Market Trends of Power Supply Devices Industry
Consumer and Mobile Segment to Witness Major Growth
- The increasing popularity of wearable devices such as smartwatches, fitness trackers, and other devices is fueling demand for compact and efficient power supply solutions. These devices need power-efficient components to enhance battery life and enable uninterrupted usage, driving demand for various power supply devices.
- AC-DC power supplies are extensively used in various electronic devices such as computers, cell phones (e.g., wall chargers), and televisions. These power supplies are widely employed in diverse settings and conditions, with consumer electronics being a prominent implementation domain. The growing use of consumer electronic devices is anticipated to drive the need for power supply devices further.
- Smartphones and tablet devices rely on a stable power source for charging and use DC power supplies to ensure these gadgets receive a consistent energy supply without any fluctuations that could potentially harm their sensitive internal components. This is because cell phone batteries store DC power, which is easier to store compared to AC power. As the external power supply is typically AC, the conversion of AC to DC using a rectifier is necessary before charging cell phones or other portable devices. This expected enhancement in the market opportunities is due to the increasing demand for such conversion capabilities.
- According to GSMA, the Asia-Pacific, Latin America, and Sub-Saharan Africa are expected to experience the largest surge in smartphone adoption due to the growing affordability of these devices. The average selling prices of smartphones are decreasing, and various initiatives are proving successful in driving uptake. It is projected that by 2030, there will be 9 billion smartphone connections, which will account for 92% of total connections. The increasing Internet penetration, marketing activities by smartphone vendors, and increasing subscriptions in social media are expected to boost smartphone sales, leading to a significant increase in demand for power supplies.
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Asia-Pacific Projected to Witness Significant Growth
- Asia-Pacific is one of the largest regions in terms of the growth of the market, with the presence of significant countries like China, India, South Korea, etc. According to the Ministry of Industry and Information Technology, China has secured the top position worldwide in the production and sales of consumer electronics through its enhanced innovation and brand-building capacity. With the increasing investments in the region to enhance its consumer electronics production capabilities, the market is expected to gain traction.
- Similarly, technological advancements such as the implementation of 5G networks and the Internet of Things (IoT) are propelling the rapid adoption of electronic products. Initiatives such as 'Digital India' and 'Smart City' projects, which are set to revolutionize the electronic products industry, are further boosting the demand for IoT in the electronics devices market. Such initiatives are some of the factors driving the market's growth.
- The region is ideal for prominent medical device manufacturers to produce and procure medical devices. The market's growth is attributed to the rising adoption of routine healthcare check-ups and medical device technology advancements. Many countries in Asia-Pacific are investing in the medical devices market, which is likely to augment the AC/DC converters demand.
- For instance, according to the Government of India, the Indian medical devices market is projected to reach USD 50 billion by 2025. This sector has been experiencing steady growth due to increased investments. To further promote domestic production, the government has introduced the Production Linked Incentive Schemes, offering financial incentives worth USD 400 million for medical devices. Consequently, numerous companies are making substantial investments to enhance the production capabilities of healthcare equipment, including AC/DC converters with advanced protection features like short-circuit and over-temperature protection.
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