Power Supply Devices Market Size

Power Supply Devices Market Analysis

The Power Supply Devices Market size is estimated at USD 34.34 billion in 2024, and is expected to reach USD 44.92 billion by 2029, growing at a CAGR of 5.52% during the forecast period (2024-2029).

The market has experienced significant growth due to the increasing demand for home and building automation systems. There is a high demand for power supply in various industries, such as consumer electronics, medical and healthcare, and military and aerospace, which presents a profitable opportunity for the market.

• A power supply is an electrical apparatus that delivers electric power to an electrical load. The primary objective of a power supply is to transform electric current from a source into the appropriate voltage, current, and frequency required to energize the load.
• Consequently, power supplies are occasionally denoted as electric power converters. Certain power supplies are independent units, whereas others are integrated into the load appliances they energize. The progressions in power supply technology throughout the years have yielded numerous benefits. Through the utilization of sophisticated circuitry and components, power supplies can furnish a steady voltage output while minimizing energy wastage.
• Power supply devices have become increasingly popular over the years, as they play a crucial role in providing energy to electric loads for consumption and operation. The growing demand for power supply in various industries and industrial equipment is anticipated to boost its demand further.
• The market is being accelerated by the increasing utilization of the Internet of Things (IoT) in various sectors, such as smart homes, smart cities, Machine-to-Machine (M2M) communications, and Industrial IoT (IIoT). The market is further driven by the growing adoption of home and building automation systems. However, the market growth is expected to face obstacles due to regional and country-specific regulatory and safety standards. Additionally, the power supply market is projected to face challenges during the forecast period due to stringent design considerations for input power and nonstandard AC and DC inputs.
• Due to the strict lockdowns and social distancing measures implemented to contain the spread of COVID-19, the power supply market suffered a negative impact. The economic uncertainty, partial shutdown of businesses, and low consumer confidence resulted in a decrease in demand for power supply technology. The pandemic also caused disruptions in the supply chain and delayed logistics activities. Nevertheless, as restrictions are eased, the power supply market is predicted to recover in the post-pandemic scenario.