Global Switch Mode Power Supply (SMPS) Market Size By Type (AC/DC, DC/DC), By Application (Consumer Electronics, Industrial), By Region, And Segment Forecasts, 2023 to 2032

The Global Switch Mode Power Supply (SMPS) Market is a rapidly evolving sector, driven by the increasing demand for energy-efficient power solutions across industrial, automotive, and consumer electronics sectors. In 2023, the market was valued at approximately USD 30 billion and is expected to grow significantly, reaching around USD 50 billion by 2031 with a CAGR of 7.0%. SMPS devices are integral in converting electrical power with high efficiency and minimal heat generation, which is critical for modern electronics that require compact and reliable power solutions.

Drivers

Rising Demand for Energy Efficiency: As energy consumption standards tighten, industries are increasingly adopting SMPS for its high efficiency and low power loss.

Technological Advancements in Consumer Electronics: The continuous miniaturization and enhanced performance of electronic devices have heightened the demand for reliable, efficient SMPS solutions.

Growing Use in Automotive Applications: With electric vehicle (EV) adoption on the rise, the demand for SMPS that can handle varying power loads and conversion requirements is surging.

Restraints

High Initial Costs: The development and integration of high-efficiency SMPS components incur significant costs, which can be a barrier for smaller enterprises.

Complex Design and Technical Challenges: Designing SMPS involves complex circuitry, which requires expertise, potentially hindering the market’s growth in emerging regions.

Opportunity

Emerging Markets and Renewable Energy Integration: With renewable energy systems and battery applications growing, SMPS solutions are being customized to support green energy standards, creating substantial growth opportunities, especially in Asia-Pacific and Latin America.

Market by System Type Insights

In 2023, AC-DC SMPS emerged as the largest segment due to its extensive applications across household and industrial devices. However, DC-DC converters are expected to witness the highest growth rate, driven by their applications in renewable energy storage systems and EV charging stations.

Market by End-Use Insights

The Consumer Electronics segment accounted for the largest market share in 2023, fueled by the demand for compact, efficient power supplies in smartphones, laptops, and other gadgets. Automotive applications are anticipated to grow rapidly due to the increasing integration of power electronics in EVs and autonomous vehicle systems.

Market by Regional Insights

Asia-Pacific dominated the market in 2023, supported by the region's vast electronics manufacturing industry, especially in China and Japan. The region is also expected to grow fastest due to the rising demand for energy-efficient solutions across emerging markets like India and Southeast Asia. North America and Europe also represent significant market shares, driven by advancements in automotive electronics and stringent energy efficiency regulations.

Competitive Scenario

Key players in the Global Switch Mode Power Supply Market include Delta Electronics, Inc., TDK-Lambda Corporation, Schneider Electric, Siemens AG, and Murata Manufacturing Co., Ltd. These companies are focusing on enhancing their SMPS efficiency, size reduction, and developing solutions compatible with renewable energy systems.

Recent developments include:

In 2023, Delta Electronics introduced a new line of high-efficiency DC-DC converters designed for renewable energy applications.

Schneider Electric expanded its SMPS portfolio with compact, cost-effective solutions for the industrial sector in 2024.

Murata Manufacturing developed a micro-SMPS suitable for wearable technology in 2025, highlighting the miniaturization trend in consumer electronics.

Scope of Work – Global Switch Mode Power Supply (SMPS) Market

Key Market Developments

Delta Electronics launched energy-efficient DC-DC converters for renewable applications in 2023.

Schneider Electric expanded its industrial SMPS offerings with compact solutions in 2024.

Murata Manufacturing developed miniaturized SMPS for wearables, targeting consumer tech in 2025.

FAQs

What is the current market size of the Global Switch Mode Power Supply (SMPS) Market?

The market was valued at USD 30 billion in 2023.

What is the major growth driver of the Global Switch Mode Power Supply (SMPS) Market?

The major growth driver is the increasing demand for energy-efficient solutions across various industries.

Which is the largest region during the forecast period in the Global Switch Mode Power Supply (SMPS) Market?

Asia-Pacific is expected to be the largest and fastest-growing region.

Which segment accounted for the largest market share in Global Switch Mode Power Supply (SMPS) Market?

The AC-DC SMPS segment held the largest share in 2023.

Who are the key market players in the Global Switch Mode Power Supply (SMPS) Market?

Major players include Delta Electronics, TDK-Lambda, Schneider Electric, Siemens AG, and Murata Manufacturing Co., Ltd.

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