As per the research report titled ‘Global Switching Power Supply Market Size study, by Voltage Rating (DC5V, DC12V, DC15V, DC24V), by Application (Test and Semiconductor Equipment Application, Medical Equipment, Railways, Power Grid, Others) and Regional Forecasts 2020-2027’ available with Market Study Report, global switching power supply market is anticipated to expand substantially during 2020-2026.
 

For the record, switching power supply is an electronic device that comprises of inductors, conductors, and other electrical components and is used in devices that require stable power supply. It is utilized in several electronics projects as well as applications that require large consumption of electricity.
 

Factors such as increasing utilization of switching power supply technologies in electronic devices due to their compact size along with the damage protection capabilities of the product is augmenting the market growth.
 

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Switching power supply is rapidly gaining recognition in the battery-based electronic device sector, owing to convenience and portability offered due to its small size and minimal weight. Therefore, rising penetration of electronic devices and increasing adoption of electric vehicles as a result of growing concerns pertaining to fuel consumption and environmental issues are stimulating the overall market outlook.
 

On the contrary, complex manufacturing procedures and high electrical noise generated by the switching power supply may impede the expansion of the market throughout the forecast period.
 

Based on voltage rating, the market is divided into DC24V, DC15V, DC12V, and DC5V. With regards to the application spectrum, the market is bifurcated into power grid, railways, medical equipment, test & semiconductor equipment application, and others.
 

From a regional frame of reference, North America presently dominates global switching power supply market, owing to rising adoption of battery-operated devices.
 

On the other hand, Asia-Pacific switching power supply market is projected to register the highest CAGR over 2020-2027. Growing customer base of battery-operated electronic devices is emerging as a lucrative opportunity for the growth of the regional market over the analysis timeframe.

The leading companies that define the competitive landscape of worldwide switching power supply market are Cosel Asia Ltd., ABB Ltd., Delta Electronics, Inc., TDK-Lambda Corporation, Phoenix Contact India Private Limited, Mean Well Enterprises Co., Ltd., Omron Corporation, Lite-On Technology Corp., Siemens AG, and Schneider Electric SE among others.