Bench Power Supply Market Size, Share & Industry Analysis By Type (Linear and Switching), By Output (Single Channel and Multi-Channel), By Voltage (Unipolar and Bipolar), By Application (Laboratories, Education, Industries, and Others), and Regional Forecast, 2024-2032

The global bench power supply market size was valued at USD 624.66 million in 2023. The market is projected to grow from USD 661.68 million in 2024 to USD 1,076.28 million by 2032, recording a CAGR of 6.27% during the forecast period.

A bench power supply is a tool that converts Alternating Current (AC) to Direct Current (DC). The global bench power supply demand is witnessing substantial growth due to increased demand for electronic application devices, technological advancements, and expanding applications across industries. Manufacturers constantly innovate to meet these evolving requirements, introducing programmability, remote monitoring, and enhanced safety mechanisms to cater to diverse application needs.

The impact of the COVID-19 pandemic on the power supply market was moderate as it hampered consumption in many end-use industries due to supply chain disruption of services, technology, and hindrance in public activities due to social distancing norms. COVID-19 significantly impacted the market due to the lack of skilled professionals for using this technology. As a result of the shutdown of manufacturing units around the world, the market revenue also decreased. Furthermore, China and the U.S. are among the significant manufacturers and suppliers of bench power owing to their immense investment in Asia Pacific. Conversely, these countries witnessed the shutdown of residential, commercial, and industrial operations at the regional and national levels to contain the spread of this viral infection. This also affected the power supply imports to various regions, affecting the entire market.

Bench Power Supply Market Trends

Development of Innovative Technologies and Government Support to Create Opportunities for Market Growth

The development of innovative technologies, coupled with robust government support, is creating significant opportunities for growth for the bench power supply market. Advancements in electronics, increasing demand for precision testing equipment, and supportive policies are promoting Research and Development (R&D) in the electronics industry.

Advancements in electronics, particularly in sectors, such as telecommunications, automotive, aerospace, and consumer electronics, drive the demand for sophisticated testing and measurement equipment, including power supplies. As electronic devices become more complex and energy-efficient, there is a growing need for testing devices that offer precise control, high stability, and advanced features to support R&D, production testing, and quality assurance processes.

Government support drives innovation and market growth by providing funding, incentives, and regulatory frameworks conducive to R&D and technology adoption. For instance, governments offer tax incentives, grants, or subsidies to companies investing in R&D activities or developing innovative products and technologies. Regulatory initiatives to promote energy efficiency, sustainability, and product quality standards can create opportunities for manufacturers of bench power supply devices to innovate and differentiate their offerings in the market.

Bench Power Supply Market Growth Factors

Increasing Number of Electrified and Intelligent Devices to Drive Market Growth

The demand for bench power supply is attributed to the growing production and use of electrified and intelligent devices across various industries. This trend is causing rapid technological advancement, particularly in sectors, such as consumer electronics, automotive, telecommunications, and IoT (Internet of Things). The need for reliable power sources, rise of portable & wearable devices, and growing complexity of electronic application systems will drive the demand for bench power supply. The advent of intelligent devices, such as IoT sensors and connected systems amplifies the demand for sophisticated power supply solutions. These devices often require precise and programmable power delivery to support their advanced functionalities and optimize energy consumption.

Bench power supplies with features, such as digital interfaces, remote control capabilities, and programmable outputs fulfill the evolving needs of designing and testing smart devices in IoT ecosystems. The increasing number of electrified and intelligent devices will drive growth in the demand for bench power supply by offering reliable, flexible, and feature-rich power solutions across various industries. As technology advances, power supplies will be tools for innovation, enabling engineers and designers to bring forth the next generation of electronic products with enhanced performance and efficiency.

Rising Adoption of Renewable Energy to Fuel Demand for Power Supplies in Solar and Wind Energy Systems

The rising adoption of renewable energy systems, particularly solar and wind energy, is significantly fueling the demand for power supply devices. The global initiatives toward sustainability, advancements in renewable energy technologies, and increasing concerns about climate change are increasing in both developed and developing economies. Integrating power supply devices with solar and wind energy systems is crucial for optimizing energy conversion, enhancing grid stability, and supporting the transition toward a greener energy landscape.

Expanding solar and wind energy installation demands reliable and efficient power supplies to facilitate energy conversion. Solar photovoltaic (PV) systems and wind turbines require DC power supplies for various functions, such as voltage regulation, inverter control, and battery charging. Power supplies play a vital role in ensuring the smooth operation of these renewable energy systems by providing stable and regulated power to critical components, thereby maximizing energy harvesting and minimizing downtime. Digital technologies and data have vast potential to accelerate the transition to clean energy in the energy sector. In electricity systems, digital technologies can help integrate variable renewable energy sources and improve grid reliability. In contrast, in end-use sectors, they can improve energy and material efficiency and reduce emissions.

Development of digital technology and services, cost reduction, and global connectivity have accelerated the digital transformation of energy in recent years, especially in power grids. Online investments in digital technologies have grown by more than 50% since 2015 and are expected to account for around 19% of all online investments in 2023. As renewable energy installations continue to increase worldwide, the demand for advanced power supply solutions tailored for renewable energy applications and its market is expected to grow exponentially. This will foster innovation and drive the evolution of the energy landscape.

RESTRAINING FACTORS

Imposition of Regulatory Compliances and Safety Standards can Hamper Market Growth

The imposition of regulatory compliances and safety standards can create challenges for the bench power supply market growth, impacting manufacturing processes, product design, distribution, and market competitiveness. This impact stops manufacturers’ need to comply with regulations to ensure product safety, reliability, and environmental sustainability.

Regulatory compliances often require manufacturers to follow specific technical requirements and quality standards, which can increase production costs and time-to-market for bench power supply products. For instance, manufacturers have to comply with safety standards, such as the UL (Underwriters Laboratories) certification in the U.S. or CE (Conformité Européenne) marking in the European Union. This compliance necessitates rigorous testing and certification processes, adding complexity and expenses to product development and manufacturing.

Introducing new regulations or updates to existing standards can necessitate redesigning the existing products to meet the latest requirements, leading to additional R&D investments and delays in product launches. For instance, regulations related to energy efficiency and eco-design directives may include new features or technologies in bench power supplies to improve energy efficiency and reduce environmental impact. It may require manufacturers to change their product designs accordingly. The effect of regulatory compliances on electronic devices is the implementation of the European Union's Eco-Design Directive, which sets energy efficiency requirements for energy-related products, including power supplies. Manufacturers operating in the EU market must comply with these regulations, which may involve redesigning products, conducting additional testing, and obtaining necessary certifications to ensure compliance.

Bench Power Supply Market Segmentation Analysis

By Type Analysis

Linear-Type Dominates The Market As It Offers Superior Output Voltage Regulation And Low Output Power Ripple Compared To Others

Based on type, the bench power supply market has been segmented into linear and switching.

The linear-type bench power supply segment dominates the market as it typically offers superior output voltage regulation and low output power ripple compared to switching power supplies. This makes it particularly suitable for applications requiring precise voltage control and low noise operation, such as laboratory testing, electronic equipment prototyping, and analog circuit design. Linear power supply often exhibits better transient response characteristics, providing faster and more accurate voltage adjustments in response to load changes. This feature is crucial for applications where dynamic voltage regulation is essential, such as testing electronic devices with varying power demands or powering sensitive components that require stable voltage levels. Switching types are often more compact and lightweight than their linear counterparts, making them suitable for portable and space-constrained applications.

By Output Analysis

Multi-Channel Output Bench Power Supplies Dominates The Market Due To Its Versatile And Flexible Characteristics

By output, the market is divided into single and multi-channel.

Multi-channel output bench power holds major share of the market as it offer a significant advantage in terms of versatility and flexibility compared to their single-channel counterparts. Among varied industries, there is a growing adoption of multiple output channels, as it allows users to power and control multiple devices or circuits simultaneously, facilitating complex testing, prototyping, and development scenarios. This capability is particularly beneficial in applications requiring the testing of interconnected electronic systems or the evaluation of multiple parameters simultaneously.

Single-channel output bench power supplies remain popular due to their simplicity, reliability, and cost-effectiveness for basic testing and prototyping tasks. While they may lack the versatility and scalability of multi-channel units, single-channel power supplies operate in applications where only one output channel is required or manufacturers are facing space and budget constraints.

By Voltage Analysis

Unipolar Voltage Segment Holds Major Share as it is User Friendly And Convenient to Use in Different Sectors

By voltage, the market is segregated into unipolar and bipolar.

Unipolar voltage bench power supplies dominates the market as it offer a straightforward and in-built operation, providing a single output voltage with a fixed polarity (usually positive). This segment is gaining traction due to its simplicity to use and also it is suitable for basic testing, prototyping, and educational applications. Users can quickly set the desired output voltage and current limits without complex configurations or adjustments, making unipolar voltage power supplies ideal for beginners or those with minimal technical expertise.

Bipolar voltage bench power supplies can provide both positive and negative output voltages, making them suitable for applications requiring bidirectional voltage sources or dual-polarity power supplies. While less common than unipolar voltage units, bipolar power supplies are essential for specific specialized applications, such as analog circuit design, audio testing, and semiconductor characterization.

By Application Analysis

Industrial Segment Dominates the Application Segment due to Wide Application of Bench Power in Different Industries

Based on application, the market is segregated into laboratories, education, industries, and others.

The industrial application segment is dominating the market. Industrial end-users typically include a wide range of sectors, such as manufacturing, automotive, electronics, and energy. These industries often have large-scale operations requiring numerous DC power supplies for various applications, such as production line testing, quality control, and equipment calibration. The volume of equipment industrial entities need will help this segment retain its dominance in the market. Rapid growth of industrial tools and devices has led to a strong demand for testing, safety, and regulation devices.

The laboratories segment is the second-dominating segment in the market. Labs generally have smaller-scale operations and may prioritize precision, flexibility, and ease of use over volume procurement and customization. They often operate in controlled environments where equipment requirements may be less demanding than those of the industrial sector, thereby accelerating the product use.

REGIONAL INSIGHTS

The market has been studied geographically across five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific is leading the global bench power supply market share due to the presence of developing economies across the region, particularly China. The country is experiencing growth in industrial automation and electronics manufacturing. These sectors heavily rely on power supplies to power various equipment and devices. Many governments across the region are actively promoting renewable energy sources, such as solar and wind power. These energy sources generate DC electricity, necessitating the use of power supplies for efficient grid integration and power conversion.

North America is the second leading region in the global market due to strong presence of leading technology companies and research institutions. This increases the possibility of innovation in power supply technology, leading to the development of more advanced and efficient products. U.S.-based companies are constantly investing in high-efficiency power devices to optimize power consumption and reduce operational costs within the facilities.

European governments are investing and providing subsidies to the companies to deliver advanced devices in the power sector. For instance, the European Commission's approval of USD 8 billion in funding for microelectronics and communication technologies will benefit Europe's electronic devices by providing innovation, fueling market growth, supporting industrial deployment, and encouraging collaboration.

Unlike the more mature markets in North America and Asia Pacific, Latin America and MEA offer significant growth opportunities due to their expanding industrial base, rising consumer demand, and increasing investments in infrastructure and technology. The diverse economic landscape of these regions, encompassing both emerging and developed economies, presents a dynamic market environment with varied challenges and opportunities for power supply manufacturers and suppliers.

KEY INDUSTRY PLAYERS

Key Players are Focusing on Upgrading their Product Portfolio for Market Expansion

The global bench power supply market’s competitive landscape is highly fragmented, with large and some medium-scale regional players delivering a wide range of products at local and country levels across the value chain. These companies are focusing on expanding their operations to gain higher market shares.

List of Top Bench Power Supply Companies:

• Keysight Technologies (U.S.)


• Aim-TTi (U.K.)


• AMETEK Programmable Power Inc. (U.S.)


• B&K Precision Corporation (U.S.)


• TDK Corporation (Japan)


• Good Will Instrument Co., Ltd. (U.S.)


• Kikusui Electronics (Japan)


• Tektronix (India)


• Rigol Technologies (China)


• Teledyne LeCroy (U.S.)


• Chroma ATE Inc. (Taiwan)


• ITECH Electronic Co. Ltd. (Taiwan)

KEY INDUSTRY DEVELOPMENTS:

• January 2024- Chroma launched its new 63700-Regenerative DC Power Electronic Loads, which can recycle the energy consumed while testing with up to 93% efficiency. The new series has a built-in sleep mode, thus allowing the system to enter a low-power state. In addition, this series features a high power density of up to 18kW within a 3U chassis.


• December 2022- AMETEK Programmable Power launched a new Tahoe Series and California Instruments Sequoia of A.C. and D.C. sources. The Tahoe Series is a two-quadrant A.C. and D.C. source, whereas the Sequoia Series is a four-quadrant regenerative grid simulator equipped with regenerative electronic load mode. The Sequoia and Tahoe Series are power sources covering a spectrum of low-cost single and multi-phase A.C., D.C. power applications.


• October 2022- Keysight Technologies, Inc. launched the Scienlab Regenerative DC Emulator (SL1800A Series), a next-generation high-power D.C. emulator for fast electric vehicle applications. This device creates a small footprint to achieve high-power D.C. charging tests up to 270 kilowatts (kW). This solution can also emulate E.V. batteries of up to 1500V up to 900A and can be used to achieve power up to megawatts (M.W.).


• August 2022- RIGOL Technologies extended its DC power supply chain by adding four new models – the DP932U, DP2031, DP932A, and DP932E. All the latest power supplies have an intuitive 4.3-inch touchscreen for easy operation. The outputs of the new power supplies are fully isolated.


• December 2021- Thurlby Thandar Instruments Ltd. (Aim-TTi) partnered with TestEquity, a Techni-Tool and Jensen Tools corporate entity, providing testing solutions. Under the partnership, TestEquity will be the authorized distributor of Aim-TTi’s testing and measurement products throughout the North American market. TestEquity gained the advantage of adding more high-quality testing and measurement instruments to its vast product catalog.

REPORT COVERAGE

The report provides a detailed analysis of the market and focuses on key aspects, such as major key players, product/service types, and leading applications of the product. Besides, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.

REPORT SCOPE & SEGMENTATION