The power supply market
is expected to be worth USD 34.92 billion by 2023, growing at a CAGR of
6.7% from 2018 to 2023. Factors such as growing adoption of home and
building automation systems, emerging telecommunications sector, and
increasing demand for energy-efficient devices/appliances are driving
the growth of the power supply market. The increasing requirement of
power supply in medical and healthcare devices will provide
opportunities to players in this market.
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The
market for power supplies with low output power (500 W and below) is
expected to grow at the highest CAGR during 2018–2023. The growth of
power supplies with low output power is mainly due to the increasing use
of AC-DC power supplies with low output power in telecommunications and
consumer electronics. More than 3 million products supplied across the
world operate in this power range and are designed to ensure low current
leakage and protection against short circuits, overvoltage, and
overload issues of high-wattage products.
Many
telecommunication and lighting devices, medical equipment, and consumer
electronics, as well as a few industrial applications, such as home and
building automation systems, operate in this power range due to the
benefits such as reduced power control system size, weight, and cost;
this also makes the consumption of electricity more efficient. Hence,
owing to the increasing demand for energy-efficient devices/appliances
and advancements in telecommunications and medical sectors will upsurge
the growth of low output power AC-DC power supplies.
The
power supply market for AC-DC power supplies is expected to grow at the
highest CAGR from 2018 to 2023. The growth of this type of power supply
can be attibuted to its wide usage in industrial and healthcare
applications. The AC-DC power supplies are available in different types
such as enclosed/encapsulated, DIN rail, open frame, PCB mount,
configurable, and others. Other types comprise power supplies such as
panel mount, specific purpose, chassis mount, front end type, and
external type power supplies.
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The
power supply market for lighting vertical is expected to grow at the
highest CAGR during the forecast period. In the lighting industry, LED
lighting has a significant growth potential owing to the increasing
consumer demand for energy-efficient lighting systems, declining prices
of LEDs, and growing penetration of LEDs as a light source in several
lighting applications. LED lighting is a significant consumer of power
supplies, thereby driving the growth of the power supply market in the
near future.
The power supply market in APAC is
expected to grow at the highest CAGR during the forecast period.
Moreover, the market in APAC is likely to continue to hold the largest
size owing to the increasing demand for consumer equipment, such as
portable healthcare electronics and white goods. Increasing digitization
and automation in various sectors is likely to generate demand for
power supplies in APAC.
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