The global Switch Mode Power Supply Transformers market size is expected to be worth around US$ 1.10 billion by 2028, according to a new report by Vision Research Reports.
The global Switch Mode Power Supply Transformers market size was valued at US$ 1.8 billion in 2020 and is anticipated to grow at a CAGR of 2.2% during forecast period 2021 to 2028.
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Growth Factors
increase in the number of across the globe is augmenting the demand for the device. Additionally, high efficiency, compact size, and lower costs have led to the rise in the popularity of switch-mode power supply (SMPS) transformers.
Besides consumer electronics, SMPS transformers are widely used in applications such as machine tools, railway systems, industrial controls systems, security systems used in offices, railways systems, and Thus, the increasing adoption of the above-mentioned applications is expected to increase the demand. Moreover, the advent of electric vehicles is anticipated to upkeep market growth over the forecast period.
The market is fragmented, with several well-established companies competing with each other and growing competition from small scale local players. Companies are focusing on providing products specific to applications and targeting niche customers to stay ahead in the competition. For instance, in May 2019, Pulse Electronics launched a new product line of high isolation ethernet transformers. These new products were specially designed to cater to medical and industrial applications where safety and functionality are of prime importance, and the working voltages are high.
In addition to application-specific products, other strategies adopted by market players to sustain the intense competition in the market include product innovation, enhanced product portfolio, and mergers and acquisitions. However, the transformers’ high-frequency noise is expected to pose a challenge to market growth in the near future. Similarly, the market is expected to experience a slight slump caused by the outbreak of the COVID-19 pandemic that has resulted in supply chain disruption.
Report Highlights
The consumer electronics segment held the largest revenue share of 49.8% in 2020 and is anticipated to continue its dominance in the market for switch mode power supply over the forecast period. Electronics such as phone chargers, adapters, PCs, and refrigerators use switch mode power supply transformers to step down the high voltages and make them suitable for electronic gadgets. The rising number of smartphones across the globe aid in boosting the demand for phone chargers. Similarly, the demand for other is also rising, contributing to the segment’s revenue share.
In addition to consumer electronics, the application segment includes communications, industrial, and other applications. The industrial segment is projected to witness a CAGR of almost 2.05% from 2020 to 2027. The high growth rate is attributable to the increasing number of automotive production across the globe. Additionally, increasing usage of industrial control systems and machine tools are also expected to drive the growth of the industrial segment.
The AC to DC segment accounted for 46.9% revenue share in 2020 and is projected to grow at a substantial rate in the switch mode power supply transformers market in the next seven years. AC to DC switch mode power supply is used to convert AV voltages from a power source to a regulated DC voltage as per the requirements of the component utilizing the power. AC to DC switch mode power supply is widely used in consumer electronics that are connected to switches and require specific DC voltages. Thus, the increasing usage of consumer electronics is anticipated to propel the demand for AC to DC switch mode power supply.
The DC to DC segment is expected to record a substantial growth from USD 509.10 million in 2020 to 544.1 million in 2027 in the market for switch mode power supply. DC to DC power supply is called converters as they are used to step up or step down voltages, i.e. it converts an input DC voltage to a greater/lower output voltage level. The major applications of DC to DC switch mode power supply are car chargers and portable chargers that source power from sources such as a car battery. Increasing technological advancements in electronics components that allow portability and mobile charging is anticipated to be a major driving factor for the segment.
Asia Pacific accounted for more than 33.0% revenue share in 2020. Large populations of countries like China and India translate to increased demand for electronic components. Additionally, countries like Taiwan, Singapore, and other Asian countries are home to the manufacturing sites of several electronic component manufacturers across the globe. Thus, the high population coupled with the high demand from the manufacturing centers, the region is expected to continue its dominance from 2020 to 2027.
North America is projected to witness a CAGR of over 2.06% in the next seven years. This growth can be attributed particularly to the noteworthy adoption of technology in the automotive industry. Automobiles with enhanced features that incorporate the ability to charge electronics using car batteries are driving the demand for DC to DC switch mode power supply in the region. The region is also home to companies such as Pulse Electronics, Triad Magnetics, and APX Technologies, Inc., which adds to the revenue share of the region.
Key Players
Market Segmentation
The study objectives of this report are:
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