Switching Mode Power Supply Market By Type (DC to DC converters, AC to DC converters, Forward Converters, Flyback Converters, Self-Oscillating fFyback Converters, Others) , By Technology (Current Mode PWM, Voltage Mode PWM, Others) By End User (Consumer Electronics,, Industrial communication, Communication, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032
Switching Mode Power Supply Market
The switching mode power supply market was valued at $12.7 billion in 2023 and is projected to reach $16.4 billion by 2032, growing at a CAGR of 2.8% from 2024 to 2032.
Switching mode power supply (SMPS) is a form of power supply unit that utilizes switching devices to shift electrical energy from sources such as AC or DC to load, which is DC. To cater to diverse applications, SMPS operates at a universal AC input voltage range of 90 Vac to 264 Vac, producing a variety of nominal DC output voltages. The key attributes of SMPS include its small size, high efficiency, and elevated power handling capacity.
Expansion of the global electronics industry due to surge in adoption of consumer electronics such as laptops and smartphones is a significant driver of the switching mode power supply market. In addition, rise in concerns pertaining to energy efficiency has led to the implementation of stringent energy standards, boosting the adoption of SMPS owing to its high efficiency and reduced heat generation. To enhance the adaptability and reliability of SMPS, the integration of digital controllers is trending. These controllers enable real-time monitoring and enhanced control over power delivery, facilitating flexible power management.
However, volatility in the costs of raw materials impacts the overall pricing of SMPS, which hinders the growth of the switching mode power supply market. Furthermore, recurrent innovations in SMPS result in frequent technological obsolescence, maintaining a constant demand for upgradations. This leads to retarded development of the market. Contrarily, exponentially growing adoption of electric vehicles (EVs) is presenting lucrative opportunities for the switching mode power supply market. According to the forecasts of UBS—a Swiss investment bank—by 2030, 40% of all the new vehicles to be sold are predicted to be electric. UBS further projects the figure to reach 100% by 2040. This accelerating adoption of EVs is anticipated to open novel avenues for the switching mode power supply market.
Segment ReviewThe switching mode power supply market is segmented into type, technology, end user, and region. On the basis of type, the market is divided into DC to DC converters, AC to DC converters, forward converters, flyback converters, self-oscillating flyback converters, and others. As per technology, it is classified into current mode PWM, voltage mode PWM, and others. By end user, it is categorized into consumer electronics, industrial communication, communication, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of type, the AC to DC converters segment dominated the market in 2023.
As per technology, the current mode PWM segment was the highest shareholder of the market in 2023.
By end user, the consumer electronics segment acquired a high stake in the market in 2023.Region wise, Asia-Pacific was the highest revenue generator in 2023.
Competition AnalysisThe major players of the global switching mode power supply market include Delta Electronics, LITE-ON Technology Corporation, Chicony Power, Mean Well Enterprises Co, TDK Corporation, XP Power Limited, Flextronics International Ltd, Artesyn Embedded Technologies, CUI Inc., and AcBel Polytech Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy TypeDC to DC converters
AC to DC converters
Forward Converters
Flyback Converters
Self-Oscillating fFyback Converters
Others
By TechnologyCurrent Mode PWM
Voltage Mode PWM
Others
By End UserConsumer Electronics,
Industrial communication
Communication
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersDelta Electronics
LITE-ON Technology Corporation
Chicony Power
Mean Well Enterprises Co
TDK Corporation
XP Power Limited
Flextronics International Ltd
Artesyn Embedded Technologies
CUI Inc.
AcBel Polytech Inc.