In 2024, China’s power supply industry is showing continuous growth. According to relevant data, the market size of China’s power supply industry is expected to reach 385.3 billion yuan by 2024. This growth reflects the increasing global demand for power supplies and China’s significant role in the industry.
The power supply industry encompasses a wide range of sectors, forming a complete and closely-knit ecosystem from upstream raw material suppliers to midstream processing equipment manufacturers, and downstream applications. Upstream industries include suppliers of semiconductors, resistors, capacitors, and magnetic materials, with prominent companies such as DuPont and Honeywell. The midstream sector consists mainly of processing equipment companies and power supply processing service enterprises, like Zhongheng Paiwei and Sungrow. Downstream, power supply products are widely used in consumer electronics, smart lighting, network communication, automotive electronics, and data centers.
In recent years, policy support has been a critical factor driving the rapid development of the power supply industry. The government has introduced a series of policies to encourage innovation and high-quality development in the power supply sector. For instance, the “Carbon Peak Implementation Plan for the Industrial Sector” aims to optimize product structures and enhance supply guarantees, thereby promoting high-quality development in the power supply industry. These policies provide strong support for the industry, boosting technological innovation and market competitiveness.
With China’s ongoing economic growth, the market size of the power supply industry has also maintained a steady growth trend. According to the China Power Supply Society, the market size of China’s power supply industry reached 283.4 billion yuan in 2020 and is expected to grow to 385.3 billion yuan by 2024. This growth is primarily driven by the rapid development of downstream application fields, particularly in new energy vehicles, photovoltaic power generation, and smart homes.
In the new energy sector, the demand for power adapters and chargers is rapidly increasing. The swift development of wind and photovoltaic power generation has significantly boosted the demand for power supply products. In 2024, China’s new installed capacity for wind and photovoltaic power generation is expected to reach 89GW and 171GW, respectively. This increase not only boosts the market demand for the power supply industry but also promotes technological advancements.
The rapid growth of the energy storage market is another major driving force for the power supply industry. At the end of 2023, global energy storage demand remained stable, with the total new storage capacity in China, the US, and Europe expected to reach 116GWh in 2024, a year-on-year increase of 64%. China alone is expected to add 59GWh, an 80% year-on-year increase. The fast development of large-scale and commercial energy storage markets has broadened the application prospects of the power supply industry in the energy storage field.
In terms of market competition, the Chinese power supply industry is relatively dispersed, with leading companies primarily located in the East and South regions of China. Companies like Sungrow and Zhongheng Paiwei hold significant market positions. In 2023, Sungrow led the market with a scale of 8.5 billion yuan, showcasing its leading position in the industry.
Amid this rapidly developing market environment, XVE stands out as an industry leader. XVE holds multiple international certifications such as CCC, CE, FCC, GS, SAA, PSE, KC, BSMI, CB, LVD, ROHS, PSB, and ETL, ensuring the high quality and reliability of its products. XVE’s products cover more than 100 brands and are widely used in electric vehicles, smart home devices, medical equipment, and digital products. Through rigorous testing and a three-year warranty policy, XVE maintains a product repair rate of less than 0.3%, providing high-quality power solutions to its customers.
XVE’s significant position in the power supply industry is not only reflected in its market share but also in its role in driving industry standards and leading technological innovations. As a company committed to providing efficient and reliable power solutions, XVE continues to enhance its influence and competitiveness in the global power supply market.
In conclusion, the projected growth of China’s power supply industry in 2024 not only reflects the overall development trend of the industry but also highlights the efforts and contributions of various companies in promoting industry progress. With continuous technological advancements and increasing market demand, the Chinese power supply industry is poised for a brighter future.