Asia-Pacific industrial power supply market is estimated to grow at a CAGR of 6.8% during the forecast period. Rising military spending is one of the major factors accelerating market growth. As per the Stockholm International Peace Research Institute (SIPRI), in 2019, China and India held the second-and third-largest position regarding military spending across the globe. In 2019, military spending in China reached $261 billion, which represents a 5.1% rise over 2018, while military spending in India increased by 6.8% to $71.1 billion. Political tensions and rivalry of India with both Pakistan and China are some drivers for its enhanced military spending.
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Apart from China and India, military spending in Japan and South Korea was $47.6 billion and $43.9 billion, respectively in Asia and Oceania. This leads to increasing demand for military ground vehicles which significantly need power supplies that are ultra-reliable for mission-critical electrical devices. Therefore, rugged solutions can be offered with mechanical modifications for the protection of the power supply against humidity, shock, and vibration.
Scope of the Asia-Pacific Industrial Power Supply Market
Market Coverage
- Market number available for 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
Segment Covered- By Product Type and Vertical
- Countries Covered- China, India, Japan, and Rest of Asia-Pacific
- Competitive Landscape- ABB Ltd., TDK Corp., Siemens AG, XP Power, Delta Electronics, Inc., and COSEL Co., Ltd.
Recent Strategic Initiatives in the Asia-Pacific Industrial Power Supply Market
- In January 2019, TDK Corp. declared that TDK’s wholly-owned subsidiary TDK-Lambda Corp. acquired Nextys SA, which will operate as a wholly-owned subsidiary of TDK-Lambda. Nextys is engaged in the designing and production of a broad portfolio of DIN rail power supplies and accessories. These power supplies and accessories complement the product portfolio of TDK-Lambda. With the acquisition, TDK-Lambda will reinforce its position in the marketplace in the field of DIN rail power supply business.
- In June 2018, Cosel Co, Ltd. acquired the Powerbox Group. Powerbox Group has design centers in Germany, Sweden (HQ), and the Netherlands as well as offices all over Europe, the US, Australia, and China. Powerbox is engaged in the design & manufacturing of power supplies for different sectors such as transportation, industrial, medical, and defense.
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Asia-Pacific Industrial Power Supply Market-Segmentation
By Product Type
- AC-DC Converter
- DC-DC Converter
- DC-AC Inverter
By Vertical
- Food and Beverage
- Energy and Utilities
- Telecom & IT
- Transportation
- Consumer Electronics
- Aerospace and Defense
- Healthcare
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
