- According to a study offered by ResearchAndMarkets.com, the global industrial power supplies market is estimated to reach USD 10.8 billion by 2022.
- This market is expected to grow at a compound annual growth rate of 6% to reach US$14.5 billion by 2027.
The report offered by ResearchAndMarkets.com covers AC-DC and DC-DC converters operating in a variety of power ranges (up to 500W, 500-1000W, 1000W-10kW, 10-75kW, 75-150kW) for a variety of industries including medical and healthcare, transportation, automotive, defense and aerospace.
The study estimates that AC-DC converters represent the largest share of the industrial power supplies market. Rising global military spending and increasing adoption of electric and hybrid vehicles are the major factors driving the increased demand for AC-DC converters.
Medical and healthcare sector is expected to account for the largest market share due to rising standard of living across the globe, demand for affordable and quality healthcare, which, will strengthen the demand for industrial power supply solutions.