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The global switching mode power supply market is expected to be valued at US$ 24.5 billion in 2022. Sales of switching mode power supply devices are likely to remain high for switching mode power supply during the assessment period. this is due to the rising application across various end-use industries and garnering US$ 25.8 billion in 2033, recording a CAGR of 4.2% from 2023 to 2033. The market is likely to secure US$ 39.1 billion in 2023.
Key Factors Shaping the Demand Outlook of the Switching Mode Power Supply Industry
· Increasing application of switching mode power supply in the industrial sector
· Widening application of switching mode power supply in the consumer electronics sector is expected to spur the growth
· Increasing awareness about the advantages of the switching mode power supply elevates the demand
· Growing advances in technology are expected to create new growth prospects for switching-mode power supply manufacturers
· Opportunities in the Switching Mode Power Supply Industry
· Growing demand for switching mode power supply in the automotive industry
· Opportunities for research and development to improve efficiency and affordability
· Increased use of cost-effective manufacturing techniques and advanced raw material
· Advances in consumer electronics devices
· Increased demand for high-efficiency switching mode power supply in different industry vertices
Which Drivers Underpin Switching Mode Power Supply Industry Expansion?
The Rapid Growth of Consumer Electronics Is Expected to Drive Market Growth During the Forecast Period.
Switching mode power supplies provide high efficiency and small size, which are important considerations in the design of modern consumer electronics. They also provide a wide range of output voltage and current options, which allows them to be in a variety of different devices and applications.
The switching mode power supply is efficient for power usage, lightweight, compact size, and flexible power conversion, owing to all these qualities the switching mode power supply market is gaining traction in consumer electronics.
Advances in technology and rising digitalization fuel the demand for consumer electronics which in turn is expected to drive the growth of the switching mode power supply market during the forecast period.
Increased Investment in Research & Development Activity Drives the Market Growth
The leading players in the market are investing in the development of new technologies and innovative solutions to meet the growing demand for more efficient and reliable power supplies in various applications.
The companies are investing heavily in research and development to create power supplies that can deliver more power in a smaller form factor. This is particularly important in applications such as data centers and telecommunications where space is at a premium.
With the increasing application of switching mode power supply in electronic vehicles, the market players are providing reliable and efficient power conversion solutions that meet the demand of the automotive industry.
Country-wise Insights
Why is the Demand Rising in the United States Switching Mode Power Supply Market?
Technological Advancement to Boost the Growth of the Switching Mode Power Supply Market in the United States
The global switching mode power supply market is expected to be dominated by the United States. The market is anticipated to expand at a CAGR of 4.2% and is expected to accumulate a market value of US$ 7.2 billion over the forecast period. Unites states to witness high adoption of switching mode power supply in the near future due to the significant growth of the electronic industry in the region.
The increasing demand for energy-efficient and high-performance power supplies in various applications such as data centers, healthcare, and automotive drives the growth of the market in the United States.
Who are the Leading Players in the Switching Mode Power Supply Market?
Prominent players in the switching mode power supply market are Allis Electric Co., Ltd.; B&K Precision Corporation; CUI, Inc.; Absopulse Electronics Ltd.; BENNING Elektrotechnik und Elektronik GmbH & Co. KG among others.
The key players in the switching mode power supply are focusing on improved productivity and quality of their products in order to gain more customer base. Key players are working on research & development activities for the effective composition of the material that is to be used for manufacturing.
Other expansion strategies of key players include extensive research & development activities, collaborations, and mergers & acquisitions. Some notable developments are as follows:
In September 2023 - B&K Precision, extends their popular MR Series multi-range DC power supplies with the addition of two new models. Since its initial release in 2020, the MR Series has proven to be a popular solution for ATE system and integration applications providing 5 kW of clean output power and up to 1000 V in a rack-mountable 2U form factor.
In May 2023- CUI Inc., a Bel group company, announced CUI’s first 60W DC-DC series with the PQC60 series. The dc-dc converters are a low-power solution for a variety of industrial, test & measurement, and telecommunication applications, featuring a 4:1 input range (9~36 Vdc), and single regulated output.In January 2023 - Absopulse Electronics Ltd introduced the CSI 1K-3U2 and CSI 1K-3U3 series rugged, modular DC-AC inverters that deliver up to 1kVA sine wave output voltage. The use of the latest silicon carbide (SiC) semiconductor technology contributes to high conversion efficiency, high power density, and a compact form factor. The inverters are suitable for a broad range of heavy-duty industrial applications that require clean, stable AC-power
These insights are based on a report on the
switching mode power supply market
by Future Market Insights
Source: Email/GFMM
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