The AC power source market is expected to expand at a CAGR of 4.30% through 2034. The market value is projected to increase from USD 1.2 billion in 2024 to USD 1.8 billion by 2034. The AC power source industry was valued at USD 1.1 billion in 2023.
The demand for AC power sources is projected to rise consistently due to significant technological breakthroughs. As energy consumption is becoming a serious global matter due to non-stop residential, commercial, and industrial activities, the demand for energy-efficient devices is increasing with the rising use of renewable energy sources. Both of these factors are anticipated to fuel the market’s growth.
After realizing their potential in developed markets, players within the AC power source market are likely to find lucrative opportunities within emerging economies as these countries increase their use of electric vehicles and develop smart grids. Intensifying focus on smart city infrastructure in these countries is projected to increase the consumption of AC power sources.
| Attributes | Details |
|---|---|
| Market Size, 2023 | USD 1.1 billion |
| Market Size, 2024 | USD 1.2 billion |
| AC Power Source Market Size, 2034 | USD 1.8 billion |
| Value-based CAGR (2024 to 2034) | 4.30% |
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| Attributes | Details |
|---|---|
| AC Power Source Market Value (2019) | USD 0.87 billion |
| Market Value (2023) | USD 1.1 billion |
| Historical CAGR (2019 to 2023) | 6.00% |
The AC power source market registered a CAGR of 6.00% from 2019 to 2023. The market reached USD 1.1 billion in 2023, from USD 0.87 billion in 2019. The increasing global population and rapid urbanization indirectly contributed to the market during the historical period.
A noticeable shift toward renewable energy sources like wind and solar power is stimulating market growth. Other factors that are fueling the market are as follows:
In upcoming years, investments in renewable energy sources are projected to increase, thus creating demand for reliable and efficient AC power sources for energy storage and conversion. Regionally, Asia Pacific is predicted to witness an influx of top players who wish to capitalize on the significant economic growth of the region.
The market is expected to increase from USD 1.2 billion in 2024 to USD 1.8 billion by 2034. The market is expected to expand at a consistent CAGR of 4.30% over the forecast period.
| Country | CAGR (2024 to 2034) |
|---|---|
| United States | 4.50% |
| United Kingdom | 5.60% |
| China | 4.70% |
| Japan | 5.10% |
| South Korea | 6.10% |
The consumption of AC power sources in the United States in different application sectors is increasing at a pace of 4.50% through 2034. The factors responsible for this growth are as follows:
The use of AC power sources is projected to increase in the United Kingdom at a CAGR of 5.60% through 2034. The factors driving the market growth are as follows:
The demand for AC power sources is increasing in China, with a projected CAGR of 4.70% through 2034. Emerging patterns in the China market are as follows:
The Japan AC power source market is assessed to register a CAGR of 5.10% through 2034. The deployment of AC power sources is increasing on account of the following:
Key players are significantly investing in South Korea, as the country is offering greater growth opportunities than its counterparts. Through 2034, South Korea is projected to expand at a CAGR of 6.10%, driven by the following factors:
| Leading Phase Type | Single Phase |
|---|---|
| CAGR (2024 to 2034) | 4.1% |
The single phase segment is a substantially preferred phase type. The following factors back the adoption of single phase AC power sources:
| Leading Modulation Type | Linear AC Power Sources |
|---|---|
| CAGR (2024 to 2034) | 3.9% |
The linear AC power sources segment is anticipated to find significant adoption based on the modulation type. Top factors that are spurring the segment growth are:
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Key players are adding advanced features to their AC power sources to increase their appeal among end users. Additionally, industry leaders are concentrating on certain niche applications like aerospace testing, renewable energy integration, or electric vehicle charging to serve unique market needs effectively.
Market contenders also provide customizable power source solutions as they take a customer-centric approach and develop stronger relationships.
Leading vendors are collaborating with complementary companies from the power industry to increase their reach and gain access to new customer segments. Market players are expanding geographically via partnerships, acquisitions, or by establishing local production to increase brand visibility and customer base.
Key players are further focusing on targeted marketing campaigns to raise awareness about the brands’ unique selling propositions.
Recent Developments
The AC power source market is projected to be worth USD 1.2 billion in 2024.
The market is predicted to expand at a CAGR of 4.3% through 2034.
The market is anticipated to account for USD 1.8 billion by 2034.
South Korea is predicted to provide significant growth opportunities.
The single phase segment holds a significant share of the market.
| Expected Market Size (2024E) | USD 1,386.5 million |
|---|---|
| Projected Market Value (2034F) | USD 3,357.5 million |
| Value-based CAGR (2024 to 2034) | 9.2% CAGR |
| Industry Estimated Size in 2023 | USD 77,880.3 million |
|---|---|
| Projected Industry Value in 2033 | USD 137,290.5 million |
| Value-based CAGR | 12.5% |
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AC Power Source Market
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