The global industrial power supply market accounted for a value of USD 9.0 billion in 2019 and is projected to register growth at a CAGR of 4.2% during forecast period.
COVID-19 has impacted the industrial power supply market. The industries around the globe are temporarily closed which reduces power requirements by industrial sector. The government has implemented nation wise lockdown due to which major manufacturing units have to halt. The demand for industrial power has declined immensely due to pandemic.
For more details, visit: Global Industrial Power Supply Market By Product Type (AC-DC Converter, DC-AC Inverter, Others), By Output Power (Low Output, High Output, Others), By End-Users (Lighting, Transportation, Others), By Region, Forecast & Opportunities to 2026
The demand for electronics devices is various countries such US, China and others are increasing. The lightning sector is growing across the world. The industrial automation is implementing in the manufacturing industry. This increases demand for industrial power supply and drives growth in this market during forecast period.
On the basis of product type, the industrial power supply market is segmented into AC-DC converter, DC-AC inverter and DC-DC converter. The DC-AC inverter segment is estimated to be the fastest growing market during forecast period. The application of DC-AC inverter is higher in areas such as power grid, electric motor speed, HVDC power transmission, solar and induction heating etc. The DC-AC inverters can survive extreme altitude, shock waves and temperatures. The demand for AC power sources in HVDC power transmission and solar is increasing around the world. This drives growth in DC-AC inverters segment during forecast period.
On the basis of output power, the industrial power supply market is segmented into low output (up to 1000 W), medium output (1000 W – 10 kW), high output (10 kW – 75 kW) and high output (75 kW- 150 kW). The medium output (1000 W-10 kW) segment is estimated to be the fastest growing segment during forecast period. The medium output segment has wide application in solar technology, wideband power amplifiers, automatic test equipment, scanners, packaging equipments and light industrial systems etc. The demand for medium output power supplies is increasing as it is widely used in medical & healthcare, industrial automation, transportation and warehousing etc. Thus, drive growth in medium output segment during forecast period.
On the basis of end-users, the industrial power supply market is segmented into consumer electronics, lighting, transportation, food & beverages, military & aerospace telecommunication, medical & healthcare and others. The lighting segment is estimated to dominate the market during forecast period. The lighting segment has application in automotive lighting, medical lighting, traffic signals, electronic display, factory lighting, street lighting and others. These segments use LED lighting as it is cost-efficient and eco-friendly. The governments around the world are promoting use of LED lighting. This increases demand and adoption of lighting segment and drives growth in this segment during forecast period.
Asia-Pacific region is estimated to register growth at highest CAGR during forecast period. The India and China are the fastest growing economies present in Asia-Pacific. The manufacturing activities in the automation sector are rapidly increasing this region. The construction industry is expanding in the region and this increases the demand for industrial power supply. This drives growth in Asia-Pacific region during forecast period.
The key market players in industrial power supply industry are XP Power, Delta Electronics, Murata Power Solutions, Siemens, TDK Lambda, Mean Well, ABB, Cosel, CUI, Amara Raja Power Systems, Artesyn Embedded Power, Phoenix Contact, Acopain, MTM Power, FSP, Power Innovation, Power Control Systems and Magna Power.
- What are the expected industry trends over the next three to five years?
- Which of the industrial power supply type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?