Industrial Power Supply Market to Reach US$ 21.5 Billion by 2034, Driven by Automation and Industry 4.0 | Future Market Insights, Inc.

Industrial power supplies are booming due to automation, energy efficiency, and reliability needs. Innovations boost performance, creating opportunities for customized, cost-effective, and smart solutions across industries. Explore the market's dynamics and stakeholder potential in our FMI report

NEWARK, Del., Feb. 8, 2024 /PRNewswire/ -- The industrial power supply market is estimated to be worth US$ 8.2 billion in 2024 and is projected to be valued at US$ 21.5 billion in 2034. Between 2024 and 2034, the industry is poised to rise at a CAGR of 10.1%. The growing integration of industrial automation and the implementation of Industry 4.0 initiatives are contributing to a heightened demand for dependable and efficient power supplies. This demand stems from the necessity of providing stable and accurate power delivery to automation systems, encompassing PLCs, robotics, and control systems.

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The increasing recognition of the importance of energy conservation and sustainability in industrial settings is fostering a preference for energy-efficient power supplies. Businesses are actively seeking power solutions that not only optimize energy consumption but also contribute to reducing overall operational costs. Global economic growth and the expansion of manufacturing and industrial infrastructure contribute to increased demand for power supplies. As industries expand, there is a need for reliable and scalable power solutions to support new facilities and equipment.

Continuous technological progress, marked by enhancements in power electronics, digital control, and the integration of intelligent features, propels the evolution of highly efficient and advanced industrial power supplies. To remain competitive in this dynamic market, companies are dedicating resources to research and development initiatives.

Industrial Power Supply Research Report Scope:

Key Takeaways from the Market Study

• From 2019 to 2023, the industrial power supply market expanded at a CAGR of 13.2%.
• Based on the product types, the AC-DC converters segment is expected to rise at a CAGR of 9.8% from 2024 to 2034.
• The industrial power supply demand in China is predicted to grow at a CAGR of 9.2% through 2034.
• In the United States, the industrial power supply industry is estimated to register a CAGR of 10.4% from 2024 to 2034.
• The United Kingdom is projected to expand by a value CAGR of 10.8% between 2024 and 2034.
• The industrial power supply market in Japan is anticipated to record a CAGR of 11.5% during 2034.

"The industrial power supply market is experiencing momentum driven by the growth of manufacturing and industrial infrastructure, coupled with a rising demand for energy-efficient solutions in industrial settings." says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.). 

Competitive Landscape

The industrial power supply market players are forming strategic partnerships with other industry players, technology providers, or manufacturers to enhance product portfolios or expand market reach and collaborating with key stakeholders in the supply chain to ensure a seamless and reliable power supply ecosystem.

Leading Manufactures in Industrial Power Supply Market

• TDK Lambda
• Delta Electronics
• XP Power
• Siemens
• Murata Power Solutions
• Advanced Energy
• Bel Fuse
• Cosel
• MEAN WELL

Recent Developments in Industrial Power Supply Industry:

• TDK Lambda - a leading global manufacturer of power supplies, TDK Lambda specializes in providing innovative and reliable solutions for various industrial applications.
• Delta Electronics - is a multinational company known for its power and thermal management solutions, offering a wide range of industrial power supply products.
• XP Power - is a well-established provider of power solutions, delivering high-quality and efficient power supplies for industrial applications, including medical, technology, and industrial sectors.

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More Valuable Insights Available

Future Market Insights offers an unbiased global industrial power supply market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034

To understand opportunities in the industrial power supply industry, the industry is segmented based on product types (AC-DC Converters, DC-DC Converters) By Output Power (Very Low Output (Up to 500W), Low Output (500W-1,000W), Medium Output (1,000W−10 kW), High Output (10-75kW), Very High Output (75-150kW)) By Vertical (Transportation, Semiconductor, Military & Aerospace, Robotics, Test & Measurement, Battery Charging & Test, Industrial 3D Printing, Laser, Lighting) and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa).

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About the Industrial Automation Division at Future Market Insights

The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.

About the Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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