NEW YORK, Dec. 23, 2019 /PRNewswire/ --
The global industrial power supply market is projected to reach USD 12.8 billion by 2024, at a CAGR of 5.4% from 2019 to 2024
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The global industrial power supply market size is estimated to be USD 9.9 billion in 2019 and projected to reach USD 12.8 billion by 2024, at a CAGR of 5.4% from 2019 to 2024. The widespread use of consumer electronics and stringent RoHS compliance, as well as the rising demand for automation devices in street lighting and industrial applications, is expected to fuel industrial power supply industry.
Furthermore, the developing nations are increasing investments in infrastructure developments for an economic boost.Also, the industrial and manufacturing sectors require continuous and reliable power supply, and the growth of these sectors is expected to shape the future dynamics.
Consequently, the growing need for an uninterrupted power supply is likely to drive the industrial power supply market growth during the forecast period.
The AC-DC converter segment is projected to dominate the industrial power supply industry during the forecast period
The AC-DC converter segment is anticipated to constitute the majority of the industrial power supply market share.These converters are suitable for consumer devices, medical devices, industrial & process control systems, measurement equipment, semiconductor fabrication equipment, and defense applications.
The escalating demand for DC power sources in various industrial & medical applications is expected to drive the AC-DC converter segment in the industrial power supply industry during the forecast period.
The lighting segment is projected to dominate the industrial power supply market during the forecast period
The lighting segment has shown considerable growth and is continuing to accelerate at a healthy pace due to its advantages over traditional lighting solutions.LED lighting finds application in several areas such as automotive lighting, traffic signals, historical places lighting, electronic displays, street lighting, factory lighting, medical lighting, and space lighting.
Consequently, the demand for LED lights in industrial & street lighting combined with government initiatives such as providing LED lights at subsidized rate is predicted to propel this segment in industrial power supply market.
Asia Pacific is expected to grow at the highest CAGR from 2019 to 2024
The Asia Pacific region is currently the largest market for industrial power supply, followed by North America and Europe. China accounted for the maximum share in Asia Pacific in 2018 and is projected to grow at the highest CAGR from 2019 to 2024.
The increase in demand for industrial power supply in Asia Pacific is due to the growing demand for power supply devices from the automotive and petroleum & natural gas industry together with promising government initiatives. The increasing investments for infrastructure development are likely to contribute to the growth of the industrial power supply market.
Breakdown of Primaries:
In-depth interviews were conducted with key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier I–60%, Tier II–27%, and Tier III–13%
• By Designation: C-level–55%, Managers–30%, and Others*–15%
• By Region: Asia Pacific–35%, North America–24%, Europe–21%, South America–11%, Middle East & Africa–9%
*Others include sales managers, marketing managers, product managers, and product engineers.
Note: The tier of the companies is defined on the basis of their total revenue as of 2018; Tier 1: USD 1 billion, Tier 2: from USD 1 billion to USD 500 million, and Tier 3:
The global industrial power supply market is dominated by a few major players that have an extensive regional presence. The leading players include the TDK Lambda (Japan), XP Power (Singapore), Delta Electronics (Taiwan), Siemens (Germany), and Murata Power Solutions (US).
Research Coverage:
The report defines, describes, and forecasts the industrial power supply market based on product type, output power, vertical, and region.It also offers detailed qualitative and quantitative analyses of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.It also covers various important aspects of the market.
These include the analysis of the competitive landscape, market dynamics, future trends, and market estimates, in terms of value, in the industrial power supply industry.
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