Power Supply Market

Global Power Supply Market Size (2023 to 2028)

The global power supply market size is expected to be worth 35.58 Billion USD in 2023. It is expected to grow at a CAGR of 4.73% during the forecast period and reach a value of 44.83 Billion USD by 2028.

The increasing usage of home and building automation systems is a major factor driving the market's expansion. Furthermore, the growing demand for power supply in consumer electronics, medical and healthcare, and military and aerospace could provide the market with a profitable growth opportunity.

A power supply is the transmission of electrical power from an electrical source to an electrical load via electrical equipment. The basic function of a power supply is to convert an electrical source into the necessary current, voltage, and frequency to power the load. The power supply includes the conversion of one form of energy to another, such as mechanical, chemical, or solar power, to electrical power.

AC-DC and DC-DC power sources have to output voltages that range from less than 1 volt to thousands of volts and output power that ranges from 0.1 watts to thousands of watts. Some power supplies are self-contained, while others are integrated into the load devices they support.

MARKET DRIVERS:

The growing adoption of home and building automation systems is fueling the market's growth. Building automation has recently received a lot of interest due to its potential to cut energy consumption and make building operation, monitoring, and maintenance easier while also enhancing occupant satisfaction. The increased demand for better lighting solutions, as well as the increasing demand for energy-efficient devices/appliances and the developing telecommunications industry, are all contributing to the worldwide power supply market's rapid expansion. Increased need for power supply in consumer electronics, medical, and healthcare, as well as military and aerospace, could present significant growth opportunities for the business.

MARKET RESTRAINTS:

The market's growth is being stifled by increased adoption of high-voltage direct current (HVDC) and a variety of regional/country-specific regulatory and safety standards. Governments also impose a slew of international and domestic regulatory requirements to ensure the development of high-quality power supply equipment. These standards are developed and administered by national or international organizations in collaboration with various government-approved testing laboratories. RoHS (Restriction of Hazardous Substances), the Electronic Waste Directive, and the International Electro-Technical Commission all apply to industrial power supply manufacturers (IEC). Specific power supply standards set the maximum audible noise levels that a product can create. To identify products that meet these requirements, a safety mark from the appropriate standards organization or a mark demonstrating conformity with local legislation within a defined economic area or trading zone may be used. Because of these limitations, power supply manufacturers find it difficult to design, manufacture, and sell their products abroad.

Impact of COVID-19 on the global power supply market:

COVID-19's influence in Sub-Saharan Africa has not been as widespread as it has been in other regions of the world. However, because of the vast number of people living in poverty or close to it, the public health system is vulnerable, infrastructure is poor, and fiscal space is restricted. As a result, enterprises in the global power supply market should seize possibilities in Africa to build resilient power systems and guide the continent's economic development.

REPORT COVERAGE:

This research report on the global power supply market has been segmented and sub-segmented into the following categories.

Power Supply Market – By Type:

• AC/ DC
• DC/DC

The AC/DC sector dominated during the predicted period due to its widespread use in industrial, medical, and healthcare applications. In 2020, AC/DC power supplies will continue to dominate the business, accounting for around 85 percent of market revenues, with DC/DC converters accounting for the remainder. In the AC/DC business, the revenue split between commodity and non-commodity markets is roughly equal. The growing use of data centers is assisting the growth of the AC/DC power supply business.

Power Supply Market – By Output Power:

•   300 Watts and below
•   300 – 999 Watts
•    More than 1,000

The segment of More Than 1,000 Watts has the biggest market share. Automobile test equipment, aircraft and military applications, and semiconductor fabrications all use programmable high-output power supplies. The demand for testing goods for operational operations that are subjected to difficult, harsh, and long environmental conditions is moving the power supplies market ahead.

Power Supply Market – By Industry:

• Telecommunications
•  Consumer Electronics
•  Medical and Health care
•  Military and Aerospace
•  Transportation
•  Others

Telecommunications held the biggest market share in 2020. The telecom network's broadband, mobile, and IP-based directions support the rapid expansion of telecom power systems, thanks to technological advancements and client expectations for seamless communication services. As a result, demand for upgraded network services such as 4G, Volte, and 5G has increased in line with the growing use of smartphones and data transmission. As a result, this is likely to be the key driver of market growth.

Power Supply Market – By Region:

• North America
•   Europe
•  Asia Pacific
•   Latin America 
•  Middle East & Africa

As one might expect, Asia is by far the largest regional market for AC-DC and DC-DC merchant power supply. In 2014, the area will account for around 62 per cent of global market revenues. The Americas are predicted to account for over 23% of the market, while Europe, the Middle East, and Africa (EMEA) will account for over 15%. Although there will be a slight shift back to the Americas and EMEA during the projected period, Asia will still account for more than 60% of market sales. In the power supply business, the BRIC countries of Brazil, Russia, India, and China are commonly cited as key growth drivers, especially in the short term. Brazil is currently one of the most promising countries for power supply companies.

LEADING COMPANY:

Enel is the world’s largest power supply company, with a revenue of $89.95 billion.

KEY MARKET PLAYERS:

EDF (France), Engie (France), TEPCO (Japan), KEPCO (South Korea), Iberdola (Spain), General Electric Co (US), Artesyn (US), Siemens (Germany), E.ON (Germany), Salcomp (Finland)

RECENT HAPPENINGS IN THE MARKET:

• Phoenix Contact has joined WindESCo as a key technology partner to increase annual energy production (AEP) for wind turbine stakeholders. The Swarm Edge component of the swarming system, which is mounted on each turbine to offer data collecting and centralized control, is being provided by Phoenix Contact. (Source: https://nawindpower.com/windesco-sources-phoenix-contacts-processing-hardware-for-swarm-solution )
• COSEL Co Ltd has announced the AEA1000F series of 1,000W free-air convection cooling power supply. The AEA1000F was designed with demanding applications in mind, and it can supply 330 percent peak power for up to 3,000 milliseconds. (Source: https://www.todaysmedicaldevelopments.com/product/cosel-aea1000f-power-supply/ )
• The UAE's Ministry of Industry and Advanced Technology (MoIAT) has announced a collaboration with Siemens to expedite the country's manufacturing sector's digital transformation. In addition, the collaboration will create a strategic roadmap for implementing Industry 4.0 frameworks. The ministry and Siemens plan to analyze 200 industrial businesses in the UAE for their digital maturity by the end of 2022, with more than 70 enterprises already having been assessed. (Source: https://gulfbusiness.com/uaes-ministry-of-industry-and-advanced-technology-siemens-partner-to-underpin-digital-transformation/ )