Market Research Report
Power Supply Market Forecasts to 2028 - Global Analysis By Product (Alternating Current (AC)-Direct Current (DC) Power Supply, Direct Current (DC)-Direct Current (DC) Converter), End User (Industrial, Lighting) and By Geography
|Power Supply Market Forecasts to 2028 - Global Analysis By Product (Alternating Current (AC)-Direct Current (DC) Power Supply, Direct Current (DC)-Direct Current (DC) Converter), End User (Industrial, Lighting) and By Geography|
Published: May 1, 2022
Stratistics Market Research Consulting
Content info: 200+ Pages
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According to Stratistics MRC, the Global Power Supply Market is accounted for $28,344.42 million in 2021 and is expected to reach $44,337.18 million by 2028 growing at a CAGR of 6.6% during the forecast period. A power supply is a hardware component that supplies power to an electrical device. It receives power from an electrical outlet and converts the current from AC (alternating current) to DC (direct current). Power supplies are rated in terms of the number of watts they generate. It is also known as a power supply unit, power brick or power adapter.
Growing use of home and building automation systems
Growing use of home and building automation systems is a major factor driving the market's expansion. Building automation has gotten a lot of attention lately because of its potential to reduce energy usage and make building operation, monitoring, and maintenance easier while also increasing occupant happiness. The rising need for better lighting solutions, high demand for energy-efficient devices/appliances, and the developing telecommunications industry are all contributing to the global power supply market's accelerated growth. The increased demand for power supply in consumer electronics, medical and healthcare, and military and aerospace could provide the industry with profitable growth potential.
Increasing adoption of high voltage direct current (HVDC)
The market's growth is being stifled by increased adoption of high-voltage direct current (HVDC) and a variety of regional/country-specific regulatory and safety standards. Governments also impose a slew of international and domestic regulatory requirements to ensure the development of high-quality power supply equipment. These standards are developed and administered by national or international organisations in collaboration with various government-approved testing laboratories. RoHS (Restriction of Hazardous Substances), the Electronic Waste Directive, and the International Electrotechnical Commission all apply to industrial power supply manufacturers (IEC).
Rising applications in industrial, transportation, and aerospace & defense sectors
The increase in demand for power supply in telecommunication, healthcare, consumer electronics, and manufacturing industries is expected to drive the global power supply market in the upcoming years. Rise in demand for power supply in industrial, transportation and aerospace & defense sectors across the globe are fueling the power supply market growth. There is an increasing demand for AC-DC and DC-DC power supplies with an output voltage varying from less than 1 V to thousands of volts and the output power ranging from 0.1 W to thousands of watts. The increasing adoption of power supply in devices such as home lighting, wearable fitness devices, street lighting, health monitoring devices and consumer electronics products such as smartphones is driving the global power supply market.
Rising numerous regional/country-wise regulatory and safety standards
Renewable energy sources and rising numerous regional/country-wise regulatory and safety standards are the major factors among others which will curtail the market growth, while rising stringent design considerations for input power/nonstandard AC & DC inputs will further challenge the power supply market in the forecast period mentioned above.
The alternating current (AC)-direct current (DC) power supply segment is expected to have the highest CAGR during the forecast period
The alternating current (AC)-direct current (DC) power supply segment is growing at the highest CAGR in the market. AC-DC converters have the functionality to extract a stable DC power supply by rectifying and controlling commercial power supplies. AC-DC has high efficiency power supply. AC input voltages are catered for from 80VAC to 305VAC single phase and 208, 380/400/415 and 480VAC three phase
The direct current (DC)-direct current (DC) converter segment is expected to be the largest during the forecast period
The direct current (DC)-direct current (DC) converter segment is expected to be the largest share in the market. DC-DC converter type of power supply is employed in limited applications. Therefore, the DC-DC converter segment is likely to expand at a steady pace during the forecast period.
Region with highest share:
Asia Pacific is projected to hold the largest share in the market. This growth can be attributed to the strong demand for consumer equipment, including portable healthcare electronics and white goods. Increasing digitization and automation in various sectors is likely to generate demand for power supplies in APAC.
Region with highest CAGR:
The Asia Pacific is projected to have the highest CAGR due to rising demand for consumer electronics, including portable healthcare electronics, rising automation and digitization in different sectors is generating the demand for power supplies, rising presence of prominent players, hiking adoption of low output power in the consumer electronics applications and telecommunication and rising demand for the latest technology products in this region.
Key players in the market:
Some of the key players profiled in the Power Supply Market include Siemens AG, Cosel, Mean Well, Delta Electronics, TDK Lambda, Puls, XP Power, Murata Power Solutions, Phoenix Contact, Acopian, Salcomp, CUI, MTM Power, FSP, Lite-On Power Sysytem Solutions, Acbel Polytech, and Power Systems & Controls.
In Jan 2020: Siemens AG acquired India-based C&S Electric to address the strong demand for low-voltage power distribution in India, strengthen its market presence, and enable the creation of export hub. This acquisition will strengthen Siemens' position as a key supplier of low-voltage power distribution and electrical installation technology in India.
In Oct 2019: MEAN WELL launched WDR-60 Series 60W Single-Phase 180~550Vac Ultra-Wide Input DIN Rail Power Supply product line on the market to meet the growing requirements from the automotive industry.
Output Powers Covered:
End Users Covered:
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