- Need for power supply in residential building constructions is driving sales in the market
ALBANY, N.Y., April 08, 2022 (GLOBE NEWSWIRE) -- The global power supply market is estimated to register growth at a CAGR of 5.1% during the forecast period from 2021 to 2031, as per a study by Transparency Market Research (TMR).
The industrial sector is one of the key end users of power. This sector utilizes around 54% of the total delivered energy in the world, as per data by the Energy Information Administration (EIA). Over the period of past few years, there has been increase in understanding on the direct relation between energy consumption and environmental issues, including air pollution, global warming, and greenhouse gases emissions, state analysts of the TMR report on the global power supply market.
Many companies operating in varied industry verticals are inclining toward the use of energy-efficient devices across different industrial processes. Hence, different device manufacturers are increasing researches in order to develop next-gen and energy-efficient devices so as to decrease the consumption of energy. A surge in the demand for energy-efficient devices in various industries is helping in reducing the exploitation of natural resources, according to the TMR study.
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Power Supply Market: Key Findings
- Different DC-DC and AC-DC power supplies hold various output voltages ranging from ˃ 1 V to thousands of volts. Moreover, the output power of these supplies starts from 0.1 W to thousands of watts. Several power supplies are distinct standalone equipment, and some are united into the load devices they power. Rise in the use of AC-DC and DC-DC power supply for different purposes, including consumer electronics, lighting, industrial, and medical is propelling the global power supply market.
- Surge in the use of power supply in the construction of residential buildings is prognosticated to lead to revenue-generation opportunities in the global power supply market during the forecast period. Thus, the global power supply market is estimated to be valued at US$ 46.5 Bn by 2031.
- Companies operating in the global power supply market are increasing concentration on the use of different strategies such as joint ventures, mergers, and collaborations in order to expand their businesses. Moreover, several enterprises are allotting sizable money in research & development and product innovation activities.
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Power Supply Market: Growth Boosters
- Expansion of industrial sectors is likely to generate exceptional opportunities in the global power supply market in the upcoming years
- Increase in demand from aerospace & defense and transportation sectors across the globe is fueling the expansion avenues in the global market
Power Supply Market: Regional Analysis
- The power supply market in Asia Pacific is prognosticated to register growth at a CAGR of over 5.1% during the forecast period. This growth can be ascribed to many factors such as rise in use of power supply in different industrial applications. Moreover, China is a prominent nation in the Asia Pacific power supply market, owing to the sizable demand for electricity from the industrial sector in the nation.
- The North America power supply market is expected to maintain its prominent position in the upcoming years, owing to growing demand for power supply in transportation, aerospace & defense, and industrial sectors in the U.S.
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Power Supply Market: Key Players
Some of the key players profiled in the report are:
- COSEL ASIA LTD
- Artesyn
- General Electric
- Delta Electronics Inc
- Phoenix Contact
- MEAN WELL Enterprises Co. Ltd
- PULS GmbH
- Murata Power Solutions
- TDK-Lambda Corporation
- SIEMENS AG
- XP Power
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Power Supply Market Segmentation
Industry Vertical
- Industrial
- Transportation
- Aerospace & Defense
- Health Care
- Consumer Electronics
- Telecommunication
- Others (including Home & Building and Automation Systems)
Type
- AC-DC Power Supply
- DC-DC Converter
Output Power
- Low Output (500 W and Below)
- Medium Output (500 W to 1500 W)
- High Output (More than 1500 W
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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