Industrial Power Supply Market
What market dynamics are playing a key role in accelerating the growth of the industrial power supply market?
The increasing use of electric vehicles is anticipated to boost the expansion of the industrial power supply market. Electric vehicles comprise a motor driven by electricity charged in batteries. Consequently, these vehicles need various industrial power supply subsystems, like AC/DC converters and battery management systems, for their operations. Furthermore, the push for COVID-19 prevention and ambitions for net-zero emissions have accelerated the swift uptake of EV and hybrid vehicles. This upswing in the demand for electric vehicles has ramped up the production and need for industrial power supply. For instance, as reported in the Global EV Outlook 2022 issued in May 2022, electric vehicle (EV) sales in 2021 had seen a twofold increase from 2020, hitting a record high at 6.6 million. Hence, the rising utilization of electric vehicles is fueling the evolution of the industrial power supply market.
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How will the growth rate of the industrial power supply market shape industry trends by 2034?
The market for industrial power supply has seen substantial growth in past years. The size of this market is predicted to increase from $9.29 billion in 2024, to $9.97 billion in 2025 with a compound annual growth rate (CAGR) of 7.3%. The growth observed in the historical period is due to factors such as market competition, innovation, the need for a constant power supply, the use of electricity in industrial processes, infrastructure growth, and a focus on energy efficiency.
In the coming years, the industrial power supply market is poised for robust expansion. The anticipated growth is projected to reach $13.65 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 8.2%. Factors such as industrial digitization and IoT implementation, renewable energy utilization, the shift towards electric vehicles, industry 4.0, and intelligent manufacturing, and data center proliferation are primary drivers of the projected growth in this period. The forecast period will also be characterized by significant trends such as IoT based strategies, collaborative partnerships, product development, and the use of advanced materials technologies.
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What trends are poised to drive the future success of the industrial power supply market?
The burgeoning trend of technological advancements is becoming increasingly prominent in the industrial power supply market. Advanced technology implementation is being observed within the market to uplift the energy efficiency levels of these power supplies. Companies at the forefront in the industrial power supply market are developing new technologies for sustaining their industry presence. For instance, Toshiba Electronics Europe GmbH, a subsidiary of Toshiba Electronic Devices and Storage Corporation specializing in electronic components, released five 1200V silicon-carbide (SiC) MOSFETs in August 2022. The third-generation SiC technology used is designed to enhance the energy efficiency of high-voltage industrial applications. The latest devices feature an integrated Schottky barrier diode (SBD), which further augments the reliability of SiC MOSFETs by addressing internal parasitic effects and preserving a stable device RDS(on). By increasing the on-resistance x gate-drain charge (RDS(on) x QGD) figure of merit by over 80%, this technology boosts conduction and switching performance in power-conversion topologies.
Which primary segments of the industrial power supply market are driving growth and industry transformations?
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
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 geographical regions are pioneering growth in the industrial power supply market?
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.
Who are the influential players reshaping the industrial power supply market landscape?
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.
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What Is Covered In The Industrial Power Supply Global Market Report?
• Market Size Forecast: Examine the industrial power supply market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the industrial power supply market for a structured understanding.
• Key Players Overview: Analyze major players in the industrial power supply market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the industrial power supply market.
• Segment Contributions: Evaluate how different segments drive overall growth in the industrial power supply market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the industrial power supply market.
• Industry Challenges: Identify potential risks and obstacles affecting the industrial power supply market.
• Competitive Landscape: Review strategic developments in the industrial power supply market, including expansions, agreements, and new product launches.
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