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Why is there a need for redundant power supplies?
Imagine a 24Vdc 10A power supply driving motors and sensors on a conveyor based production line. For two or three years everything works fine, then one Friday (always at the end of the month), the power supply fails causing the conveyor to stop. Even if a spare part is in stock, it could still result in 30 minutes of expensive lost production.
If two identical power supplies had been installed in a fault tolerant, redundant mode, the remaining (good) unit would have continued to power the production line. The failed power supply could then be replaced at a more convenient time during routine maintenance.