In 2023, the switching mode power supply market is projected to be worth US$ 25.8 billion. Market expansion is being driven by the expanding use of switching mode power supplies in consumer electronics and other industry verticals. According to estimates, the market will generate US$ 39.1 billion in 2033, with a CAGR of 4.2% between 2023 and 2033.
The rapid growth of the electronic industry is set to propel the switching mode power supply market over the forecast period. The switching mode power supply market is expected to proportionally increase with the steady growth of the industrial sector. The switching mode power supply is used in many electronic applications and projects which consume large amounts of power.
The growing production demand for electronic devices such as laptops, computers, and other electronic gadgets is driving the demand for switching mode power supply. The increasing demand for energy-efficient and high-performance power supplies in various applications such as data centers, healthcare, and automotive drives the growth of the switching mode power supply market during the forecast period.
North America and Europe are expected to witness steady growth. The growth of the switching mode power supply market in North America and Europe is expected to be benefited from the rapid growth of the electronics industry and increased adoption of automation in various industries. The switching mode power supply market in Asia Pacific is expected to witness prominent growth during the forecast period due to the increased population base and increased urbanization and industrialization.
Key Takeaways:
From 2018 to 2022, the market demand expanded at a CAGR of 6.6%
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Based on type, AC/DC segment accounts for a CAGR of 3.9%
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By application, the consumer electronics segment is expected to expand at a CAGR of 3.7% during the forecast period
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North America to emerge as a promising market, capturing a CAGR of 4.2%
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Asia Pacific to be an opportunistic market, expected to capture a CAGR of 4.2% during the forecast period.
“Growing technological innovation as well as the increased demand for energy-efficient systems in end-use industries is expected to drive the market in the forecast period. The increasing demand from the communication sector globally is projected to play a vital role in strengthening the market,” – comments an analyst at FMI.
Competitive Landscape:
Prominent players in the switching mode power supply market are Allis Electric Co., Ltd.; B&K Precision Corporation; CUI, Inc.; Absopulse Electronics Ltd.; BENNING Elektrotechnik und Elektronik GmbH & Co. KG among others.
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In September 2023 – B&K Precision, extends their popular MR Series multi-range DC power supplies with the addition of two new models. Since its initial release in 2020, the MR Series has proven to be a popular solution for ATE system and integration applications providing 5 kW of clean output power and up to 1000 V in a rack-mountable 2U form factor.
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In May 2023, CUI Inc., a Bel group company, announced CUI’s first 60W DC-DC series with the PQC60 series. The dc-dc converters are a low-power solution for a variety of industrial, test & measurement, and telecommunication applications, featuring a 4:1 input range (9~36 Vdc), and single regulated output.
Know More about What this Market Report Covers:
Future Market Insights offers an unbiased analysis of the global switching mode power supply market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the quantum cascade lasers market, the market is segmented based on type and application across five major regions.
Key Segmentation:
By Type:
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AC/DC
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DC/DC
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Others
By Application:
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Consumer Electronics
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Industrial
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Communication
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Others
By Region:
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North America
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Latin America
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Europe
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Asia Pacific
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Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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