With the development of the work of local governments in 2023, policies to stabilize the economy, protect people’s livelihood and promote consumption have also been intensively introduced. As an indispensable lighting industry for economic development, urban construction and residents’ lives, it will also usher in new development opportunities.

Under the promotion of favorable national policies such as “double carbon target”, “digital economy”, and “Healthy China”, new processes and technologies that meet national development requirements are constantly proposed, giving the industry more added value and imagination space. At present, a new round of scientific and technological revolution and industrial transformation wave, industrial digitalization has become a trend. Promoting the green and low-carbon development of the lighting industry through digital transformation is a new task and urgent requirement for industrial transformation and upgrading under the “dual carbon” goal.

LED driver power is an indispensable part of LED lighting products, but also one of the main factors affecting the stability of LED lighting products, the rapid growth of the global LED lighting market has promoted the continuous development of LED power industry. At present, the LED drive power industry has a large space for development.

After more than ten years of development, enterprises in the LED drive power industry show a high degree of market competition. At present, the main enterprises of LED drive power supply are Mingwei, Maoshuo power supply, Infite and Songsheng shares. According to the report of Micro Technology Consultant in March 2023, Mingwei ranked third in the ranking of global power supply (DC output) manufacturers. Most of the top two power supply factories take ODM/OEM as their main revenue source, while 99% of Mingwei’s revenue comes from standard power supplies. It is a power supply manufacturer with its own brand -MEAN WELL as its main business strategy.

Stealth does not hide, step by step to refine the brand potential energy

In the face of fierce competition in the global power supply market, many international manufacturers continue to adjust their market development strategies, and Mingwei is no exception. In the fierce power supply market constantly intelligent manufacturing, innovation to adapt to market changes and development.

In the fierce market competition, only competitive enterprises can be stable and long-term; In the long run of sustainable development, only innovation-driven enterprises can gain long-term competitive advantages; In the overall pattern of economic and social development, only value-sharing enterprises can realize the organic combination of economic and social benefits.

In order to make the enterprise achieve sustainable development, how to give full play to the integration power of the group and maximize the power of each individual is the key point of the current enterprise operation and development. Mingwei continues to focus on five core values, including brand, channel, computerization, innovation and global certification, and prioritizes nurturing the future succession team.
As a new generation of invisible champions who constantly create growth engines, as early as the beginning of the brand, Mingwei has built a unique development competitiveness of the enterprise with the concept of Porter’s five forces, and gradually built a “trusted partner” relationship with suppliers, partner factories, partners, and even competitors in the same industry, giving full play to their respective expertise, and serving every end customer. Relevant data show that Mingwei has more than 200 distribution partners in the world, they can reach any corner of the market, can play a good role in opening market awareness and establish a strong sales network.

At the same time, in the layout of Mingwei, it is expected to be led by the two brands of “Lianyuan Group” and “Xiwei Group” to develop “ESG enterprises”, so that the upstream and downstream of the industry can be more deeply integrated, in addition to breaking the original competition and cooperation relationship, but also to stimulate more flexibility and create more resilience.

Launch segmented products and explore the road of diversified development

As the most complete power supply brand on the market, chassis power supply and LED drive power supply are the two mainstream products of Mingwei. In addition, Mingwei for medical, green energy, security, transportation, information and communications and other industry applications, launched six sub-products, to provide a diversified choice of power supplies. At the same time, KNX products were launched to enter the intelligent building automation market.

At the National Two Sessions in 2023, “digital economy” is one of the hot topics. So how to multiply the “number” and embrace the “new blue ocean” of the digital economy is also a must for enterprises to achieve high-quality development. Under the upgrading of consumption and a new round of lighting industry reform, Mingwei pays attention to intelligent development. Ren Xiang, vice president of Mingwei China business, told reporters, “In the future, Mingwei power supplies will develop an overall series of products, not only in the lighting class power supplies, but also intelligent control and overall solutions.”

Enterprise innovation and development should keep up with the pace of market demand, and accurately analyze and judge the future development direction of the market in order to maintain an invincible position and bring growth.

Zheng Zhide, director of overseas region of Mingwei Group, also observed that if key components manufacturers want to grow again, they must move toward diversified development, systematically build an ecological chain, and stimulate more comprehensive effects. He said, “It may be feasible for Mingwei to reach $2 billion in annual revenue by relying on power products alone, but if it wants to grow sustainably, it needs more diversified momentum to reach the peak again.”

Aiming at sustainable development goals, build SDG industrial value network

Mingwei has successfully transformed trust into a business approach for sustainable growth of the organization, creating a global standard power supply leading brand. It is committed to promoting the concept of “SDG industrial value network”, transforming from focusing on the industry in the past to pursuing more comprehensive expansion, deeply integrating the upstream and downstream supply chain, in addition to breaking the original competition and cooperation relationship, but also stimulate more flexibility and create more resilience.

Earlier, Lin Guodong, the founder of Mingwei, publicly proposed to the industry the idea of establishing a “SDG Group”, which is combined with the United Nations sustainable development pointer SDGs, and expects to create 100 ESG enterprises in 2030. The creation of “SDG industrial value network”, Mingwei from the past focus on the industry, to pursue more comprehensive efficiency expansion, Mingwei’s circle of trusted partners expanded.

The time for great change has arrived. With the arrival of the new industrial economic era, as a leading power supply industry, Mingwei, under the east wind of the digital economic industry, drives the industry to create more social value, and more toward a century-long sustainable enterprise.