Transparency Market Research delivers key insights on the global power supply market. In terms of revenue, the global power supply market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global power supply market.
The global power supply market is broadly affected by several factors, including rise in consumer trend toward building automation, widespread use of consumer electronics, stringent RoHS compliance, and rising demand for automation devices in street lighting and industrial applications. Thus, expanding applications of power supply in different sectors is propelling the global power supply market.
Power Supply Market: Dynamics
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 the industrial power supply market. The growing adoption of power supply with low output power in telecommunications and consumer electronics applications leads to significant growth of the power supply market across the globe. Moreover, the demand for uninterrupted power supply due to increasing industrial automation is likely to propel the global power supply market during the forecast period.
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Developments in wireless Internet and smartphones have extended the concept of smart home to services that can be remotely controlled anytime and anywhere, which is likely to lead to significant growth in power supply modules and in turn help to boost the power supply market across the globe. Moreover, rise in consumer trend toward building automation due to rising disposable income is likely to result in major growth of smart homes. Rapid developments in the field of artificial intelligence is anticipated to increase the application of power supplies in the field of building automation, which is likely to lead to significant growth of the power supply market.
On the other hand, high voltage direct current systems allow more efficient bulk power transmission over a long distance, which is encouraging consumers to move toward high voltage direct current power systems. This is likely to be a challenge for the power supply market across the globe.
A high-voltage, direct current (HVDC) electric power transmission system, also called a power superhighway or an electrical superhighway has the ability to automatically reverse the output polarity with the flip of a remote or switch control signal, avoiding power failure in these systems, which is likely to increase the consumption of high voltage direct current systems. This is projected to restrain the power supply market across the globe. The rising adoption of renewable energy sources, including solar energy and geothermal energy is also likely to create challenges for the power supply market across the globe.
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Power Supply Market: Key Players
Key players operating in the global power supply market are Artesyn, COSEL ASIA LTD, Delta Electronics Inc., General Electric, MEAN WELL Enterprises Co. Ltd, Murata Power Solutions, Phoenix Contact, Phoenix Contact, Siemens AG, TDK-Lambda Corporation, and XP Power among others.