Industrial Power Supply Market: Current Analysis and Forecast (2023-2030)

Report Description

The industrial power supply market is expected to grow at a strong CAGR of around 6.4% during the forecast period. The market for industrial power supplies is anticipated to develop in the future due to the increasing use of electric vehicles. The motor in an electric car is powered by electricity that is stored in batteries. Instead of using batteries, it uses electric motors, which require a variety of industrial power supply subsystems, including AC/DC converters and battery management systems. The worldwide power supply market will be driven by the lighting, industrial, and consumer electronics sectors during the projected period. Power Supplies for industries may be built into a machine on a factory floor. Equally, industrial power supplies can also refer to a myriad of other markets like CCTV, battery chargers, lighting, medical equipment, EPOS, marine, servers and PCs among others. Even though they are diverse, these application have a common need for products which are resilient to the environments which they face, and on the same time provide a reliable and cost-effective solution. The complexity of electronic products and equipment’s has grown steadily; this has made it important to maintain uncompromised safety standards which has also become a challenging process. Equipment used should remain protected from injury, while manufacturers should minimize exposure to litigation. Standard bodies around the world are recognizing these realities and have responded with new-generation safety legislation which has shifted significantly from prescriptive rules to a new hazards-based concept which has more performance-based options.

• Some of the major players operating in the market include ABB Ltd., Amara Raja Power Systems Limited (ARPSL), COSEL Co., Ltd., CUI Inc., Delta Electronics, Inc., Magna-Power Electronics, Inc., MEAN WELL Enterprises Co., Ltd., Siemens AG, TDK-Lambda Corporation, and XP Power Ltd.

Insights Presented in the Report

“Amongst type, the DC−DC converters segment to grow with high CAGR during the forecast period”

Based on type, the industrial power supply market is segmented into AC−DC Converters and DC−DC Converters. Amongst Type, the DC-DC Converters segment hold a significant share in the market AC-DC converters refer to electrical circuits that optimize the variable DC voltage produced from the input AC voltage through a filter to produce an unregulated DC voltage. AC-DC converters in the industrial power supply are used to convert alternating current (AC) into a steady direct current (DC) voltage so that various electrical devices can be powered by it.  Depending on the power needs of various automobile systems, DC-DC converters are employed in electric vehicles to increase or reduce the voltage levels generated by associated batteries. These converters enhance power flow and energy efficiency while also lowering vehicle fuel consumption and boosting output power per unit volume. A DC-DC converter is a dependable alternative for vehicles with limited space since it is lightweight, compact, extremely efficient, and has low electromagnetic interference and fewer current/voltage ripples.

“Amongst Output Power, the very low output (up to 500 w), category held a significant share of the market in 2022”

Based on Output Power, the Industrial Power Supply market is segmented into Very Low Output (Up to 500 W), Low Output (500 W−1,000 W), Medium Output (1,000 W−10 kW), Amongst output power, Very Low Output (Up to 500 W) segment is expected to be the most significant contributor to the global industrial power supply market during the forecast period. The rising use of automation solutions and digital technology by industries based in China, India, and Japan is the prime reason for the growth of this market.  This predominance highlights the growing need for precise, low-power solutions across a range of industrial applications. The very low output’ category emerges as a key driver in creating the future landscape of industrial power supply, enabling steady and dependable power delivery for important processes, as businesses continue to prioritize energy efficiency and downsizing.

Industrial Power Supply Market Report Coverage

“North America to grow with high CAGR during the forecast period.”

The North American market is expected to register the highest growth rate in the forecast period due to the rising growing demand for industrial power supply for delivering power to the rising electricity load, and strong presence of major market players in the region. . For instance, In January 2022, ABB acquired electric vehicle (EV) commercial charging infrastructure solutions company, InCharge Energy. The addition of InCharge Energy will strengthen ABB’s Emobility Division in the North American market by broadening its customer base and expanding. its fleet electrification software and digital services offering.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global industrial power supply market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Industrial Power Supply Market Analysis (2023-2030)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Industrial Power Supply market were the three major steps undertaken to create and analyze the adoption of Industrial Power Supply in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Industrial Power Supply market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Industrial Power Supply through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Industrial Power Supply market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as Type, Output Power. Further country-level analyses were conducted to evaluate the overall adoption of Industrial Power Supply in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Industrial Power Supply. Further, we conducted factor analysis using dependent and independent variables such as increasing digitalization of industries and urbanization in developing countries. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the industrial Power Supply sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Industrial Power Supply market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2030 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Industrial Power Supply across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Industrial Power Supply market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Industrial Power Supply market. Data was split into several segments & sub-segments post studying various parameters and trends and their type and output of the Industrial Power Supply market.

The main objective of the Industrial Power Supply Market Study

The current & future market trends of Industrial Power Supply were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Industrial Power Supply in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type and
• Define and analysis of the regulatory framework for the Industrial Power Supply industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Industrial Power Supply market for the major region
• Major regions studied in the report include North America (the U.S, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, and Others), and the Rest of the World
• Company profiles of the Industrial Power Supply market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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