By Type :

Based on the type, the market is bifurcated into isolated transformer and non-isolated transformer. The non-isolated transformers segment accounted for the largest revenue share in the year 2022. The non-isolated transformers do not provide electrical isolation between the input and output circuits. Factors including high efficiency and low cost are fueling the adoption of non-isolated transformers for applications in consumer electronics, battery chargers, LED lighting, and others. Further, growing disposable income of consumers is driving the demand for consumer electronics, in turn boosting the adoption of non-isolated transformers. For instance, according to DCL Logistics, the sales of consumer electronics in Q3 of 2020 increased by 155% in terms of volume sales from Q1 of 2020.

The isolated transformers segment is anticipated to register the fastest CAGR growth during the forecast period. The isolated transformers provide electrical isolation between the input and output circuits of the power supply. The primary and secondary windings of the transformers are electrically isolated from each other, hence provide safety and protection against electric shocks. Increasing demand of isolated transformers for applications requiring galvanic isolation & safety such as medical equipment, industrial automation machinery, and others is anticipated to positive impact the segment growth during the forecast period.

By Product Type :

Based on the Product Type, the market is classified as AC to DC, AC to AC, DC to AC, and DC to DC. The AC to DC segment accounted for the largest revenue share of 37.29% in the year 2022. The AC to DC conversion SMPS transformers are widely used to convert alternating current (SC) to direct current (DC). The demand for AC to DC conversion SMPS transformers is driven by widespread adoption of electronic appliances, personal computers, telecommunication devices, and others. Additionally, the surge in trend towards remote working post pandemic is another key factor fueling the adoption of electronic devices including laptops and computers, in turn driving the demand for AC to DC conversion switch mode power supply transformers. For instance, according to the Zippia Company, as of 2022 26% of the employees in the U.S. work remotely and this is expected to grow to around 36.2 million by 2025.

The DC to AC segment is anticipated to witness the fastest CAGR growth during the forecast period. The DC to AC conversion SMPS transformers are widely used to convert DC power from batteries or solar panels into AC power for applications including solar energy systems, electric vehicle charging, uninterruptible power supplies (UPS), and others. Furthermore, surge in government initiatives worldwide to shift from hydrocarbons to renewable energy sources is anticipated to positively impact the growth of The DC to AC conversion SMPS transformers segment during the forecast period.

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By End User :

Based on the End Users, the market is classified into IT & telecommunication, consumer electronics, automotive, healthcare, industrial automation, and others. The consumer electronics segment accounted for the largest revenue share in the year 2022. The rising penetration of smartphones, laptops, and other consumer devices with the incorporation of advanced features is the primary factor driving the growth of the consumer electronics sector, in turn positively impacting the adoption of switch mode power supply transformers. For instance, according to the India Brand Equity Foundation, the overall consumer electronics industry in India was valued at USD 9.84 billion in 2021, and it is expected to grow at a steady rate at reach up to USD 21.18 billion by 2025. Additionally, according to the Semiconductor Industry Association (SIA), the United States invested around USD 142.2 billion and USD 53 billion in computers and consumer electronics such as smartphones, TV, and other related devices in 2020. Thus, growing adoption of consumer electronics is fueling the demand of switch mode power supply transformers globally.

The industrial automation segment is anticipated to witness the fastest CAGR growth during the forecast period. The surge in trend towards shifting from manual to automated operations is one of the key factors fueling the demand for robots, in turn driving the adoption of switch mode power supply transformers. In addition, rising demand for robots across the manufacturing sector to synchronize the management, control, and production processes is another factor that is expected to boost the demand for robots during the forecast period.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America accounted for the largest revenue with a share of 36.09% in the year 2022 and is projected to grow at a CAGR of 3.6% during the forecast period. The presence of some of the major players, including Pulse Electronics, Butler Winding, Coilcraft, Inc., Bourns, Inc., and ICE Components, Inc. is one of the key factors driving the growth of switch mode power supply transformers in the region. Additionally, increasing trends towards gaming is fueling the demand for consumer electronic devices including laptops, computers, gaming consoles, and others, in turn boosting the market growth in the region. For instance, according to the Entertainment Software Association, as of 2022 around 66% of the American population, approximately 215 million people are involved in playing video games. Moreover, approximately 76% of children under 18 and 67% of adults play video games in North America.

The Asia-Pacific region is anticipated to witness the fastest CAGR of 3.8% to grow from USD 449.52 million in 2022 to USD 593.19 million by 2030. In addition, in the region, China accounted for the maximum revenue share of 29.5% in 2022. Growing demand for consumer electronics products including laptops, computers and mobile phones among others is boosting the growth of the market in the region. For instance, according to International Data Corporation (IDC), the traditional personal computer market in India witnessed a growth of 37.7% during the first quarter of 2022.

Further, the surge in trend towards e-learning and online education coupled with rapid digital adoption across education institutes and schools is expected to positively impact the growth of switch mode power supply transformers market in Asia Pacific region during the forecast period. Moreover, the rising trend towards remote working post pandemic is fueling the demand for devices such as laptops. For instance, according to IDC Asia/Pacific Laptops and Workspace Trends Survey conducted by the IDC in 2020, approximately 68% of the SMEs in the Australian region are looking forward to investing in work-from-home arrangements post the Covid pandemic.