The global power supply market is seeing a boom in its growth with time. It is due to the growing adoption of building and home automation systems. According to the Verified Market Research report, the market had a value of USD 29,578.96 million in 2019.
And it is expected to reach USD 42,543.50 million by 2027 by growing at a CAGR of 4.73% during 2020-27. Various industries such as consumer electronics, medical & healthcare, and aerospace are enjoying a high power supply requirement.
Many electronic manufacturing companies focus on providing miniature AC DC power supplies, including Power Factor Corrected modules. Many different AC-DC and DC-DC power supplies can yield varying output voltages ranging from few volts to thousands of volts.
Both standalone and integrated pieces of equipment enjoy lots of applications in industries, consumer electronics, and medical systems. The integration of power supplies in many electronic devices also leads to the high growth of the global power supply market.
People are focusing on installing energy-efficient devices due to which there is a boom in the power supply market. The increasing adoption of home & building adoption systems is leading to a boom in this sector.
Since automation systems help in energy consumption, monitoring, and maintaining operations in buildings, people opt to install them. That is why the demand for different power supplies is increasing at a global level.
This market is divided into sections, AC-DC Power Supply and DC-DC Power Supply. Out of these two, the AC-DC segment enjoys dominance due to its wide use in industrial, medical, and health applications. AC-DC segment accounted for 85% of the market revenues in 2019.