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The global single programmable power supply market is estimated to grow by US$ 401.7 million between 2022 and 2030 and is estimated to reach US$ 1,095.7 Mn by 2030, registering a CAGR of 5.9% during the forecast period.
The market growth is attributed to factors such as improving monetary support by governments for the digitalization of frameworks and the rising need for continuous monitoring. Advancements in programmable power supply have transformed charging technologies, enabling applications to derive precise and adjustable degrees of voltage, current, and recurrence from the power supply systems. Programmable power supply systems have a digital control system that operates through a digital interface or analog input. These single-channel supply systems provide a wide range of voltage output of up to 1,500 W and are mostly used to test portable devices such as mobile phones, radios, and wireless devices.
A few of the players in the market collectively account for nearly 50% of the market share. The market seems to be perfectly competitive in nature and is projected to shift towards an oligopoly nature by 2030. AMETEK Programmable power, Mouser, Keysight Technologies, and Rigol Technologies are some of the key players in the market, and companies like B&K Precision, CHROMA ATE, TEKTRONIX, Magna-Power Electronics, Versatile Power, ITECH Electronic, and Kepco are holding a fragmented share. These market players are adopting various strategies to stay competitive in the market, including product launches, mergers, and acquisitions.
Strategies adopted by key market players:
Factors leading to the growth of the single programmable power supply market are:
Growth of automotive electronics testing industry
Single programmable power supplies are widely used in the automotive industry as they offer testing solutions like hybrid drive technology, electric drives, and damping control. Improved testing speeds reduce production time and increase profit margins for businesses. Increased profits lead to increased investment in advanced testing solutions like the demand for faster-charging technology created a need for larger capacity batteries operating at higher voltages which drives the demand for single programmable power supplies.
Current trends in the market:
Increasing investment and product launches in the global markets
The adequate investment in the power supply helps in mobility, communication, etc., and makes other services easily available and cheaper. Reduced energy spending does not stifle economic growth; rather, it redirects consumer spending to other areas of the economy, reallocating resources and boosting growth. As a result, companies are investing in R&D for the development of technologically advanced products in the market. In August 2021, Advanced Energy, a global pioneer in highly designed, precision power conversion, measurement, and control solutions announced the debut of the Intelligent Laboratory series TM (iLSTM) of programmable DC power supply in the test and measurement industry. The iLS600, iL600-R, and iLS1500 have industry-leading small footprints and high-power density but their application is limited to test and measurement due to their low voltage capacity.
Factors restraining market growth
Limited applications and changing regulatory efficiency standards
Programmable power supplies can provide AC, DC, or both outputs. AC outputs are single or three-phase. Single-phase outputs are often used only for low-voltage applications while three-phase programmable power supplies can be used for a wide range of applications such as power pumps, electric heaters, motors, etc. The difference in the product regulations like rapid changes in the regulatory standards of these devices, sudden changes in safety regulations, and efficient parameters can create a serious gap in the supply chain of the market. Various countries like European Union can create trade barriers, IP issues, and other bottlenecks in the supply chain of the market.
The power sector witnessed a decline during COVID-19
Power consumption of industrial and commercial sectors fell massively due to government-imposed lockdowns and other restrictions amid the COVID-19 pandemic. Therefore, the power sector witnessed a fall in demand for commercial and industrial electricity during the pandemic, considerably affecting the growth prospects of the single programmable power supply market
Product Type Analysis
Based on product type, the DC programmable power supply segment held the highest share of 61.2% in 2021 and is expected to retain its dominance during the forecast period. The high demand for DC programmable power supplies is attributed to its wide application and to train new engineers in areas such as manufacturing ultra-low power. DC programmable power supplies are available in a wide range of power, voltage, and current outputs for labs or different applications.
In addition, the DC programmable power supply segment holds a growth opportunity of US$ 435.4 Mn during 2022-2030. Many versions of DC programmable power supplies include a larger operating range with constant power, higher current ranges, etc., and the ability to create complicated DC transient waveforms to test device behaviour with voltage variations.
The rack mount segment held the highest share of 58.9% in 2021 with a revenue of US$ 388.7 Mn in 2021, followed by the chassis segment. Rack-mount power supplies provide programmable DC power in full rack-width. Companies offer power up to 1500 W in 1U, full-rack form factor with flexible voltage and current limits ranging up to 650 VDC, making them ideal for test systems that require a large amount of power with a broad range of voltage and current values. The flexible voltage and current limits offered by rack-mounted power supply devices are used widely for industrial use for manufacturing or processing activities.
In terms of application, the industrial production segment accounted for the highest share of 24.7% and the batteries segment held the lowest share of 1.9% in 2021. The rising demand for efficient testing devices across a number of industries supports the growth of the segment. The industrial production segment holds a revenue opportunity of US$ 135.4 Mn during 2022-2030. Further, Industrial production is followed by automatic test equipment as it is widely used in the manufacturing of aircraft, semiconductors, vehicles, etc.
The Asia Pacific single programmable power supply market held the highest market share of 38.7% in 2021 and is expected to continue to dominate the global market over the forecast period. The regional market holds a revenue opportunity of US$ 194.2 Mn between 2022 and 2030. The rapid development of wireless infrastructure and the promising growth of the aerospace and defense sector in countries such as India and China are expected to drive the demand for DC programmable power supplies.
India is the world’s second-largest telecommunication market, which has experienced remarkable growth during the last decade. India surpassed the U.S. as the second largest market for app downloads in 2019. According to a report published by GSM application in collaboration with Boston Consulting Group, India’s mobile economy is rapidly growing and will contribute considerably to the country’s GDP. Owing to all these factors, the region is expected to register the highest CAGR over the forecast period.
The single programmable power supply market is segmented into:
By Product Type
Single programmable power supply is an advanced charging USB device technology that ensures fast charging, less heat production, and increases the life of batteries.
The demand for power supply converters is rising due to the growing adoption of automation systems in smart homes to ensure the smooth functioning of devices with complete control of voltage and current.
The major difference between AC and DC lies in the path in which the electrons flow. In DC, the electrons consistently move in a single forward direction. In AC, electrons continue to switch the directions like going backward and then going forward.
The Single Programmable Power Supply Market is estimated to reach US$ 1095.7 Mn by the end of 2030 from US$ 660 Mn in 2021.
The growing adoption of home and building automation systems due to the rise in demand for smart homes and with the increase in the production of automotive components and the growing automotive industry.
Industrial production segment holds the largest CAGR in the global single programmable power supply market.
Asia-Pacific region is growing with the fastest CAGR during the forecast period.
Limited application and rapid changes in the regulatory standards are the major factors restraining the market growth.
The main users of the market are the automotive industry, semiconductor, and electronics industry and power and utilities sectors etc.
The modernization of aging grid infrastructure and growing awareness of carbon footprint management, the large amount of money is invested in the creation of smart grids all over the world.
Product, mount, application, and region are the different segments in the global single programmable power supply market.