Power Supply Market Size, Share, Growth, and Industry Analysis, By Type (AC-DC and DC-DC), By downstream industry (telecommunications, consumer electronics, medical & healthcare, military & aerospace, transportation, lighting, food & beverages and industrial) and Regional Forecast to 2032

Updated On: 02 September 2024

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POWER SUPPLY MARKET REPORT OVERVIEW

The global Power Supply Market Size was 1.95 billion in 2023 and the market is projected to touch USD 2.33 billion by 2032, exhibiting a CAGR of 1.81% during the forecast period.

The power supply market has grown into an intrinsic part of the global electronics industry through its devices, necessary for electrical energy conversion in telecommunications, healthcare, industrial automation, consumer electronics, and renewable energy. Categorical growth of the market is highly influenced by technological advances that bring with them efficiency and reduction in environmental impact. Growing demand for energy-efficient solutions and rapid growth in renewable energy infrastructure are additional drivers.

Although it has been a robust development, the supply chain disruptions and economic uncertainty may pose a challenge to production and demand. Both forces, however—the acceleration of digital transformation and increasing demands for advanced power solutions—will help counterbalance these barriers. All in all, the power supply market further evolves, reflecting its significant role in underpinning recent technological and industrial developments.

COVID-19 impact: factory shutdowns and transport restrictions slowed market growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic gave the Power Supply market problems and opportunities. First, the disruption of the supply chain because of factory shutdowns, restrictions on transportation, and a dearth of labor resulted in production delays and a rise in costs. Economic uncertainty reduced industrial and commercial activities hence reducing demand in many sectors. With this in view, the pandemic has accelerated increased demands for medical equipment and IT infrastructure related to remote work and online learning. This has created overnight a need for reliable power supply solutions to back these businesses. Furthermore, with accelerating digital transformation and increasing usage of cloud services and IoT devices, it calls for more developed power supply units. This accentuates the role this market is going to play in keeping essential infrastructures running and some key technological developments.

LATEST TRENDS

"Technological advancements and regulatory pressures drive efficiency and sustainability"

New trends in the power supply market growth are oriented quite rightly toward high energy efficiency and sustainability; this pressure stems mainly from regulations and environmental concerns. Digital power management and high-density power modules are increasingly adopted advanced power supply technologies to serve applications that are compact and of high performance. Also, the rising share of renewables in the power grids accelerates innovation in solutions related to power conversion and storage. Increasing volumes in electric vehicles and smart grid technologies are another demand factor; these require special power supplies. These trends reflect a shift towards more efficient, adaptable, and environmentally friendly power solutions in response to evolving technological and regulatory landscapes.

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POWER SUPPLY MARKET SEGMENTATION

By type

Based on type, the global power supply market can be segmented into AC-DC and DC-DC.

• AC-DC: This category of power supply converts alternating current to direct current for electronic devices that require pure direct current.
• DC-DC: This category of power supply converts one level of DC voltage to another level; it is used in many applications that require different voltage levels.

By downstream industry

Based on downstream industry, the global BGI and EEG market can be segmented into telecommunications, consumer electronics, medical & healthcare, military & aerospace, transportation, lighting, food & beverages and industrial.

• Telecommunication: Powers communication infrastructure and equipment
• Consumer electronics Supply power to devices such as smartphones, laptops, and home appliances
• Medical & healthcare: Provides reliable power to medical devices and healthcare equipment
• Military & aerospace: Ensures the reliability of power in defense and aerospace systems.
• Transportation: Drives Electric & Hybrid Vehicles and Transportation Systems.
• Lighting: Supports power needs for various lighting applications, including LED and traditional systems.
• Food & beverages: Powers needs for many lighting applications, from LEDs and conventional systems.
• Industrial: Powers machinery and systems through manufacturing and industrial processes.

DRIVING FACTORS

"Growing demand for energy efficient solutions drives market growth to new heights"

With growing concern towards energy consumption and its impact on the environment among industries and consumers, it is hard to disregard the push towards adopting energy-efficient power supplies. Inventions have been made possible by technological advancements in highly efficient units of power supply that help in reducing energy wastage and operational costs. This growth in demand is motivated by stringent government regulations and standards to reduce carbon emissions and ensure sustainability, and hence both manufacturers and consumers are encouraged to invest in energy-efficient power solutions.

"Rapid expansion of the renewable energy sector boosts market growth"

The global turn of interest towards renewable sources of energy, such as solar, wind, and hydropower, is strongly fueling the power supply market. Modern renewable energy systems require advanced power supply units that can support variable input power and deliver stable output. The demand for highly innovative power supply solutions to manage and distribute renewable energy will continue to remain high, which definitely fuels power supply market growth as countries continue to invest in renewable energy infrastructure.

RESTRAINING FACTORS

"Volatility of raw material prices restrain market growth"

Volatility in prices of raw materials has been one of the major restraining factors for the power supply market. Most of the power supply components have a great dependence on metals like copper, aluminum, and rare-earth elements. Therefore, prices have been influenced by geopolitical events, supply chain disruptions, and trade policies. Any such price volatility can increase production costs and, in the end, the same can possibly be passed on to the end consumer and hence affect demand. What is more, the dependency on certain materials may bring a supply shortage, and therefore, that acts as a wrench in production capacity for power supply manufacturers. This means that firms are really not able to establish profits, something that interferes with the market's vibrancy.

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POWER SUPPLY MARKET REGIONAL INSIGHTS

The market is primarily segmented into Europe, Latin America, Asia-Pacific, North America, and Middle East & Africa.

"Asia-Pacific region drives global markets through industrialization and urbanization"

The Asia-Pacific region enjoys the largest power supply market share, driven by its rapid industrialization and urbanization, raising its demand for reliable and efficient power solutions. There are several manufacturing hubs domiciled in the region, particularly in countries like China, Japan, and South Korea, that accommodate dense concentrations of production lines for electronics and electrical equipment. Furthermore, the presence of key market players and huge investments towards developing infrastructure have contributed to growth in the power supply sector. The region's growing interest in renewable energy sources and technological upgradations also aided the region to attain the top position. Furthermore, favorable government policies and steps towards building smart grids and sustainable energy facilities have enhanced the prospects of market growth in the Asia-Pacific.

KEY INDUSTRY PLAYERS

"By enhancing their products key industry players are maintaining market leadership"

Research and development, innovation, and delivering better value in terms of efficiency, reliability, and compactness are very proactive among companies in the power supply market these days. They expand their product range to display advanced power management solutions that could serve wide applications including telecommunications, data centers, and industrial automation. These companies further form strategic alliances and acquire the emerging technology firms to enhance their market position and build their technological capabilities. They also emphasize the sustainability of the offering of clean, green products that would also turn out to be in conformity with the strict environmental rules while addressing the rising demand for green energy solutions. The key players in the competitive power supply market adjust continuously to the changing market trends and customer needs to retain their leadership position.

List of Market Players Profiled

• Delta Electronics (Taiwan)
• FSP (Taiwan)
• Salcom (Finland)
• LITE-ON Power System Solutions (Taiwan)
• Murata Power Solutions (Japan)
• Power Systems & Controls (USA)
• XP Power (Singapore)
• Artesyn (USA)
• Acbel Polytech (Taiwan)
• Power Innovation (Germany)
• MTM Power (Germany)
• PULS (Germany)
• General Electric (USA)
• Siemens (Germany)
• Cosel (Japan)
• CUI (USA)
• TDK Lambda (Japan)
• Phoenix Contact (Germany)
• MEAN WELL (Taiwan)

INDUSTRIAL DEVELOPMENT

July 2024: Murata Power Solutions has launched a new series of DC-DC converters that are ultra-compact and high-efficiency. The new converters are designed to meet the strict demands for power solutions in telecommunication, data centers, and industrial automation, among many others. Series features enhanced thermal performance and improved reliability to match the increase in demand for low-loss power management in contemporary electronic systems.

REPORT COVERAGE

The entire SWOT analysis, inferences on future developments, and examination of growth factors and possible applications are all addressed. It integrates current trends reviewed with historical data to present an overall view of the market and identify growth opportunities. This includes both methods of analysis—the qualitative and quantitative—describing market segmentation, financial impacts, and competitive dynamics. It provides in-depth analyses at the national and regional levels of the supply and demand side influences, along with key participants' market shares. This report offers valuable insight into market dynamics, using accessible and novel research methodologies.