Switching power supply market escalating owing to the energy efficiency and high-frequency factors of the equipment
Switching power supply were introduced in the late 1970s. Since its inception, it started gaining popularity owing to their exceptional power efficiency and overall performance. The switching power supply possesses an excellent line and load regulations such that it is capable of delivering a suitable, efficient, and rectified DC output. Applications of switching power supply are numerous, including but not limited to high power/current applications, mobile stations, network equipment, communication system, fuel cell applications for the waste-water treatment, and offering DC motor and battery charging in marine, aviation, and road vehicles. The applications mentioned above are spread through multiple end-user industry verticals such as energy, consumer electronics, aerospace & defense, and automotive. With such inflated applications, the demands for switching power supply are also incrementing, which is benefiting the switching power supply market that registered the global market size of $27.03 billion in 2018. Foreseeing the growing needs of a highly efficient power supply, this market is projected to grow at a positive CAGR of 5.68% during the forecast period of 2019 to 2025.
Geographical Segmentation in the Switching Power Supply Market
The APAC region was observed as the most lucrative region in the Switching Power Supply Market in 2018 and held 33.35% of the global market share. The presence of some of the largest consumer electronics manufacturing units in the subcontinent such as India, China, and Japan are observed as the major contributors to the switching power supply market. The prevalent consumer base for battery-operated devices in the region is supporting the switching power supply market. Switching power supply systems are extensively used in elevators to reduce the energy consumption and increase the power efficiency of the elevator. Development of elevators in Asia-Pacific is on the rise owing to the rapid construction activities in the region. Switching power supply system is preferred for providing energy to the elevators as it increases the efficiency and the speed of the elevator. The requirement for high-speed elevators in skyscrapers is one of the main reasons that is encouraging the construction companies to adopt the switching power supply system. Henceforth, the flourishing construction of skyscrapers in China is employing a significant number of switching power supply systems in the region.
Key Application in the Switching Power Supply Market
The switching power supply system has applications in numerous verticals. However, data centers are observed as the primary application of switching power supply systems. The demands for switching power supply system in data centers are expected to grow at a positive CAGR of 9.08%, during the forecast period of 2019 to 2025. The exponential generation of data owing to the advanced internet technologies has increased the requirement for data centers to store, operate, and churn data. The World Economic Forum report on daily data generation suggested that 2.5 quintillion bytes of data are produced daily, and 90% of this data has been produced in the last two years. This is just an indication of the gigantic volumes of data that will be produced in the upcoming years. Thus, the data center operatives and managers are looking for options to integrate energy-efficient and sustainable solutions to increase productivity and reduce the load on servers and computing machines. Incorporating switching power supply in data centers will help the operatives to manage the uptime and downtime energy consumption. Henceforth, the switching power supply systems are being considered as a good power amplification source in data centers.
Market Forces Influencing the Switching Power Supply Market
· Uninterruptible power supply: The dire need for uninterruptible power supply from various end-user verticals is driving the switching power supply market. Continual power system, emergency power system, standby generators, supercapacitors, and backup power system are some of the proactive entities in the uninterruptible power supply that uses switching power supply techniques to achieve high-frequency output. Moreover, the emerging trend of process automation in factories and industries will increase the power requirements in these infrastructures. Thus, these infrastructures are leveraging on switching power supply system for achieving efficiency and productivity in terms of power needs. The rampantly growing volume of warehouses, factories, and other industrials setups owing to the prevailing retail sector are creating a huge opportunity in the switching power supply market.
· Increased applications of Lithium-ion batteries: Lithium-ion batteries refers to the rechargeable or secondary batteries mostly used in consumer electronic products such as laptops, mobiles, smartwatches, tablets, and other portable electronic devices. Recharging lithium-ion batteries using switching power supply technique amplifies the voltage, current, and power frequency in the lithium-ion battery. The heavy application of lithium-ion battery in the majority of the industry verticals is projected to increase the demands for switching power supply equipment. Additionally, the advent Internet of Things (IoT) is working to connect almost every electrical device with the internet. All of these devices will be using numerous amounts of lithium-ion batteries as a power source. Furthermore, Artificial Intelligence is anticipated to be the most significant emerging technology of the decade. This universal adoption of AI is going to introduce a countless number of electrical devices that will be using lithium-ion batteries as a power source which will consequently increase demands for switching power supply, hence, supporting the switching power supply market growth.
· Electrification in the Automotive Industry: The niche autonomous vehicle (AV) and electric vehicle (EV) segments in the automotive industry have vacated the opportunities for the electric power companies to implement switching power supply in the emerging market. According to the Edison Electric Institute, around 18.7 million electric vehicles will be running on the road by 2030. Additionally, as per the International Energy Association, globally, China recorded the maximum sales of electric vehicle in 2017, 1.23 million electric vehicles were sold in China in that year. China’s Ministry of Industry and Information Technology (MIIT) has initiated the New Energy Vehicle’s (NEV) mandate in September 2017. The mandate highlights the goals of promoting new energy-efficient, and environmentally sustainable vehicles. As per this mandate, NEV credits will be allotted to emerging vehicles according to their electric range and efficiency, which will further result in subsidized charges for both the vehicle manufacturer and buyer. Such regulations by various governments are encouraging the adoption of electric vehicles, simultaneously a large number of electric charging stations are expected to be built to support the current and upcoming electric vehicles. Application of switching power supply for developing advanced and energy-efficient charging station is anticipated to support the switching power supply market growth.
Switching Power Supply Market- Competitive Landscape
The significant companies influencing the global switching power supply market are Cosel USA Inc., Morsun Power, Smart Power Systems, Sinpro Electronics, and Mean Well.
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