The Industrial Power Supply Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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As per The Business Research Company's insightful Industrial Power Supply Global Market Report 2024, the robust expansion of the industrial power supply market has been evident in recent years. Projections indicate a commendable rise from $8.66 billion in 2023 to $9.31 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 7.5%. This growth, rooted in market competitiveness, innovation, the imperative need for uninterrupted power supply, industrial electrification, infrastructure development, and a collective focus on energy efficiency, underscores the industry's resilience.
Anticipating sustained momentum, the industrial power supply market is poised to burgeon to $12.44 billion by 2028, sustaining a 7.5% CAGR. The forecasted growth aligns with industry digitization, widespread IoT adoption, the integration of renewable energy, the surge towards electric vehicles, Industry 4.0, and smart manufacturing. Key trends in the impending period include the proliferation of IoT-based solutions, strategic collaborations, product innovations, and the incorporation of advanced material technologies.
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.
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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
A noteworthy trend shaping the industrial power supply landscape is technological advancements. Industry players are earnestly incorporating cutting-edge technologies to elevate the energy efficiency levels of power supplies. Prominent companies are channeling their efforts into pioneering technologies to fortify their market standing. For example, in August 2022, Toshiba Electronics Europe GmbH, a stalwart in electronic components, unveiled five 1200V silicon-carbide (SiC) MOSFETs. These advancements, leveraging third-generation SiC technology, markedly enhance the energy efficiency of high-voltage industrial applications. The incorporation of a Schottky barrier diode (SBD) further bolsters the reliability of SiC MOSFETs by mitigating internal parasitic effects and ensuring a consistent device RDS (on). This technological leap propels conduction and switching performance in power-conversion topologies, exemplified by an over 80% improvement in the on-resistance x gate-drain charge (RDS(on) x QGD) figure of merit. This innovation heralds a new era of efficiency and performance in industrial power supply applications.
The industrial power supply market report table of contents includes:
1. Executive Summary
2. Industrial Power Supply Market Characteristics
3. Industrial Power Supply Market Trends And Strategies
4. Industrial Power Supply Market - Macro Economic Scenario
5. Global Industrial Power Supply Market Size and Growth
.....
31. Global Industrial Power Supply Market Competitive Benchmarking
32. Global Industrial Power Supply Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Industrial Sugar Market
34. Industrial Power Supply Market Future Outlook and Potential Analysis
35. Appendix
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