DC Power Supplies Market Trends

Growth Drivers

• Growing Demand for LED- LEDs are semiconductors that have the ability to transform electrical energy into light energy. They are similar to transistors or other diode kinds. As a result, unlike an incandescent light bulb, they operate on low DC voltages and cannot be connected directly to an AC power supply. Although over 49% of the world's light sources were LEDs in 2019, it is predicted that this number will rise to approximately 86% by the year 2030.
• Rise in Demand for Smartphones- By 2023, about five billion smartphones are expected to be in use around the globe, and it is estimated that over 85% of the world's population have a mobile phone. However, smartphones have some problems after a certain period of time and will be supplied with DC power to check for errors.
• Growth in Power Generation from Solar- In 2021, solar PV generated an all-time high of approximately 178 TWh more electricity. Solar PV has accounted for approximately 2% of global electricity production, making it the 3rd biggest renewable energy technology after hydropower and wind. DC systems are generally more reliable and efficient when it is necessary to rely on the sun's energy in order to provide basic electric needs.

Challenges

• Unauthorized & Low-Quality Products- Unlicensed and inferior goods are posing a serious threat to the worldwide producers of DCDC converters, or their trade mark owners on regional markets. Local producers of AC DC power supply converters frequently offer their products at reduced rates while using stolen trademarks and logos of well-known brands, which causes a significant loss to the market for DC power supplies globally.
• Growing adoption of high-voltage direct current (HVDC) may hinder the growth of the market.
• Stringent government regulation is order reduce E-Waste which could negatively affect the market.