PUBLISHER: The Business Research Company | PRODUCT CODE: 1659169
PUBLISHER: The Business Research Company | PRODUCT CODE: 1659169
Industrial power supply encompasses components that convert electrical power into diverse forms and strengths, serving as essential devices for supplying power to industrial equipment.
The primary product categories within industrial power supply include AC-DC converters and DC-DC converters. AC-DC converters are electrical circuits designed to optimize variable DC voltage from input AC voltage through filtration, generating an unregulated DC voltage. In industrial settings, AC-DC converters play a pivotal role in transforming alternating current (AC) into a consistent direct current (DC) voltage, facilitating the operation of various electrical devices. They come in various output power ranges, spanning from very low outputs (up to 500 W) to very high outputs (75-150 kW), catering to industries such as transportation, semiconductor, military and aerospace, robotics, test and measurement, industrial 3-D printing, battery charging and testing, automotive, energy, and more.
The industrial power supply market research report is one of a series of new reports from The Business Research Company that provides industrial power supply market statistics, including industrial power supply industry global market size, regional shares, competitors with a industrial power supply market share, detailed industrial power supply market segments, market trends and opportunities, and any further data you may need to thrive in the industrial power supply industry. This industrial power supply market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The industrial power supply market size has grown strongly in recent years. It will grow from $9.29 billion in 2024 to $9.97 billion in 2025 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to market competitiveness and innovation, demand for uninterrupted power supply, electrification in industrial processes, infrastructure development, focus on energy efficiency.
The industrial power supply market size is expected to see strong growth in the next few years. It will grow to $13.65 billion in 2029 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to industry digitization and IoT adoption, renewable energy integration, transition to electric vehicles, industry 4.0 and smart manufacturing, data center expansion. Major trends in the forecast period include IoT based solutions, strategic collaborations, product innovations, advanced material technologies.
The increasing adoption of electric vehicles (EVs) is anticipated to drive the growth of the industrial power supply market in the coming years. Electric vehicles are powered by motors that utilize electricity stored in batteries, operating with electric motors and relying on electricity for charging. This necessitates various industrial power supply subsystems, including AC/DC converters and battery management systems, to support their functions. Additionally, the response to COVID-19 and the push toward net-zero emissions have accelerated the adoption of EVs and hybrid vehicles. This surge in demand for electric vehicles has led to a corresponding increase in the production and demand for industrial power supply solutions. For example, the Global EV Outlook 2022 report published in May 2022 indicated that electric vehicle sales doubled in 2021, reaching a record high of 6.6 million units. Consequently, the rising adoption of electric vehicles is fueling the growth of the industrial power supply market.
The burgeoning healthcare industry is poised to be a catalyst for the expansion of the industrial power supply market. The diverse technological needs of healthcare facilities and services necessitate advanced and dependable power supply solutions. Notably, the 2021-2030 National Health Expenditure (NHE) report released by the Centers for Medicare & Medicaid Services in March 2022 projects a robust average annual increase of 5.1% in national health spending, totaling nearly $6.8 trillion by 2030. Forecasts also indicate a substantial annual rise of 7.2% in Medicare spending and 5.6% in Medicaid spending from 2021 to 2030. This burgeoning healthcare sector's growth is a significant driver stimulating the industrial power supply market.
Technological advancements stand out as a prominent trend reshaping the industrial power supply market. Companies are heavily invested in enhancing the energy efficiency levels of these power supplies through the integration of advanced technologies. Notably, Toshiba Electronics Europe GmbH launched five 1200V silicon-carbide (SiC) MOSFETs in August 2022, leveraging third-generation SiC technology to improve energy efficiency in high-voltage industrial applications. These devices, featuring an integrated Schottky barrier diode (SBD), address internal parasitic effects, ensuring consistent device RDS (on) and enhancing conduction and switching performance in power-conversion topologies.
Notable players in the industrial power supply market are concentrating on developing innovative products like digitally configurable power solutions to expand their consumer base and drive sales and revenue growth. Digitally configurable power solutions refer to systems or components adaptable through digital means. For instance, in September 2023, Advanced Energy Industries Inc. unveiled IHP Liquid, a versatile power solution delivering up to 20 kW in a compact 4U rack form factor, eliminating fan-based air cooling. Offering a choice between a single output or up to eight outputs, this solution boasts 10 programmable output modules that can operate in constant voltage or constant current modes. With the ability to combine modules in series or parallel, it accommodates varying voltage or current needs, reaching currents up to 1600 A or voltages up to 1000 V. The iHP Liquid represents a paradigm shift in flexibility and adaptability for industrial, lighting, horticulture, medical, and semiconductor applications.
In July 2023, Mitsubishi Heavy Industries Ltd., an esteemed Japanese engineering firm, completed the acquisition of Concentric LLC, the details of which remain undisclosed. This strategic move aims to amalgamate MHI's robust technological prowess with Concentric's established status as a premier national service provider. The synergy between these entities immediately augments operational advantages for facilities across North America and sets a strong footing for global service expansion. As a part of the MHI group, Concentric is empowered to accelerate its commitment to furnishing sustainable and proactive power systems and maintenance services to leaders in facilities nationwide. Concentric LLC is a US-based provider of industrial power solutions.
Major companies operating in the industrial power supply market are Siemens AG, Delta Electronics Inc., ABB Ltd., Murata Manufacturing Co. Ltd., Bel Fuse Inc., Advanced Energy Industries Inc., XP Power PLC, Mean Well Enterprises Co. Ltd., COSEL Co. Ltd., Amara Raja Power Systems Limited, Astrodyne TDI Inc., MTM Power GmbH, Phoenix Contact GmbH & Co. KG, GlobTek Inc., Excelsys Technologies Ltd., FSP Group, HiTek Power GmbH, Lambda Americas, LHV Power Corp., Mornsun Power Supply, Powerbox International AB, Triad Magnetics, Axiomatic Technologies Corp, Neeltran Inc., Mingston Electronics Inc., Schneider Electric SE, PULS GmbH, RECOM Power Inc., Sager Electronics, Schaefer Inc., SynQor Inc.
Asia-Pacific was the largest region in the industrial power supply market share in 2024. The regions covered in the industrial power supply market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the industrial power supply market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial power supply market consists of sales of transformer, rectifier, filter, regulator circuits, switches. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods..
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Industrial Power Supply Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial power supply market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial power supply ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The industrial power supply market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.