[152 Pages Report] The overall power supply market is expected to grow from USD 25.00 billion in 2017 to USD 34.92 billion by 2023, at a CAGR of 6.7% from 2018 to 2023. Power supplies are being used in many verticals such as lighting, telecommunications, consumer electronics, medical & healthcare, industrial, food & beverages, transportation, and military & aerospace. The base year considered for the study is 2017, and the forecast has been provided for the period from 2018 to 2023.
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Lighting vertical to drive global power supply market during 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.
Lighting, industrial, and consumer electronics verticals drive growth of power supply market
Lighting
In the lighting industry, LED lighting has 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.
Moreover, the power supply types, such as enclosed and open frame, as well as special purpose AC-DC, led lighting power supplies to be used for various lighting applications (such as architectural lighting, medical lighting, transportation lighting, entertainment lighting, safety and security lighting, street lighting, lit signage and moving signs boards, displays) and commercial applications (such as refrigerator lighting and outdoor area lightings). Such huge usage of power supplies for lighting applications is likely to upsurge the growth of power supply market in the near future.
Industrial
The industrial vertical consists of various industries such as building and industrial automation, warehousing, process automation, semiconductor, automotive, wastewater treatment, and renewable energy. The aforementioned industries require/utilize AC-DC and DC-DC power supplies in a number of industrial applications such as test and measurement instruments, industrial electric equipment, factory automation equipment, home and building automation systems, and among others.
Consumer Electronics
Consumer electronics holds a major share of the power supply market. With increasing digitization and miniaturization, consumer electronics products, such as PCs, laptops, game consoles, DVD players, printers, scanners, hard disk drives, and cameras, are becoming portable, compact, and power- and cost-efficient. With the introduction of new and innovative technologies, such as IoT, more devices are getting connected, e.g., wireless printers. These devices require low DC power for efficient functioning. Therefore, AC-DC and DC-DC power supplies are among the essential components for consumer electronics devices/equipment. The introduction of new technologies is expected to drive the growth of the power supply market for consumer electronics devices/equipment. Security systems, electronics equipment and instruments, lighting control systems, LED display applications, household appliances, gaming devices, information technology equipment, and consumer electronics products are among the various consumer systems and devices that require AC-DC and DC-DC power supplies.
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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), Acbel Polytech (Taiwan), Salcom (Finland), LITE-ON Power System Solutions (US), FSP (Taiwan), Power Innovation (Germany), MTM Power (Germany), and Power Systems & Controls (US).
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