The Business Research Company’s report on the Industrial Power Supply Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the industrial power supply market further?
The adoption of electric vehicles is expected to propel the growth of the industrial power supply market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. It operates on electric motors and charges its batteries with electricity instead, which requires various industrial power supply subsystems, such as AC/DC converters and battery management systems, for their functionalities. Additionally, with defense against COVID-19 and aspirations to achieve net-zero emissions, EV and hybrid vehicles are suddenly adopted. Such a surge in electric vehicle demand has increased production and demand for industrial power supply. For instance, according to May 2022 published, Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Therefore, the increasing adoption of electric vehicle is driving the growth of the industrial power supply market.
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What are the key factors influencing the forecasted market size of the industrial power supply industry?
The industrial power supply market size has grown strongly in recent years. It will grow from $9.29 billion in 2024 to $9.97 billion in 2025 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to market competitiveness and innovation, demand for uninterrupted power supply, electrification in industrial processes, infrastructure development, focus on energy efficiency.
The industrial power supply market size is expected to see strong growth in the next few years. It will grow to $13.65 billion in 2029 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to industry digitization and IoT adoption, renewable energy integration, transition to electric vehicles, industry 4.0 and smart manufacturing, data center expansion. Major trends in the forecast period include IoT based solutions, strategic collaborations, product innovations, advanced material technologies.
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Who are the leading competitors in the industrial power supply market?
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.
Which emerging trends are set to transform the industrial power supply market landscape?
Technological advancements have emerged as a key trend gaining popularity in the industrial power supply market. The market is witnessing the implementation of advanced technologies to improve in energy efficiency levels of these power supplies. Major companies operating in the industrial power supply market are focused on innovating new technologies to sustain their position in the market. For instance, in August 2022, Toshiba Electronics Europe GmbH, a Europe-based electronic components business of Toshiba Electronic Devices and Storage Corporation, launched five 1200V silicon-carbide (SiC) MOSFETs. It increases the energy efficiency of high-voltage industrial applications using the third-generation SiC technology. The new devices include an incorporated Schottky barrier diode (SBD), additionally improving the dependability of SiC MOSFETs by overcoming internal parasitic effects and maintaining a steady device RDS (on). This technology further enhances conduction and switching performance in power-conversion topologies by increasing the on-resistance x gate-drain charge (RDS(on) x QGD) figure of merit by more than 80%.
How do different geographies compare in terms of market share and growth potential 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.
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Which major segments of the industrial power supply market are experiencing the fastest growth?
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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What defines the structure and scope of the industrial power supply market?
Industrial power supply refers to the systems and equipment that provide electrical power to industrial machinery and processes. It is used to ensure reliable and stable energy delivery for operations such as manufacturing, automation, and control systems. These power supplies can include transformers, converters, and uninterruptible power supplies (UPS) to meet varying voltage and current requirements.
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