacturing, automotive, and aerospace sectors. As a result, dependable and efficient power supply solutions are required. The region's potential for growth is further enhanced by initiatives that promote the use of renewable energy sources and smart grid technologies.
Asia Pacific is predicted to grow at the fastest pace in the global industrial power supply market during the projected timeframe. The expanding manufacturing sector and government initiatives to promote infrastructure development and industrial automation are driving the need for industrial power supply solutions. Additionally, the region's increasing expenditures in renewable energy projects present lucrative opportunities for market players offering innovative power supply solutions tailored to meet the particular needs of diverse businesses.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Industrial Power Supply Market include ABB, Acopian, Amara Raja Power Systems, Artesyn Embedded Power, Cosel, CUI, Delta Electronics, FSP, Mean Well, MTM Power, Murata Power Solutions, Phoenix Contact, Puls, Siemens, TDK Lambda, and others key companies.
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Recent Developments
- In January 2022, InCharge Energy, a provider of commercial charging infrastructure solutions for electric vehicles, was bought by ABB. ABB's E-mobility Division was strengthened in the North American market with the addition of InCharge Energy, which increased its fleet electronification software and digital services offerings and widened its customer base.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the Global Industrial Power Supply Market based on the below-mentioned segments:
Global Industrial Power Supply Market, By Type
- AC-DC Converter
- DC-DC Converter
Global Industrial Power Supply Market, By Output Power
- Up to 500W
- 500-1000W
- 1000W-10KW
- 10KW-75KW
- 75-150KW
Global Industrial Power Supply Market, By Vertical
- Medical & Healthcare
- Transportation
- Lighting
- Others
Military Rotorcraft Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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