In order to increase revenue prospects, major companies in the global power supply market are concentrating on research and development, mergers, joint ventures, collaborations, and product innovation tactics.
Wilmington, Delaware, United States, Nov. 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global power supply market was estimated at a value of US$ 27.1 billion in 2020. It is anticipated to register a 5.1% CAGR from 2021 to 2031 and by 2031, the market is likely to attain US$ 46.5 billion by 2031. Central Cee
In the next few years, the worldwide power supply market is anticipated to be driven by the growing need for power supplies in the manufacturing, consumer electronics, healthcare, and telecommunications sectors. The global market for power supplies is expanding due to an increase in demand for power supplies from the industrial, transportation, and aerospace and defense sectors.
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Key Findings of the Market Report
The market is expanding because of the rise in demand for AC-DC power supplies across several industry verticals, including industrial, transportation, aerospace & military, and telecommunication.
The majority of consumer electronics items require direct current, which is converted from alternating current in the grid by the AC-DC power supply.
AC-DC power supplies are among the most essential parts of systems.
Electronics equipment without another power source or that would run on batteries can now be powered by an AC-DC power supply.
Market Trends for Power Supply
Players in the power supply business are seeing chances to seize value from the industrial segment. The ecology and energy use are directly intertwined. An increase in energy consumption worldwide causes a number of environmental problems, including air pollution, greenhouse gas emissions, and global warming. Demand for energy-efficient equipment is rising across a range of industries. Natural resource exploitation is reduced as energy-efficient equipment is increasingly used in industry.
To cut down on energy usage, producers all around the world are concentrating on creating cutting-edge and energy-efficient products. A power supply uses electrical equipment to transform electrical power into an electrical load. The primary purpose is to convert an electrical supply to the proper voltage, current, and frequency in order to power the load that is necessary.
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Global Market for Power Supply: Regional Outlook
Various reasons are propelling the growth of the power supply market throughout the region. These are:
Over the course of the forecast period, Asia Pacific is anticipated to hold the greatest share of the global power supply market. This is because the consumer electronics sector is expanding, people are using consumer electronics devices more frequently, and power supply applications in the construction and healthcare industries are growing.
In order to gain a competitive edge, businesses in the Asia Pacific power supply sector are expanding their offerings and seizing income streams. The primary goal of market participants is to obtain a competitive advantage in the worldwide power supply industry. In the market for power supplies, there are several competitors.
Global Power Supply Market: Key Players
In order to address the increasing need for sustainable and efficient energy solutions, manufacturers within the global power supply market are actively engaging in innovation. To improve dependability and lessen their influence on the environment, they are creating cutting-edge technology like smart grids and integrated renewable energy.
Compact designs, increased power densities, and enhanced energy efficiency are prioritized. In line with the global trend towards cleaner and more intelligent energy infrastructures, manufacturers are spending more and more on digitalization. They are doing this by utilizing automation and data analytics to optimize power distribution and improve overall system efficiency.
The following companies are well-known participants in the global power supply market:
MEAN WELL Enterprises Co. Ltd
Few of key developments by the players in this market are:
Delta expanded their panel mount power supply PMR series by introducing a 320 W unit with a Universal AC input voltage for home appliance applications.
The nominal voltage outputs of the new 320 W model are 12 V, 24 V, 36 V, and 48 V, while the maximum power output is 321.6 W.
Applications with restricted installation space, like test and measurement equipment, vending machines, control cabinets, and domestic appliances, can benefit from the low-profile form factor.
For battery electric vehicles (BEVs), Toyota Industries Corporation created a new lightweight and small unit that incorporates a DC-DC converter and onboard charger.
The new unit is 17% lighter and 23% smaller than the previous one since it integrates an onboard charger and DC-DC converter, which are necessary for BEVs.
This enhancement has also helped the specific BEV platform used in the bZ series by increasing interior space and reducing its center of gravity.
Global Power Supply Market Segmentation
Others (including Home & Building Automation Systems)
Low Output (500 W and Below)
Medium Output (500 W to 1500 W)
High Output (More than 1500 W)
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