By 2024, the global industrial power supply market will reach $12.8 billion

According to a report released by Markets and Markets, an international market research agency, the global industrial power supply market size is expected to grow from a value of $9.
9 billion in 2019 to $12.
8 billion by 2024, at a CAGR of 5.
4%
during the forecast period.
The growth of the market is attributed to the high demand
for industrial power supplies in countries such as the US, China, and India.

Moreover, in countries such as China and the United States, the growth of the consumer electronics and lighting industry is expected to drive the growth
of the industrial power supply market with the implementation of industrial automation in the manufacturing industry.

In the vertical segment, lighting is expected to be the largest industrial power market
during the forecast period.
At the same time, the demand for industrial power sources in consumer electronics, transportation, food and beverage, military and aerospace telecommunications, medical and healthcare, and other sectors (power generation, oil and gas, marine and renewable energy) will continue to grow
steadily.

Some applications for LED lighting include automotive lighting, traffic lights, place lighting, electronic displays, street lighting, factory lighting, medical lighting, and space lighting
.
The eco-friendly and cost-effective nature of LED lamps, coupled with government initiatives, is expected to drive the demand growth in the lighting segment of the industrial power supply industry
.

According to the product type, the power supply has been subdivided into AC-DC converter, DC-DC converter and DC-AC inverter
.
The DC-AC inverter market in the industrial power supply industry is expected to be the fastest growing market
during the forecast period.
DC-AC inverters are mainly used in motor speed control, power grid, HVDC transmission, induction heating, solar energy and other fields
.

These inverters are best suited to withstand extreme altitude, temperature, and shock waves, and the growing demand for HVDC transmission and solar AC power sources that can persist under extreme environmental conditions is likely to drive the DC-AC inverter market in the industrial power supply market
.

By output power, industrial power supplies are subdivided into low output (up to 1,000 W), medium output (1,000 W–10 kW), high output (10–75 kW), and ultra-high output (75–150 kW).

The medium output (1,000 W–10 kW) segment is expected to be the fastest growing market
during the forecast period.

Applications for medium-sized output power supplies include solar technology, light industrial systems, energy systems, broadband power amplifiers, RF application equipment, audio/video broadcasting, automatic test equipment, packaging equipment, PET scanners, MRI scanners, CT scanners and laser treatment machines
.
The growing demand for medium output power sources in industrial automation, transportation, railway signaling, warehousing, healthcare, and other fields is driving the growth
of the industrial power supply market.

From the perspective of regional market, the industrial power supply industry is divided into five regions, namely Asia-Pacific, Europe, North America, South America, and the Middle East and Africa
.
Asia Pacific is expected to account for the largest industrial power supply market share
from 2019 to 2024.
The Asia-Pacific region is home to
two of the world's fastest-growing economies, India and China.
Increasing manufacturing activity in the automation sector, along with booming construction in India and China, is expected to create the demand for industrial power sources during the
forecast period.