The Industrial Power Supply Market is estimated to be valued at USD 8.2 billion in 2024. The industrial power supply is predicted to rise at a CAGR of 10.1% from 2024 to 2034. The global industrial power supply market is anticipated to reach USD 21.5 billion by 2034.
The industrial power supply market serves a diverse range of applications, such as motor drives, robotics, control systems, sensors, instrumentation, PLCs (Programmable Logic Controllers), communication equipment, and other industrial machinery.
Industrial power supplies often need to be customized to meet the specific requirements of different industrial processes. Suppliers in this market may specialize in providing tailored solutions for particular industries or applications. Industrial power supplies are designed to withstand harsh conditions, such as high temperatures, vibration, and dust, to ensure uninterrupted operation.
| Attributes | Key Insights |
|---|---|
| Estimated Market Size in 2024 | USD 8.2 billion |
| Projected Market Value in 2034 | USD 21.5 billion |
| Value-based CAGR from 2024 to 2034 | 10.1% |
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From 2019 to 2023, the industrial power supply market experienced a CAGR of 13.2%. The industrial power supply market is witnessing significant growth propelled by the widespread adoption of industrial automation, the surge in Industry 4.0 initiatives, and the global expansion of manufacturing and industrial infrastructure.
The expansion of the industrial power supply market is bolstered by the incorporation of renewable energy sources, continuous technological advancements, and a dedicated emphasis on energy efficiency.
The increasing electrification of industrial processes, the proliferation of Industrial Internet of Things (IIoT) technologies, and the overarching global trends of urbanization and industrialization are driving the heightened demand for industrial power supplies.
The industrial power supply market experiences continuous technological advancements, including improvements in power density, efficiency, and the integration of smart features.
These innovations contribute to enhanced performance and functionality in industrial power systems. Projections indicate that the global industrial power supply market is expected to experience a CAGR of 10.1% from 2024 to 2034.
| Historical CAGR from 2019 to 2023 | 13.2% |
|---|---|
| Forecast CAGR from 2024 to 2034 | 10.1% |
The provided table highlights the top five countries in terms of revenue, with South Korea and Japan leading the list. The government's initiatives to promote Industry 4.0 and smart manufacturing have further fueled the adoption of industrial automation, leading to an increased need for high-quality power supply solutions in South Korea.
With a strong emphasis on innovation and advanced manufacturing technologies, Japanese industries are increasingly adopting energy-efficient solutions, including power supplies.
| Attributes | Forecast CAGRs from 2024 to 2034 |
|---|---|
| The United States | 10.4% |
| The United Kingdom | 10.8% |
| China | 9.2% |
| Japan | 11.5% |
| South Korea | 12.0% |
The increasing focus on renewable energy sources in the United States, coupled with government initiatives and incentives contribute to the growth of the industrial power supply market as industries integrate renewable energy into their power systems. The industrial power supply market in the United States is expected to grow with a CAGR of 10.4% from 2024 to 2034.
The adoption of automation technologies and Industry 4.0 practices is a global trend, and the United States is no exception. As industries in the United States invest in smart manufacturing and automation, there is likely an increased demand for advanced industrial power supply solutions.
Ongoing infrastructure development projects, especially in sectors like energy, transportation, and telecommunications, can drive the demand for industrial power supplies to support the power needs of these projects.
The industrial power supply market in the United Kingdom is expected to grow with a CAGR of 10.8% from 2024 to 2034. There is a growing emphasis in the United Kingdom, both by the government and businesses, on enhancing energy efficiency to align with sustainability objectives.
This heightened focus is anticipated to stimulate the adoption of more advanced and energy-efficient solutions in the industrial power supply sector. Industries may prioritize eco-friendly and energy-efficient industrial power supply solutions to align with environmental goals.
Advances in power electronics, digital control, and smart features may influence the adoption of more efficient and technologically advanced industrial power supplies. The increasing embrace of automation and smart manufacturing practices within United Kingdom industries is expected to generate a rising demand for power supply solutions that are technologically advanced and capable of meeting the evolving needs of these modern industrial processes.
The industrial power supply market in China is expected to grow with a CAGR of 9.2% from 2024 to 2034. China is a global manufacturing hub, and the industrial power supply market in the country is significantly influenced by the expansive manufacturing sector.
The demand for reliable and efficient power supplies for various industrial applications is high.
Government initiatives and policies in China play a significant role in shaping the industrial power supply market. Policies related to energy efficiency, environmental sustainability, and technological development can influence market trends.
The industrial power supply market in Japan benefits from continuous innovations in power electronics, digital control, and smart technologies, leading to the adoption of cutting-edge power supply solutions. The industrial power supply market in japan is expected to grow with a CAGR of 11.5% from 2024 to 2034.
Manufacturing industries in the country demand reliable and efficient power supplies for various applications. The precision and quality standards in Japanese manufacturing contribute to the demand for high-performance industrial power supplies.
The industrial power supply market in South Korea is expected to grow with a CAGR of 12% from 2024 to 2034. South Korea has been exploring and integrating renewable energy sources, such as solar and wind power.
The transition to cleaner energy may influence the demand for industrial power supplies capable of handling diverse energy inputs. Government initiatives to promote energy efficiency and sustainability can impact the industrial power supply market. Policies encouraging the adoption of advanced power supply solutions may contribute to market growth.
The demand for reliable and efficient power supplies is high in manufacturing sector, especially in electronics and automobiles. The industrial power supply market in the country benefits from continuous technological innovation, leading to the adoption of cutting-edge power supply solutions.
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The below section shows the leading segment. The AC-DC converters segment is to grow at a CAGR of 9.8% from 2024 to 2034. Based on output power, the very low output (Up to 500W) segment is anticipated to hold a dominant share through 2034. It is set to exhibit a CAGR of 9.5% from 2024 to 2034.
| Category | CAGR |
|---|---|
| AC-DC Converters | 9.8% |
| Very Low Output (Up to 500W) | 9.5% |
Based on the product types, the AC- DC converters segment is anticipated to thrive at a CAGR of 9.8% from 2024 to 2034. The power grid and many industrial facilities distribute power in the form of alternating current (AC). AC-DC converters bridge this gap by converting AC power to the DC power required by industrial machinery.
AC-DC converters come in various types and configurations, offering flexibility in terms of voltage and current output. This versatility allows them to be customized to meet the specific power requirements of diverse industrial applications.
Modern AC-DC converters are designed to be highly efficient, minimizing energy losses during the conversion process. This is particularly important in industrial settings where energy efficiency is a key concern. High-performance converters help reduce overall energy consumption and operational costs.
AC-DC converters often provide electrical isolation between input and output, which helps in minimizing electrical noise and interference. This feature is crucial in industrial environments where sensitive electronic equipment needs protection from electrical disturbances that can impact performance.
Based on output power, very low output (Up To 500W) segment is anticipated to thrive at a CAGR of 9.5% from 2024 to 2034. Many industrial applications, especially in control and instrumentation systems, require low power for sensors, actuators, and electronic control components.
These systems often operate on lower power levels, and power supplies with outputs up to 500W are suitable for these applications.
Various sensors and measurement devices used in industrial settings operate on low power. These devices play a crucial role in monitoring and controlling processes, and power supplies with outputs up to 500W are well-suited for these applications.
As industries focus on energy efficiency, there is a trend toward designing and implementing systems that operate on lower power levels. Power supplies with very low output power contribute to the overall energy efficiency of industrial processes.
DCS in industrial automation often involves numerous distributed components that require lower power. Power supplies with outputs up to 500W are commonly used to provide power to these distributed control elements.
Leading companies in the industrial power supply market are focusing on continuous innovation to develop technologically advanced and efficient power supply solutions. The market players are also introducing new products that align with industry trends, such as increased demand for compact, high-power density, and energy-efficient solutions.
| Attributes | Details |
|---|---|
| Estimated Market Size in 2024 | USD 8.2 billion |
| Projected Market Valuation in 2034 | USD 21.5 billion |
| Value-based CAGR 2024 to 2034 | 10.1% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Key Market Segments Covered | Product Types, Output Power, Verticles, Region |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | TDK Lambda; Delta Electronics; XP Power; Siemens; Murata Power Solutions; Advanced Energy; Bel Fuse; Cosel; MEAN WELL |
As of 2024, the market for industrial power supply is expected to be valued at USD 8.2 billion.
By 2034, the market value of industrial power supply is expected to reach USD 21.5 billion.
From 2024 to 2034, the industrial power supply market is expected to flourish at a CAGR of 10.1%
AC-DC converters segment is expected to grow at a CAGR of 9.8% from 2024 to 2034.
South Korea is likely the top-performing market, with a CAGR of 12.0%.
| Market CAGR (2023 to 2033) | 8% |
|---|---|
| Anticipated Market Value (2023) | USD 7,191.2 million |
| Market (2033) | USD 14,375.2 million |
| Projected Growth Rate (2023 to 2033) | 7.4% CAGR |
|---|---|
| Market Value (2023) | USD 10,934.0 million |
| Market Value (2033) | USD 22,395.4 million |
| Expected Market Value (2023) | USD 6,943.6 million |
|---|---|
| Projected Forecast Value (2033) | USD 14,624.3 million |
| Anticipated CAGR (2023 to 2033) | 7.7% |
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Industrial Power Supply Market
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