Industrial Power Supply Market 2024: Size, Share, Growth Trends & Forecast 2033 | Key Players Overview

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.

Market Overview -
Industrial power supply refers to the components that transform electrical power into different forms and magnitudes, as well as an electrical device that is used to supply power to industrial equipment.

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Surging Adoption Of Electric Vehicles Sparks Growth In The Industrial Power Supply Market
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.

Competitive Landscape -
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.

Advancements In Technology Drive Growth In The Industrial Power Supply Market
Technological advancements have emerged as a key trend gaining popularity in the industrial power supply market. The market is witnessing the implementation of advanced technologies to improve in energy efficiency levels of these power supplies. Major companies operating in the industrial power supply market are focused on innovating new technologies to sustain their position in the market. For instance, in August 2022, Toshiba Electronics Europe GmbH, a Europe-based electronic components business of Toshiba Electronic Devices and Storage Corporation, launched five 1200V silicon-carbide (SiC) MOSFETs. It increases the energy efficiency of high-voltage industrial applications using the third-generation SiC technology. The new devices include an incorporated Schottky barrier diode (SBD), additionally improving the dependability of SiC MOSFETs by overcoming internal parasitic effects and maintaining a steady device RDS (on). This technology furthur enhances conduction and switching performance in power-conversion topologies by increasing the on-resistance x gate-drain charge (RDS(on) x QGD) figure of merit by more than 80%.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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