Global Industrial Power Supply Market Insights Forecasts to 2033

• The Global Industrial Power Supply Market Size was Valued at USD 8.99 Billion in 2023
• The Market Size is Growing at a CAGR of 5.33% from 2023 to 2033
• The Worldwide Industrial Power Supply Market Size is Expected to Reach USD 15.11 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Industrial Power Supply Market Size is Anticipated to Exceed USD 15.11 Billion by 2033, Growing at a CAGR of 5.33% from 2023 to 2033.

Market Overview

Providing the required electrical power to run machinery, equipment, and processes, the worldwide industrial power supply market is essential to many different industrial sectors. Power supply solutions, such as AC-DC converters, DC-DC converters, UPS systems, and other power distribution equipment, are widely available in this sector. Industries such as manufacturing, automotive, aerospace, energy, telecommunications, and healthcare are major drivers of the demand for industrial power supplies. It is anticipated that the need for dependable and effective power supply solutions will increase dramatically as companies continue to change and adopt automation, robots, and Internet of Things technologies. Accelerated technical improvements in the industrial power supply market are also being pushed by continuous research and development. Power supply manufacturers are always coming up with new ideas to improve the functionality, performance, and dependability of their devices. The market is being shaped by significant technological trends such as the advancement of digital power management systems, wireless power transfer technologies, and wide-bandgap semiconductors. These developments are making it possible to create power supply solutions that are more intelligent, compact, and efficient while still meeting the changing requirements of industrial applications.

Report Coverage

This research report categorizes the market for the global industrial power supply market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global industrial power supply market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global industrial power supply market.

Driving Factors

Diesel, gasoline, and fossil fuels were the only viable fuel options ten years ago. Nonetheless, battery electric automobiles, hybrid electric vehicles, and mild hybrid vehicles have just recently entered the market. Due to the vigorous plans and activities by the governments of several countries, including India, China, the US, France, and the UK, to lower carbon emission levels by encouraging the use of eco-friendly vehicles, the demand for electric vehicles is rising dramatically on a global scale. These governments prioritize building public infrastructure for electric vehicle charging and provide several incentives to encourage the usage of electric vehicles. In electric vehicles, DC-DC converters are used to adjust the voltage levels produced by connected batteries to suit the power needs of various automobile systems. These converters lower vehicle fuel consumption and boost output power per unit volume in addition to enhancing power flow and energy economy.

Restraining Factors

Safety regulations, such as those established by agencies like Underwriters Laboratories (UL) and the International Electrotechnical Commission (IEC), are a major regulatory component managing industrial power supply. To reduce the danger of electric shock, fire, and other hazards, these standards specify the specifications for insulation, grounding, overcurrent prevention, and other safety measures. By proving conformity to accepted industry norms, compliance with these standards not only improves product safety but also makes market access easier.

Market Segmentation

The global industrial power supply market share is classified into type, output power, and vertical.

• The AC-DC converter segment is expected to hold the largest share of the global industrial power supply market during the forecast period.   

Based on the type, the global industrial power supply market is divided into AC-DC converter and DC-DC converter. Among these, the AC-DC converter segment is expected to hold the largest share of the global industrial power supply market during the forecast period. Alternating current (AC) is the method of power distribution used by the power grid and several industrial facilities. By transforming AC electricity into the DC power needed by industrial machines, AC-DC converters fill this power gap. Different types and combinations of AC-DC converters are available, providing versatility in terms of output voltage and current. Because of their adaptability, they may be tailored to match the unique power needs of a variety of industrial applications. To minimize energy losses during the conversion process, modern AC-DC converters are intended to be extremely efficient. This is especially crucial in industrial environments where energy efficiency is a major priority. High-performance converters contribute to lower operating expenses and overall energy usage.

• The up to 500W segment is expected to grow rapidly in the global industrial power supply market during the forecast period.

Based on the output power, the global industrial power supply market is divided into up to 500W, 500-1000W, 1000W-10KW, 10KW-75KW, and 75-150KW. Among these, the up to 500W segment is expected to grow rapidly in the global industrial power supply market during the forecast period. Low power is needed for sensors, actuators, and electronic control components in many industrial applications, particularly in control and instrumentation systems. Power supplies with outputs up to 500W are appropriate for these applications because these systems frequently run at lower power levels. Many industrial sensors and measurement tools have minimal power consumption. Power supplies with outputs up to 500W are ideal for these applications, and these devices are essential for process monitoring and control. Systems that run on lower power levels are becoming more and more common as companies place an increasing emphasis on energy saving. Extremely low output power supply enhances the overall energy efficiency of industrial processes.

• The lighting segment is expected to hold the largest share of the global industrial power supply market during the forecast period.

Based on the vertical, the global industrial power supply market is divided into medical & healthcare, transportation, lighting, and others. Among these, the lighting segment is expected to hold the largest share of the global industrial power supply market during the forecast period. This is because LED lighting is being used more and more in traffic signals, street lighting, medical lighting, car lighting, electronic displays, and factory lighting systems, among other applications. The industry is growing because of the growing government initiatives as well as the economical and environmentally favorable nature of LED lighting.

Regional Segment Analysis of the Global Industrial Power Supply Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global industrial power supply market over the predicted timeframe.

North America is anticipated to hold the largest share of the global industrial power supply market over the predicted timeframe. Due to the presence of important industry players and technical breakthroughs, North America has a significant share of the industrial power supply market. The region places a high priority on industrial automation, especially in the manufacturing, automotive, and aerospace industries, which raises the need for reliable and effective power supply solutions. Initiatives encouraging the use of smart grid technologies and renewable energy sources also improve the region's growth potential.

Asia Pacific is expected to grow at the fastest pace in the global industrial power supply market during the forecast period. Particularly in growing countries like China, India, and Southeast Asian countries, the Asia Pacific region is rapidly industrializing and urbanizing. The need for industrial power supply solutions is being fueled by the growing manufacturing sector as well as government measures to advance infrastructure development and encourage industrial automation. Furthermore, the growing investments in renewable energy projects in the region offer profitable prospects for market participants providing creative power supply solutions customized to fulfill the unique demands of various industries.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global industrial power supply market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• ABB
• Acopian
• Amara Raja Power Systems
• Artesyn Embedded Power
• Cosel
• CUI
• Delta Electronics
• FSP
• Mean Well
• MTM Power
• Murata Power Solutions
• Phoenix Contact
• Puls
• Siemens
• TDK Lambda
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In December 2023, Mean Well unveiled the SHP-30K series, a high-wattage standard power supply designed for a 2U rack. In terms of wattage, this series of 30KW AC/DC single-unit power supplies is the highest in the world. It was created to satisfy the requirements of a wide range of applications, including EVs, hydrogen power, wind, solar, and cabinet energy storage.

• In September 2023, the 700DNG40-24-8 4 kW liquid-cooled DC-DC converter was unveiled by Bel Fuse. This converter, which is specifically made for EVs and HEVs, effectively converts battery bus voltages to lower voltages. The main function is to power auxiliary loads, demonstrating Bel Fuse's dedication to developing solutions that support energy management and optimal performance in the quickly developing electric car market.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global industrial power supply market based on the below-mentioned segments: 

Global Industrial Power Supply Market, By Type

• AC-DC Converter
• DC-DC Converter

Global Industrial Power Supply Market, By Output Power

• Up to 500W
• 500-1000W
• 1000W-10KW
• 10KW-75KW
• 75-150KW

Global Industrial Power Supply Market, By Vertical

• Medical & Healthcare
• Transportation
• Lighting
• Others

Global Industrial Power Supply Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa