Press release
Power Supply and Charger Market share, Market trends, and forecasts from 2021 to 2031
The Global Power Supply and Charger Market are undergoing dynamic shifts, driven by a confluence of factors ranging from the impact of COVID-19 on electricity demand to the rise of innovative technologies. This article provides an in-depth exploration of the market size, growth prospects, segmentation, drivers, challenges, and recent developments, offering valuable insights for businesses and investors.Market Size and Growth: According to Transparency Market Research, the power supply and charger market are projected to reach an impressive value of US$ 79.21 billion by 2031, exhibiting a robust CAGR of 4.19% during the forecast period. The surge in population, coupled with a rise in disposable income and an increasing demand for clean energy, is expected to be key drivers of this growth.
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Key Market Study Points:
• Innovations in desktop chargers are generating incremental opportunities.
• Manufacturers are actively pursuing Qualcomm certification to boost sales of desktop chargers.
• The need for uninterrupted power supply is driving the demand for power supply devices.
Market Drivers: Several factors are contributing to the buoyancy of the power supply and charger market. The development of advanced features in smartphones and the widespread application of Internet-based technologies have led to a surge in demand for uninterrupted power supply devices. The rise in disposable income and the proliferation of electronic devices, particularly in Asia Pacific, the Middle East & Africa, and Europe, are further propelling market growth.
Market Development Challenges: While the market shows promise, challenges such as the impact of COVID-19 on electricity demand in commercial and industrial sectors pose obstacles. The growing incidence of battery damage from fast chargers also raises concerns, necessitating a delicate balance between meeting consumer demand for speed and ensuring the longevity of devices.
Future Outlook and Opportunities: As mass inoculation measures against COVID-19 progress, economic activity is expected to revive, positively impacting the power supply and charger market. Stakeholders are actively seeking support from international bodies like the International Finance Corporation (IFC) to navigate through these challenging times.
Recent Developments: Government initiatives, such as the allocation of INR 305,984 Cr. in the Union Budget 2021-2022 for power distribution sector reforms in India, showcase the commitment to market expansion. Additionally, schemes like Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY) and Integrated Power Development Scheme (IPDS) are driving electrification across cities and towns.
Market Opportunities and Demand: With the rise in electrification, per capita usage, and the adoption of electric vehicles, the power supply and charger market present lucrative opportunities. The demand for smart city initiatives, coupled with the increasing need for efficient EV charging infrastructure, positions the market for sustained growth.
Power Supply and Charger Market: Competition Landscape
Detailed profiles of providers of power supply and charger have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
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.
• TDK-Lambda Corporation
Regions Covered
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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