Regenerative energy is recovered with high efficiency, and the
voltage of a battery or a
capacitor is optimally controlled. A construction
machine or an industrial vehicle provided with a power supply
system which comprises a chargeable / dischargeable
capacitor and a feeder circuit for connecting a chargeable / dischargeable battery, the
capacitor, and a load capable of power running and regeneration, and which feeds the energy accumulated in the capacitor to the load via an
inverter and charges the
regenerative energy of the load to the capacitor via the
inverter, wherein the load is an
electric motor, and the capacitor is connected to the load via a DC /
DC converter, the DC /
DC converter being equipped with a control means for controlling the energy charged / discharged by the capacitor via the DC /
DC converter, and wherein the control means is equipped with a power running / regenerative operation estimating means for estimating an operation pattern including the change point of the power running / regeneration of the motor on the basis of the rotational speed and torque of the motor, the
DC current supplied to the
inverter, or control lever information, and operation pattern information including the change point of power running / regeneration in an iterative process, which has been previously held, and a capacitor target
voltage calculating means for controlling the output command value of the DC / DC converter in such a manner that the target
voltage of the capacitor is gradually lowered in the case of the power running and is gradually lowered in the case of the regeneration on the basis of the change point and operation pattern estimated by the power running / regenerative operation estimating means.