Press release
Evolving Industrial Power Supply Market: CAGR of 8.2%, Electric Vehicles & Advanced Technologies Drive Growth
Industrial Power Supply Market Outlook
The global industrial power supply market is witnessing robust growth due to increased demand for uninterrupted power supply, electrification in industrial processes, and advent of digitalisation and IoT in the industry.
What Is The Projected Market Size Of The Global Industrial Power Supply Market And Its Growth Rate?
• The industrial power supply market grew from $9.29 billion in 2024 to $9.97 billion in 2025, calculating an impressive CAGR of 7.3%.
• Market competitiveness and innovation, demand for uninterrupted power supply, and focus on energy efficiency have significantly contributed to the growth in this period.
• The market size is projected to further escalate to $13.65 billion in 2029, with a CAGR of 8.2%.
• Key growth drivers for this forecast period are predicted to be industry digitalization and IoT adoption, renewable energy integration, transition to electric vehicles, industry 4.0 and smart manufacturing, and data center expansion.
What Is Driving The Growth In The Industrial Power Supply Market?
The increased adoption of electric vehicles is fueling the growth of the industrial power supply market. Electric vehicles require various industrial power supply subsystems such as AC/DC converters and battery management systems for operation. With the global push towards net-zero emissions and the widespread adoption of EVs and hybrid vehicles in wake of the COVID-19 pandemic, the demand for industrial power supply has surged. According to the Global EV Outlook 2022 report, electric vehicle sales doubled from the previous year in 2021, hitting a new high of 6.6 million. This increased production and demand for electric vehicles is considerably driving growth of the industrial power supply market.
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Who Are the Key Players Driving Industrial Power Supply Market Growth?
The major players in the industrial power supply market include:
• 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
What Are The Key Trends In The Industrial Power Supply Market?
The introduction of advanced technologies is one of the key trends emerging in the industrial power supply market. This includes:
• IoT=based solutions
• Strategic collaborations
• Product innovations
• Advanced material technologies
What Are The Segments Of The Global Industrial Power Supply Market?
The global industrial power supply market is generally segmented by:
• By Product Type: AC-DC Converters, DC-DC Converters
• 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)
• By Vertical Type: Transportation, Semiconductor, Military and Aerospace, Robotics, Test and Measurement, Industrial 3-D Printing, Battery Charging and Test, Automotive, Energy, Other Verticals
Which Region Leads The Industrial Power Supply Market?
In 2024, Asia-Pacific was the largest region in the industrial power supply market. The industrial power supply market report covers several regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Industrial Power Supply Market Global Market Report?
• Market Size Analysis: Analyze the Industrial Power Supply Market size by key regions, countries, product types, and applications.
• Market Segmentation Analysis: Identify various subsegments within the Industrial Power Supply Market for effective categorization.
• Key Player Focus on key players to define their market value, share, and competitive landscape.
• Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
• Market Contribution: Evaluate contributions of different segments to the overall GMM Market growth.
• Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
• Industry Challenges: Analyze challenges and risks affecting the Industrial Power Supply Market.
• Competitive Developments: Analyze competitive developments such as expansions, agreements, and new product launches in the market.
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