Industrial Power System Market: Current Analysis and Forecast (2022-2028)

The global industrial power system market is expected to witness a CAGR of around 6% during the forecast period (2022-2028). This is mainly owing to the growing demand for energy-efficient devices in the industrial sector around the world. Major companies in the market offer industrial power systems for the transportation sector with technologically advanced features. For instance, In January 2022, ABB acquired the electric vehicle (EV) commercial charging infrastructure solutions company, InCharge Energy. The addition of InCharge Energy will strengthen ABB's E-mobility Division in the North American market by broadening its customer base and expanding its fleet electrification software and digital services offering.

In addition, major players such as TDK-Lambda Corporation, ABB Ltd., Delta Electronics Inc., Siemens AG, Bel Fuse Inc., COSEL Co. Ltd., MEAN WELL Enterprises Co. Ltd., Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, Schneider Electric. Several M&As along with partnerships have been undertaken by these players to develop the industrial power system market.

The industrial power system is an interconnected system, composed of power plants, power lines, substations and transmission, and distribution devices, for transmitting or distributing electricity to the customers. A well-designed power system ensures robust performance and maximizes plant availability under all operating conditions, including transient conditions like motor starting, non-linear loads, and generator loss. In addition, A typical industrial energy system is composed of four main parts: power supply, production plant, energy recovery, and cooling systems. Hence, the power supply will provide the energy needed for the system to operate mainly from electrical energy, heat, gas, steam, or coal.

Insights Presented in the Report:

"Amongst type, DC-DC converters category to hold a significant share in the market"

Based on type, the market is fragmented into AC-DC Converters and DC-DC Converters. The DC-DC converters segment is seen to have significant growth in the industrial power system market during the forecasted period. This is mainly due to its industrial application such as developing automotive, robotics, aeronautics, and space industries which are expected to drive the growth of the market. In addition, DC-DC converters are used widely to produce a regulated voltage from a source that may or may not be well controlled efficiently to a load that may or may not be constant. Furthermore, DC-DC converters are high-frequency power conversion circuits that use high-frequency switching and inductors, capacitors, and transformers to smooth out switching noise into regulated DC voltages. Hence, if used at an efficiency of 90%, they are generally much more efficient and smaller than linear regulators

"Amongst technology, supervisory control and data acquisition (SCADA) to hold a significant share in the market"

Based on technology, the market is fragmented into supervisory control and data acquisition (SCADA), programmable logic controller (PLC), human-machine interface (HMI), distributed control system (DCS), and others. The SCADA segment is seen to have significant growth in the industrial power system market during the forecasted period. This is mainly because it provides an overview of plant processes and enables the integration of operations between low-level controllers. Additionally, the system requires an uninterruptible power supply and a protected environment which is necessary to know the state of complex energy systems in real-time. Also, need to monitor and control remote systems

"Amongst end-user, oil & gas is accounted for a significant market share in 2020"

Based on end-user, the market is fragmented into oil & gas, metals & mining, marine, and others. The oil & gas segment is expected to grow with a robust CAGR during the forecast period. This is mainly due to increasing awareness related to environmental degradation and climate change has prompted many major players to adopt sustainable energy strategies and invest heavily in green power generation technologies to reduce. Also, they are designed to promote sustainable development in the country. Hence, such factors are expected to boost the market growth in the coming years.

Asia Pacific to witness significant growth during the forecast period"

The Asia Pacific will dominate the industrial power system market on account of increasing environmental awareness. Also, there is the rapid growth of industrialization and urbanization, as well as the expansion of the consumer electronics industry in the region. According to the International Energy Agency (IEA), the share of renewable energy in the global power generation mixes increased from 22% in 2013 to 29% in 2020. Also, China accounted for nearly 50% of the total renewable power capacity growth in 2020; this figure is expected to reach 58% by the end of 2022. Moreover, the government is also implementing new policies and looking forwards to its high demand in the market. For instance, India is the third-largest producer and consumer of electricity worldwide, with an installed power capacity of 401.01 GW, as of April 2022. Additionally, Schemes such as Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY) and Integrated Power Development Scheme (IPDS) are expected to augment electrification across the country

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The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

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Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

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