Industrial Power Supply Market: Current Analysis and Forecast (2023-2030)

Power Supplies for industries may be built into a machine on a factory floor. Equally, industrial power supplies can also refer to a myriad of other markets like CCTV, battery chargers, lighting, medical equipment, EPOS, marine, servers and PCs among others. Even though they are diverse, these application have a common need for products which are resilient to the environments which they face, and on the same time provide a reliable and cost-effective solution.

The complexity of electronic products and equipment's has grown steadily; this has made it important to maintain uncompromised safety standards which has also become a challenging process. Equipment used should remain protected from injury, while manufacturers should minimize exposure to litigation. Standard bodies around the world are recognizing these realities and have responded with new-generation safety legislation which has shifted significantly from prescriptive rules to a new hazards-based concept which has more performance based options. In ABB purchased InCharge Energy, a provider of commercial charging infrastructure solutions for electric vehicles (EVs), in January 2022. ABB's Emobility Division will be strengthened in the North American market by the inclusion of InCharge Energy by increasing its customer base and diversifying its digital services and fleet electrification software offerings.

Based on type, the industrial power supply market is segmented into AC-DC Converters and DC-DC Converters. Amongst Type, the DC-DC Converters segment hold a significant share in the market AC-DC converters refer to electrical circuits that optimize the variable DC voltage produced from the input AC voltage through a filter to produce an unregulated DC voltage. AC-DC converters in the industrial power supply are used to convert alternating current (AC) into a steady direct current (DC) voltage so that various electrical devices can be powered by it. Depending on the power needs of various automobile systems, DC-DC converters are employed in electric vehicles to increase or reduce the voltage levels generated by associated batteries. These converters enhance power flow and energy efficiency while also lowering vehicle fuel consumption and boosting output power per unit volume. A DC-DC converter is a dependable alternative for vehicles with limited space since it is lightweight, compact, extremely efficient, and has low electromagnetic interference and fewer current/voltage ripples.

Based on Output Power, the Industrial Power Supply market is segmented into Very Low Output (Up to 500 W), Low Output (500 W-1,000 W), Medium Output (1,000 W-10 kW), Amongst output power, Very Low Output (Up to 500 W) segment is expected to be the most significant contributor to the global industrial power supply market during the forecast period. The rising use of automation solutions and digital technology by industries based in China, India, and Japan is the prime reason for the growth of this market. This predominance highlights the growing need for precise, low-power solutions across a range of industrial applications. The'very low output' category emerges as a key driver in creating the future landscape of industrial power supply, enabling steady and dependable power delivery for important processes, as businesses continue to prioritize energy efficiency and downsizing.

For a better understanding of the market adoption, the report provides detailed analysis for major regions and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of APAC), and Rest of World. The Asia-Pacific is expected to see a high growth for industrial power supply market owing to increasing governments' focus on sustainable development and availability of a cost-competitive workforce. Since the region is facing problems due to increasing pollution and scarcity of water. The Asia-Pacific consisting of countries like China, India, Bangladesh, Indonesia, Pakistan, and Japan which lies in top 11 most populated countries in the world. Region is running out of resources and facing imbalances due to over population, due to which governments are taking important steps to control the imbalances. The key drivers of market expansion include the expanding consumer electronics industry and rising spending in the aerospace and defense industries. The Indian market for appliances and consumer electronics hit $10.9 billion in 2019, according to the India Brand Equity Foundation (IBEF). By 2025, it is anticipated to quadruple to $21.2 billion. Due to the Indian government's plans to make large investments in rural electrification, demand for consumer durables like refrigerators and consumer electronic items is anticipated to rise in the next term.

Some of the major players operating in the market include: ABB Ltd., Amara Raja Power Systems Limited (ARPSL), COSEL Co., Ltd., CUI Inc., Delta Electronics, Inc., Magna-Power Electronics, Inc., MEAN WELL Enterprises Co., Ltd., Siemens AG, TDK-Lambda Corporation, and XP Power Ltd.