Power Supply Market Expected To Witness a Sustainable Growth 2020-2030

Posted by Dinesh on April 23rd, 2021

Companies Realize Need for Resilient Power Systems amid COVID-19 Pandemic

The impact of COVID-19 has not yet been as prolific in sub-Saharan Africa as it has been in other parts of the world. However, a large population living under and close to the poverty line has led to vulnerability of the fragile public health system, inadequate infrastructure, and limited fiscal space. Hence, companies in the global power supply market should unlock opportunities in Africa to establish resilient power systems and steer economic development in the continent.

Companies in the power supply market need to conduct an assessment of the region regarding socio-economic factors, risks, and opportunities for long-term benefits. In order to revive the demand for power in the sub-Saharan Africa, semiconductor companies need to collaborate with discoms to establish a robust infrastructure.

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Standardization of AC, DC Power to Drive Global Market

The power supply market is predicted to cross the value mark of US$ 40.8 Bn by 2030. However, technicians in semiconductor companies need to be aware of the advantages and disadvantages of AC power and DC power. For instance, DC power is susceptible to long distance transmission losses and voltage drops in the lines. Hence, companies should make developments in the transformer and AC transmission to pave the way for efficient general electrical power supply.

AC power is prone to interference with the neighboring communication lines. Hence, standardization of the AC power and DC power, especially in the utilities sector, has become a starting point for companies in the power supply market.

Manufacturers to Combine Over-performing Power Systems with Medical Devices

State-of-the-art medical devices need dedicated power supply systems. Alpha Innovations— a specialist in the field of power technology, is equipping healthcare professionals with over performing power systems that are safe, reliable, and cost efficient. Companies in the power supply market are increasing the availability of custom power solutions that can be combined with innovative medical technologies.

Get More Press Release by TMR: https://www.prnewswire.com/news-releases/integration-of-rfid-technology-widening-application-expanse-to-boost-transportation-management-system-market-immensely-explains-projected-growth-at-whopping-14-3-cagr-for-2020—2030—tmr-301263201.html

Medical device manufacturers are pressured to ensure safety compliance during end-to-end production processes. Electrical leakage to either the patient or the operator can increase risks of morbidity and mortality. Hence, stakeholders in the power supply market are working with med-tech companies to create technologies that deliver safety and flexibility in devices.

Multi-output Power Systems Lower Cost of PECVD Processes in Production of Solar Cells

The dynamic growth of the renewable energy sector is generating revenue streams for companies in the power supply market. Advanced Energy— a designer and manufacturer of highly engineered and precision power conversion systems has announced the launch of its Ascent® MS five-output power supply system for the photovoltaic (PV) manufacturing industry.

With the help of innovative five-output power supply, companies in the power supply market are making an attempt to lower the cost of crystalline silicon Plasma Enhanced Chemical Vapor Deposition (PECVD) processes in the production of solar cells. Semicons are developing power systems that deliver quick connect power outputs that provide a single point of control and minimize need of input power connections that make for an optimized coater infrastructure.

Smart Energy Gains Prominence in IoT, Automotive Interior Applications

The power supply market is estimated to clock a modest CAGR of ~4% during the forecast period. The Internet of Things (IoT) is creating value grab opportunities for semicons in low power applications within automotive and industrial sectors. The EnerCera ultra-small/ultra-thin Li-ion rechargeable battery is being highly publicized for its potentially large discharging current and high heat resistance.

Smart and innovative batteries are revolutionizing wireless communications with up to several hundred mA. Companies in the power supply market are increasing efforts to include wide operating temperature ranges in cutting-edge Li-ion rechargeable batteries. They are collaborating with electronic hardware engineers and circuit design engineers to expand their business in IoT and automotive interior applications.

Power Supply Market: Overview

• According to Transparency Market Research’s latest research report on the global power supply market for the historical period of 2018–2019 and forecast period if 2020–2030, rise in consumer inclination toward building automation, owing to increase in disposable income and demand for new services in power supplies, is expected to boost the global power supply market during the forecast period. However, some factors also hamper the expansion of the power supply market. These include growing adoption of high voltage direct current and renewable energy sources.
• In terms of revenue, the global power supply market is estimated to exceed the value of US$ 40.8 Bn by 2030, expanding at a CAGR of ~4% during the forecast period

Rise in Consumer Trend Toward Building Automation Due to Rise in Disposable Income: Key Driver of Power Supply Market

• Growing consumer focus on building automation due to rise in disposable income is likely to lead to major growth in smart homes. A smart home refers to a residence equipped with a communication network, high-tech household appliances, and devices and sensors that can be remote controlled, monitored, and accessed that provide services responding to consumer needs.
• Developments in wireless Internet and smartphones have led to the concept of a smart home services that can be remotely controlled anytime and anywhere, which is likely to lead to the significant growth of power supply modules, and help boost the power supply market across the globe
• Rapid developments in the field of artificial intelligence is anticipated to increase the application of power supplies in the field of building automation, which is likely to translate to noteworthy growth of the power supply market