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Industrial Power Supply Market 2024-2033 : Market Size, Top Segments, Leading Region Forecast
Industrial Power Supply Global Market Report 2024
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According to The Business Research Company's, 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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Market Drivers and Trends:
The growing healthcare industry is expected to boost the growth of the industrial power supply market going forward. The healthcare industry encompasses a broad spectrum of organizations, professionals, products, and services dedicated to the maintenance and improvement of health. The growing healthcare industry creates a demand for advanced, reliable, and energy-efficient power supply solutions to support the diverse technological and operational needs of healthcare facilities and services. For instance, in March 2022, according to the 2021-2030 National Health Expenditure (NHE) report published by the Centers for Medicare & Medicaid Services, a US-based federal agency, the projected growth indicates that, on average, national health spending is expected to increase by 5.1% annually between 2021 and 2030, reaching a total of nearly $6.8 trillion. Additionally, it is anticipated that from 2021 to 2030, Medicare spending is going to rise at a 7.2% annual pace while Medicaid spending will rise at a 5.6% annual rate. Therefore, the growing healthcare industry is driving the growth of 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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Major Key Players of the Market:
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.
Industrial Power Supply Market 2024 Key Insights:
• 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%.
• Surging Adoption Of Electric Vehicles Sparks Growth In The Industrial Power Supply Market
• Advancements In Technology Drive Growth In The Industrial Power Supply Market
• Asia-Pacific was the largest region in the industrial power supply market share in 2023
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