Press release
Power Supply and Charger Market to Reach Valuation of US$ 79.21 Bn by 2031
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The global power supply and charger market is broadly affected by several factors, including increasing applications in a wide range of sectors and rising adoption of advanced technology. Thus, expansion of applications of power supply and charger in various sectors is propelling the global market.
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Power Supply and Charger Market: Dynamics
Various end-use industries have been increasingly focusing on using renewable energy, which is a major factor boosting the demand for power supply and charger devices. Moreover, IT and data centers are becoming increasingly important in end-use industries, owing to which it is expected to have positive impact on power supply and charger market. Moreover, the automotive sector is boosting the power supply and charger market, owing to a rise in the demand for electric vehicles that extensively utilize power supply components.
Introduction of smart devices and integration of artificial intelligence in industrial applications are also fueling the market. Manufacturers are investing heavily on research & development to cater to the needs of consumers from different sectors. They are developing new and innovative power supply devices to attract consumers. Furthermore, expansion of the healthcare sector is propelling the demand for power supply charger devices, owing to the usage of medical equipment, such as ventilators, and patient monitoring. Additionally, the rising trend of adoption of energy-efficient lighting systems is further driving the power supply and charger market.
However, procurement of raw material and increasing adoption of high voltage direct current sources are estimated to hamper the power supply and charger market.
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Power Supply and Charger Market: Prominent Regions
The power supply and charger market in North America is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and rise in usage of power supply and charger in various applications in the region. The power supply and charger market in Europe is projected to expand considerably during the forecast period, due to rise in investments by manufacturers in the region. The power supply and charger market in Asia Pacific is likely to expand during the forecast period, owing to an increase in usage of power supply and charger in industrial automation, consumer electronics, and the automotive sector, and the presence of a large number of players designing and producing power supply and charger devices.
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Power Supply and Charger Market: Key Players
Key players operating in the global power supply and charger market are Delta Electronics Inc., Accutronics Ltd., COSEL ASIA LTD, FRIWO Gerätebau GmbH, General Electric, Infineon Technologies AG, Lzen Electronics, MEAN Well enterprises Co. Ltd., Murata Power Solutions, Omnicharge Inc., Phoenix Contact, Power Innovation, Power System & Controls Inc., and TDK-Lambda Corporation.
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