Industrial Power System Market to Grow with a CAGR of 7.19% through 2028
Increasing demand for energy-efficient devices and Growing
adoption of automation & control systems are likely to drive the market in
the forecast period.
According to TechSci Research report, “Industrial
Power System Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Industrial Power System
Market stood at USD 13.08 billion in 2022 and is anticipated to grow with a
CAGR of 7.19% in the forecast period. One of the primary drivers propelling the
global Industrial Power System market is the ever-growing demand for a reliable
and uninterrupted power supply. Industries, ranging from manufacturing and petrochemicals
to data centers and healthcare facilities, rely heavily on consistent
electricity to maintain their operations. Downtime can result in substantial
financial losses, reduced productivity, and even compromised safety. To address
this critical need, industrial facilities seek advanced power systems that can
ensure the continuous availability of electricity. These systems are designed
to mitigate power interruptions, voltage fluctuations, and other electrical
irregularities that could disrupt industrial processes. They provide safeguards
against outages and voltage variations, ultimately boosting operational
efficiency and minimizing costly downtime. The increasing demand for a reliable
power supply is driving innovation in the Industrial Power System market,
fostering the development of cutting-edge technologies, such as smart grids,
energy storage solutions, and advanced control systems. As industries worldwide
recognize the pivotal role that uninterrupted power plays in their operations,
the market for industrial power systems continues to expand.
Another significant driver of
the global Industrial Power System market is the accelerating integration of
renewable energy sources, including solar, wind, and hydroelectric power, into
industrial operations. As the world shifts toward sustainability and reduced
carbon emissions, industries are seeking ways to harness clean energy to power
their facilities. Industrial Power Systems are adapting to accommodate these
renewable energy sources efficiently. This involves the development of grid
management solutions, energy storage technologies, and power conversion systems
capable of handling intermittent power generation. Such adaptations are crucial
for ensuring a stable and sustainable power supply, while also reducing the
environmental impact of industrial processes. Governments and industry
stakeholders worldwide are incentivizing the adoption of renewable energy
through policies, subsidies, and tax incentives, further driving the demand for
Industrial Power Systems that support clean energy integration. This trend not
only contributes to environmental goals but also promotes energy cost savings,
making it a powerful driver in the ongoing evolution of the Industrial Power
System market.
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The Global Industrial Power System Market is segmented
into product types, output power, verticals and region. Based on Product Types,
The AC-DC Converters segment had the largest market share in 2022 &
expected to maintain it in the forecast period. AC-DC converters are essential
for industries that primarily rely on grid power, which is typically supplied
in the form of alternating current (AC). The majority of industrial facilities
around the world are connected to the AC grid, making AC-DC converters crucial
for converting grid AC power into the direct current (DC) needed for various
industrial applications. AC-DC converters find extensive use in a wide range of
industries, including manufacturing, commercial, residential, and institutional
sectors. They are essential for powering electronic devices, machinery,
appliances, lighting systems, and other equipment commonly used in industrial
settings. Industries often require high-power solutions for their operations.
AC-DC converters are capable of handling high voltage and current levels,
making them suitable for industrial applications with substantial power
demands. They ensure a stable and reliable power supply for critical
operations. Many industrial facilities have already invested in AC-based
electrical systems and infrastructure. AC-DC converters seamlessly integrate
with these existing setups, allowing industries to leverage their current
infrastructure while enhancing energy efficiency and control. Modern AC-DC
converters are designed for high energy efficiency, minimizing energy losses
during the conversion process. Energy efficiency is a critical concern for
industries seeking to reduce operational costs and environmental impact. AC-DC
converters help industries maintain operational resilience, as they can ensure
a stable power supply even in the face of grid disturbances, fluctuations, or
outages. This reliability is crucial for industries that cannot afford downtime
or disruptions.
Based on Verticals, The Semiconductor segment had the
largest market share in 2022 and is projected to experience rapid growth during
the forecast period. Semiconductor manufacturing processes are highly sensitive
to voltage fluctuations and power quality. The production of integrated
circuits (ICs) and microchips requires an extremely stable and precise power
supply. Industrial Power Systems that offer accurate voltage control and
minimal power disturbances are essential for maintaining the quality and yield
of semiconductor fabrication processes. Semiconductor manufacturing facilities
are known for their high energy consumption due to the complex machinery and
equipment involved in the production process. Ensuring energy efficiency and
minimizing power wastage are critical for cost control and sustainability.
Advanced Industrial Power Systems are designed to optimize energy usage, reduce
losses, and lower operational costs. Semiconductor fabs (fabrication
facilities) often operate around the clock to meet global demand for
electronics. Any power interruption or equipment failure can result in
substantial financial losses. Industrial Power Systems are engineered to
provide uninterrupted and reliable power, minimizing downtime and production
losses in these critical facilities. Semiconductor manufacturing is subject to
strict safety and environmental regulations. Industrial Power Systems must
comply with these regulations to ensure a safe working environment and minimize
environmental impact. Compliance with safety and environmental standards is a
top priority in the semiconductor industry.
Major companies operating in the Global Industrial
Power System Market are:
- ABB Ltd
- Siemens
AG
- Delta Electronics,
Inc
- Schneider
Electric SE
- Emerson
Electric Co.
- General
Electric Company
- Murata
Power Solutions Inc
- TDK-Lambda
Corporation
- Bel Fuse
Inc
- Advanced
Energy Industries, Inc
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“The Global Industrial Power System market is expected
to rise in the upcoming years and register a significant CAGR during the
forecast period. The rising awareness about the need to conserve energy is
driving the demand for energy-efficient devices in the industrial sector.
Industrial power systems are becoming increasingly energy-efficient, thanks to
the use of new technologies such as power factor correction and variable speed
drives. The increasing adoption of automation and control systems in the
industrial sector is another key driver of the market. These systems help to
improve the efficiency and productivity of industrial operations, and they also
help to reduce the risk of accidents. Additionally, The continuous advances in
technology are also driving the growth of the market. New technologies, such as
smart grid technologies, are helping to improve the efficiency and reliability
of industrial power systems. Therefore, the market of Industrial Power System
is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Industrial Power System Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028 Segmented By Product Types (AC-DC Converters and DC-DC
Converters), By Output Power (Very Low Output (Up to 500 W), Low Output
(500W-1,000W), Medium Output (1,000W-10kW), High Output (10-75kW), Very High
Output (75−150kW)), By Verticals (Transportation, Semiconductor, Military &
Aerospace, Robotics, Test & Measurement, Industrial 3D Printing, Battery
Charging & Test, Others), By Region, By Competition”, has evaluated
the future growth potential of Global Industrial Power System Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers make sound investment decisions., The report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Industrial Power System Market.
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