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For a machine, is it generally a good idea to distribute a common power bus voltage like 48VDC to independent modules (embedded computers, servo controllers) for them to stepdown inside the application module (12vdc, 24vdc) or should the power be stepped down early at the distributor module? What are the advanced tradeoffs?

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Generally the higher the voltage you distribute, the lower the current in the wires, allowing you to use thinner wire and reducing I^2R losses.

With this said, having multiple point of load converters may have impacts on efficiency and will add to the cost of the system.

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