CHICAGO, July 22, 2022 /PRNewswire/ -- Industrial Power Supply Market is projected to grow from USD 10.8 billion in 2022 to USD 14.5 billion by 2027, at a CAGR of 6.0% according to a new report by MarketsandMarkets. The growth of the industrial power supply market can be attributed to growing investments in the energy efficient devices in the industrial sectors and adoption of robots across several industries. The growing sales in electric vehicles is also an important driver for industrial power supply market.
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The Very low output (up to 500 W), by output power, is expected to be the largest industrial power supply market during the forecast period
By output power, the industrial power supply market has been segmented into very low output (up to 500 W), low output (500-1,000 W), medium output (1,000 W-10 kW), high output (10-75 kW), and very high output (75-150 kW). very low output (up to 500 W) is expected to be the largest segment during the forecast period. The rising use of automation solutions and digital technology by industries based in China, India, and Japan is the prime reason for the growth of this market.
Robotics segment, by vertical, is expected to grow at the highest CAGR during forecast period
The robotics segment is expected to register the highest CAGR of 7.9% during the forecast period. Robotics applications of industrial power supplies include factory and warehouse automation systems, goods handling and transportation systems, manufacturing and packaging systems, and automated assembly systems.
Asia Pacific is expected to dominate the global industrial power supply market during the forecast period
In this report, the industrial power supply market has been analyzed for five regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to lead the market during the forecast period. The growing inclination of China and Japan toward industrial automation and the rising adoption of electric vehicles in the region are among the reasons for the region's significant market size
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Industrial Power Supply Market. These include TDK Lambda (Japan), Siemens (Germany), Delta Electronics (Taiwan), ABB (Switzerland), and Murata Power Solutions (US). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions to increase their respective market shares.
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