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Power supply market to grow at a CAGR of 6.7% from 2018 to 2023
The power supply market is expected to grow from USD 25.20 billion in 2018 to USD 34.92 billion by 2023, at a CAGR of 6.7% from 2018 to 2023. Factors such as growing demand for home and building automation systems, emerging telecommunications sector, and increasing demand for energy-efficient devices/appliances are driving market growth. Whereas, various regional/country-wise regulatory and safety standards hinder the growth of the market and increase in adoption of high-voltage direct current (HVDC) and renewable energy sources may affect the growth of the AC-DC power supply market.
Market for power supply with low output power to grow at highest CAGR during forecast period
The market for power supply with low output power is expected to grow at the highest CAGR during 2018–2023.
This growth can be attributed to the increasing use of power supplies with low output power in lighting, telecommunications, consumer electronics, and industrial applications. Also, increasing demand for power supply with low output power in the medical & heathcare vertical is amplifying its penetration globally.
Power supply market for lighting vertical to grow at highest CAGR during forecast period
The power supply market for the lighting vertical is expected to grow at the highest CAGR from 2018 to 2023. This growth can be attributed to the increasing usage of LED lighting in home and building automation systems, as well as in various lighting applications such as street, architectural, transportation, entertainment, and safety & security lighting.
APAC to dominate power supply market during forecast period
The power supply market in APAC is expected to grow at the highest CAGR during the forecast period. Moreover, APAC is likely to continue to hold the largest market size owing to the increasing demand for consumer equipment, including portable healthcare electronics and white goods. Increasing digitization and automation in various sectors is likely to generate demand for power supplies in APAC.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across regions.
The breakup of the profiles of primary participants has been given below:
- By Company Size: Tier 1 = 45%, Tier 2 = 30%, and Tier 3 = 25%
- By Designation Level: C-Level Executives = 40% and Managers = 60%
- By Region: North America = 30%, Europe = 35%, APAC = 20%, and RoW = 15%
Major players operating in the power supply market include MEAN WELL (Taiwan), TDK Lambda (Japan), Siemens (Germany), General Electric (US), XP Power (US), Murata Power Solutions (Japan), Artesyn (US), Phoenix Contact (Germany), Delta Electronics (Taiwan), Cosel (Japan), PULS (Germany), CUI (US), Acopian (US), Acbel Polytech (Taiwan), Salcom (Finland), LITE-ON Power System Solutions (US), FSP (Taiwan), Power Innovation (Germany), MTM Power (Germany), and Power Systems & Controls (US).
The report defines, describes, and forecasts the power supply market by output power, product type, vertical, and geography. It provides detailed information regarding major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the power supply market. It also analyzes competitive developments such as product launches, collaborations, contracts, partnerships, acquisitions, and expansions carried out by key players to achieve growth in the market.
Reasons To Buy This Report
- Illustrative segmentation, analysis, and forecast pertaining to the power supply market based on output power, product type, vertical, and geography have been conducted to provide an overall view of the market.
- Major drivers, restraints, opportunities, and challenges pertaining to the power supply market have been detailed in this report.
- A detailed competitive landscape of key players (along with their revenues) in the market has been included in this report.