Press release
Industrial Power Supply Market Growth Drivers, Opportunities And Share Report 2024-2033
Industrial Power Supply Market Growth
The Business Research Company presents an extensive market research report on the Industrial Power Supply Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The industrial power supply market size has grown strongly in recent years. It will grow from $8.66 billion in 2023 to $9.31 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to market competitiveness and innovation, demand for uninterrupted power supply, electrification in industrial processes, infrastructure development, focus on energy efficiency..
The industrial power supply market size is expected to see strong growth in the next few years. It will grow to $12.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to industry digitization and iot adoption, renewable energy integration, transition to electric vehicles, industry 4.0 and smart manufacturing, data center expansion.. Major trends in the forecast period include iot based solutions, strategic collaborations, product innovations, advanced material technologies.
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Key Market Players:
Major companies operating in the industrial power supply market report are TDK Lambda Corporation, Siemens AG, Delta Electronics Inc., ABB Ltd., Murata Manufacturing Co. Ltd., Bel Fuse Inc., Advanced Energy Industries Inc., XP Power plc, Mean Well Enterprises Co. Ltd., COSEL Co. Ltd., Amara Raja Power Systems Limited, Astrodyne TDI Inc., MTM Power GmbH, Phoenix Contact GmbH & Co. KG, GlobTek Inc., Excelsys Technologies Ltd., FSP Group, HiTek Power GmbH, Lambda Americas, LHV Power Corp., Mornsun Power Supply, Powerbox International AB, Triad Magnetics, Axiomatic Technologies Corp, Neeltran Inc., Mingston Electronics Inc., Schneider Electric SE, PULS GmbH, RECOM Power Inc., Sager Electronics, Schaefer Inc., SynQor Inc.
Market Drivers:
The adoption of electric vehicles is expected to propel the growth of the industrial power supply market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. It operates on electric motors and charges its batteries with electricity instead, which requires various industrial power supply subsystems, such as AC/DC converters and battery management systems, for their functionalities. Additionally, with defense against COVID-19 and aspirations to achieve net-zero emissions, EV and hybrid vehicles are suddenly adopted. Such a surge in electric vehicle demand has increased production and demand for industrial power supply. For instance, according to May 2022 published, Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increasing adoption of electric vehicle is driving the growth of the industrial power supply market.
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https://www.thebusinessresearchcompany.com/report/industrial-power-supply-global-market-report
The industrial power supply market covered in this report is segmented -
1) By Product Type: AC-DC Converters, DC-DC Converters
2) By Output Power: Very Low Output (up to 500 W), Low Output (500-1, 000 W), Medium Output (1, 000 W-10 kW), High Output (10-75 kW), Very High Output (75-150 kW)
3) By Vertical Type: Transportation, Semiconductor, Military And Aerospace, Robotics, Test And Measurement, Industrial 3-D Printing, Battery Charging And Test, Automotive, Energy, Other Verticals
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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