AC Power Source Market Outlook for 2024 to 2034
The AC power source market is expected to expand at a CAGR of 4.30% through 2034. The market value is projected to increase from USD 1.2 billion in 2024 to USD 1.8 billion by 2034. The AC power source industry was valued at USD 1.1 billion in 2023.
The demand for AC power sources is projected to rise consistently due to significant technological breakthroughs. As energy consumption is becoming a serious global matter due to non-stop residential, commercial, and industrial activities, the demand for energy-efficient devices is increasing with the rising use of renewable energy sources. Both of these factors are anticipated to fuel the market’s growth.
After realizing their potential in developed markets, players within the AC power source market are likely to find lucrative opportunities within emerging economies as these countries increase their use of electric vehicles and develop smart grids. Intensifying focus on smart city infrastructure in these countries is projected to increase the consumption of AC power sources.
| Attributes |
Details |
| Market Size, 2023 |
USD 1.1 billion |
| Market Size, 2024 |
USD 1.2 billion |
| AC Power Source Market Size, 2034 |
USD 1.8 billion |
| Value-based CAGR (2024 to 2034) |
4.30% |
Explore FMI!
Book a free demo
Emerging Trends in the AC Power Source Market
- Expanding market for equipment used in renewable power generation, electric vehicles, and avionics.
- Supportive initiatives have been undertaken by several governments to increase the automation and consumer electronics industries. This, along with rising investments in smart city projects, is expected to raise the demand for AC power sources.
- Surging focus on energy-efficient business operations is predicted to push up the prospects for AC power source manufacturers.
- Constant technological advancements solely by top producers or in collaboration with research institutes are projected to boost market competition.
Analysis of Historical and Future Outlooks of the AC Power Source Market
| Attributes |
Details |
| AC Power Source Market Value (2019) |
USD 0.87 billion |
| Market Value (2023) |
USD 1.1 billion |
| Historical CAGR (2019 to 2023) |
6.00% |
The AC power source market registered a CAGR of 6.00% from 2019 to 2023. The market reached USD 1.1 billion in 2023, from USD 0.87 billion in 2019. The increasing global population and rapid urbanization indirectly contributed to the market during the historical period.
A noticeable shift toward renewable energy sources like wind and solar power is stimulating market growth. Other factors that are fueling the market are as follows:
- Surging demand for energy storage solutions.
- Technological progress in smart grid and distributed energy systems.
- Rising use of AC power sources in the aerospace and defense industry.
In upcoming years, investments in renewable energy sources are projected to increase, thus creating demand for reliable and efficient AC power sources for energy storage and conversion. Regionally, Asia Pacific is predicted to witness an influx of top players who wish to capitalize on the significant economic growth of the region.
The market is expected to increase from USD 1.2 billion in 2024 to USD 1.8 billion by 2034. The market is expected to expand at a consistent CAGR of 4.30% over the forecast period.
Country-wise Insights
| Country |
CAGR (2024 to 2034) |
| United States |
4.50% |
| United Kingdom |
5.60% |
| China |
4.70% |
| Japan |
5.10% |
| South Korea |
6.10% |
Growing Interest in Clean Energy Solutions in the United States Inflating Market Growth
The consumption of AC power sources in the United States in different application sectors is increasing at a pace of 4.50% through 2034. The factors responsible for this growth are as follows:
- Growing demand for reliable sources in several sectors like data centers and healthcare
- Rapid automation and integration of IoT devices in various industries are increasing the scope of AC power sources
- Rising demand for clean energy solutions and the ongoing shift toward sustainable power sources are creating new opportunities for leading producers
Growth Avenues for Key Players of AC Power Sources in the United Kingdom
The use of AC power sources is projected to increase in the United Kingdom at a CAGR of 5.60% through 2034. The factors driving the market growth are as follows:
- Surging demand for high-quality and reliable power sources in multiple industries.
- Heightened adoption of renewable energy sources.
- Increasing efforts in the production of wireless devices and infrastructure.
Key Prospects Intensifying Growth of AC Power Sources in China
The demand for AC power sources is increasing in China, with a projected CAGR of 4.70% through 2034. Emerging patterns in the China market are as follows:
- China is a hub of manufacturing and research facilities of several manufacturers of consumer electronics, automotive, etc. Owing to this perception, lucrative opportunities are present for AC power source manufacturers.
- The Chinese government is encouraging the generation and use of renewable energy, which is fueling the demand for AC power supply.
Technological Innovations in Japan Paving the Road for Market Success
The Japan AC power source market is assessed to register a CAGR of 5.10% through 2034. The deployment of AC power sources is increasing on account of the following:
- Rising presence of automotive, energy, medical devices, and consumer electronics manufacturers in Japan.
- Surging technological innovations and advancements in manufacturing processes are providing lucrative growth opportunities for key players.
Emerging Opportunities in South Korea Attracting Market Players
Key players are significantly investing in South Korea, as the country is offering greater growth opportunities than its counterparts. Through 2034, South Korea is projected to expand at a CAGR of 6.10%, driven by the following factors:
- Surging government efforts in generating renewable power, developing smart cities, expanding the consumer electronics industry, and increasing the production of equipment deployed in renewable power generation.
- Increasing use of electric vehicles (EVs) and advanced electronics in vehicles propel the deployment of AC power sources.
Category-wise Insights
Adoption of Single Phase AC Power Sources to Surge Through 2034
| Leading Phase Type |
Single Phase |
| CAGR (2024 to 2034) |
4.1% |
The single phase segment is a substantially preferred phase type. The following factors back the adoption of single phase AC power sources:
- Increasing use of AC power in extensive commercial, residential, and industrial applications as a cost-effective and reliable source of electricity. cost-effective and reliable source of electricity.
- Surging deployment in several electronic devices and systems like audio equipment, computers, and lighting systems.
- Rising adoption of renewable energy sources requires reliable and efficient AC power sources for energy storage and conversion.Rising adoption of renewable energy sources, which require reliable and efficient AC power sources for energy storage and conversion.
Linear AC Power Sources Tops the Modulation Category
| Leading Modulation Type |
Linear AC Power Sources |
| CAGR (2024 to 2034) |
3.9% |
The linear AC power sources segment is anticipated to find significant adoption based on the modulation type. Top factors that are spurring the segment growth are:
- Accelerating demand for high-quality and durable power sources in numerous end-use sectors. These include automotive, telecommunications, medical devices, aerospace and defense, and consumer electronics.
- Linear AC power sources are increasing in use for testing and validation purposes in electronic devices and for powering complex equipment and machinery. This can be attributed to the reliability and stability of linear AC power sources.
- Surging investments in EVs and the rising utilization of advanced electronics in vehicles are spurring the demand for linear AC power sources.
Competitive Landscape
Key players are adding advanced features to their AC power sources to increase their appeal among end users. Additionally, industry leaders are concentrating on certain niche applications like aerospace testing, renewable energy integration, or electric vehicle charging to serve unique market needs effectively.
Market contenders also provide customizable power source solutions as they take a customer-centric approach and develop stronger relationships.
Leading vendors are collaborating with complementary companies from the power industry to increase their reach and gain access to new customer segments. Market players are expanding geographically via partnerships, acquisitions, or by establishing local production to increase brand visibility and customer base.
Key players are further focusing on targeted marketing campaigns to raise awareness about the brands’ unique selling propositions.
Recent Developments
- In December 2023, Advanced Energy Industries, Inc., which is a leading provider of precision power measurement, conversion, and control solutions, unveiled a new configurable power supply. This product offers optimized application-specific power conversion in a small form factor and 4X higher power density than traditional solutions.
- In July 2023, Bel Fuse Inc., which is a manufacturer of products that protect, power, and link electronic circuits, announced that it is adding the EPG300 and EPG500 series of AC-DC power supplies to its line of EOS power supplies. This new launch is based on a new, effective Gallium Nitride (GaN) technology design.
- In May 2023, UGREEN collaborated with BYD Electronics to launch the Star Outdoor Power Supply GS2200. This technological innovation has a power specification of 2kWh and 2200W. This device joins the existing lineup of the Star series.
Leading Companies in the AC Power Source Market
- Keysight Technologies Inc.
- Chroma ATE Inc.
- AMETEK Programmable Power, Inc.
- B&K Precision Corporation
- National Instruments Corporation
- Tektronix Inc.
- California Instruments Corporation
- Kikusui Electronics Corporation
- MATSUSADA PRECISION Inc.
- NF Corporation
- Others
Frequently Asked Questions
How Big is the AC Power Source Market in 2024?
The AC power source market is projected to be worth USD 1.2 billion in 2024.
What is the Growth Potential of AC Power Sources through 2034?
The market is predicted to expand at a CAGR of 4.3% through 2034.
What is the Future Outlook of the AC Power Source Market by 2034?
The market is anticipated to account for USD 1.8 billion by 2034.
Which Country Offers High Growth Prospects for AC Power Sources?
South Korea is predicted to provide significant growth opportunities.
Which Phase Type Significantly Contributes to Market Growth?
The single phase segment holds a significant share of the market.
