The global power supply market is expected to grow at a compound annual growth rate of 4.25% over the analyzed period to reach a market size of US$13.681 billion in 2026 from US$10.220 billion in 2019.
The prime reason driving the market growth of the global power supply solution is its burgeoning consumer electronics and telecommunication sector during the forecasted period. Consumer electronics, lightning, industrial, transportation, the defense sector, and telecommunication are the key end-users of the power supply market. projected exponential growth in these sectors will considerably boost the market size of the power supply industry. Furthermore, the growing adoption of the internet of things (IoT) has created huge market growth opportunities for semiconductors and hence for power supply solutions.
Booming growth in the telecommunication sector provides a humongous market growth prospectus for the power supply industry during the forecasted period
Burgeoning growth in the telecommunication sector is anticipated to act as a key market growth driver for the power supply industry during the studied time period of 2019 to 2026. The telecommunication sector is growing at an exponential rate worldwide and will increase the demand for power supply solutions. Rising internet users and increasing adoption of advanced technology, such as 5G networking and others, have increased the demand for novel power solutions. Further, investment by government and institutions for technological advancement provides more growth prospectus. The government of India, for instance, has sanctioned a production-linked scheme, worth US$1.65 billion for the development of telecom and networking products, in addition to US$1.9 billion set aside from the financial budget 2021-22 for telecom infrastructure development.
Multiple output power supply solution is anticipated to hold significant market share
Based on the output, the global power supply market is segmented into a single output and multiple outputs. During the forecasted period, the multiple output segment is anticipated to grow at a considerable rate to attain a significant hold of the market. Surging demand for Original Equipment Manufacturer (OEM) and increasing use of multiple output power supply across various industry verticals are the prime drivers of market growth for multiple output power supply solutions. Over the past few years, companies have initiated collaboration with OMEs to again expert advice on operations they lack experience. Outsourcing of OMEs is proving to be more cost-effective as compared with in-house production. Hence the increasing popularity and demand for OMEs will fuel the market growth. Furthermore, the OEM’s function in diverse industries such as automotive, computer software, electronics, and manufacturing, all of which require multiple output power supplies which are further expected to fuel the market growth.
Din Rail Mount and PCB mount will have a noteworthy share of the market
Based on the mount type, the global power supply market is segmented as din rail mount, wall mount, PCB mount, and panel mount. The din rail mount and PCB mount are predicted to hold a noteworthy share of the market during the forecasted period. The DIN rail mount is a mounting rail made of metal with fixed standard dimensions and has wide industrial applications around the world as it provides high density, flexibility, safety, and design time savings in the network. Din rail munt have wider applicability in the telecommunication sector have project promising growth prospectus. These mounts have few moving parts that minimize the risk of unplugging of cable or disruption. Moreover, technological advancement in the segment will play a crucial role in market growth. XP Power, for example, introduced two new series of wide input range chassis and DIN rail mount DC-DC converters that offer rapid installation into a wide variety of industrial and ITE applications. On the other hand, PCB Mount is constructed for both, industrial and residential usage to reduce power wastage and ensure a continuous flow of power. Wall mounts are expected to grow at a considerable rate. They are the most common source of low voltage power and consist of small plastic boxes which are plugged directly into the wall. These mounts are available in a range of performance and quality levels, providing wide options to the consumer.
The North American power supply market is predicted to hold dominating share in the global power supply industry. the Asia Pacific power supply market is calculated to grow at an auspicious rate
Based on geography, the global power supply market is segmented as North America, South America, Europe, the Middle East, and Africa and Asia Pacific regions. The North American power supply market is projected to dominate the global power supply market during the forecasted period. The burgeoning telecommunication sector is the prime market driver in the segment. Rising demand for technologically advanced products, early adoption of technology, and high living standards are the prime market drivers. The United States is forecasted to influence the market scope owing to booming electricity demand and a high range of voltage.
The Asia Pacific region, however, is anticipated to grow at an auspicious rate owing to rising technology penetration and booming demand of affiliated industries such as consumer electronics and automobiles. Furthermore, growing internet penetration and government support to the telecommunication sector will provide market stability.
Covid Pandemic Insights
The coronavirus pandemic had a positive impact on the global power supply market. Power supplies have wider applicability in industries such as industrial equipment, healthcare, semiconductors, and others. A surge in demand for healthcare equipment increased the market prospectus of the power supply industry. Moreover, containment measures included nationwide lockdowns, rendering a large proportion of the workforce from commuting and switching to work from home arrangements. This significantly increased residential power supply solution demand. However, the demand for industrial and commercial power supply solutions contracted considerably.
Frequently Asked Questions (FAQs)
Q1. What will be the power supply market size by 2026?
A1. The global power supply market is expected to reach a total market size of US$13.681 billion in 2026.
Q2. What are the growth prospects for the power supply market?
A2. The power supply market is expected to grow at a CAGR of 4.25% during the forecast period.
Q3. What is the size of global power supply market?
A3. Power Supply Market was valued at US$10.220 billion in 2019.
Q4. What factors are anticipated to drive the power supply market growth?
A4. The prime reason driving the market growth of the global power supply solution is its burgeoning consumer electronics and telecommunication sector during the forecasted period.
Q5. Which region holds the largest market share in the power supply market?
A5. The North American region is projected to hold a significant share in the power supply market.