Top Market Shifts Transforming the Industrial Power Supply Market Landscape: Key Insights

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What Is the Expected CAGR for the Industrial Power Supply Market Through 2025?
Over the past few years, the industrial power supply market has seen considerable expansion. The market value is projected to escalate from $9.29 billion in 2024 to $9.88 billion in 2025; this equates to a compound annual growth rate (CAGR) of 6.3%. Factors such as market competitiveness and innovation, the necessity for constant power supply, the incorporation of electrification in industrial procedures, infrastructure advancement, and emphasis on energy efficiency have precipitated this growth during the historic period.

What's the Projected Size of the Global Industrial Power Supply Market by 2029?
There is a strong anticipation of substantial expansion in the industrial power supply market size in the coming years. The market is projected to rise to $13.38 billion in 2029, with a compound annual growth rate (CAGR) of 7.9%. The growth during the forecast period can be associated with factors such as industry digitization and IoT implementation, incorporation of renewable energy, shift towards electric vehicles, advancement towards Industry 4.0 and intelligent manufacturing, and expansion of data centers. Primarily, the forecast period will witness trends such as IoT-based solutions, strategic alliances, product enhancements, and the evolution of advanced material technologies.

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Top Growth Drivers in the Industrial Power Supply Industry: What's Accelerating the Market?
The industrial power supply market is set to flourish due to the rising popularity of electric vehicles. These vehicles, which operate on electricity stored in batteries that power an electric motor, necessitate various industrial power supply subsystems, including AC/DC converters and battery management systems. In the backdrop of the fight against COVID-19 and the goal of achieving net-zero emissions, the adoption of EVs and hybrid vehicles is experiencing an unexpected surge. This sudden jump in the demand for electric vehicles has boosted the production and need for industrial power supplies. For example, the Global EV Outlook 2022 report, published in May 2022, showed that electric vehicle sales had doubled from the previous year, hitting a record high of 6.6 million in 2021. As a result of the increased adoption of electric vehicles, the industrial power supply market is experiencing significant growth.

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What Trends Will Shape the Industrial Power Supply Market Through 2029 and Beyond?
The surge of technological advancements has become a prominent trend in the industrial power supply market. This market is currently experiencing the deployment of cutting-edge technologies to enhance the energy efficiency of these power systems. Major players in the industrial power supply market are centered on inventing new technologies to maintain their market presence. For example, in August 2022, Toshiba Electronics Europe GmbH, the Europe-focused electronics wing of Toshiba Electronic Devices and Storage Corporation, introduced five 1200V silicon-carbide (SiC) MOSFETs. This advancement boosts the energy efficiency of high-voltage industrial applications leveraging the third-gen SiC technology. The new products feature an integrated Schottky barrier diode (SBD), which further boosts the reliability of SiC MOSFETs by battling internal parasitic effects and maintaining a constant device RDS (on). Additionally, this technology significantly upgrades conduction and switching performance in power-conversion topologies by raising the on-resistance x gate-drain charge (RDS(on) x QGD) figure of merit by over 80%.

What Are the Main Segments in the Industrial Power Supply Market?
The industrial power supplymarket 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

Subsegments:
1) By AC-DC Converters: Linear Power Supplies, Switching Power Supplies, Uninterruptible Power Supplies (UPS)
2) By DC-DC Converters: Buck Converters, Boost Converters, Buck-Boost Converters, Isolated DC-DC Converters, Non-Isolated DC-DC Converters

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Which Top Companies are Driving Growth in the Industrial Power Supply Market?
Major companies operating in the industrial power supply market are 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.

Which Regions Will Dominate the Industrial Power Supply Market Through 2029?
Asia-Pacific was the largest region in the industrial power supply market share in 2024. The regions covered in the industrial power supply market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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