Uninterruptible Power Supply (UPS) Market Estimated To Witness High Growth Owing To Rising Data Center Construction
The Uninterruptible Power Supply (UPS) Market is estimated to be valued at US$ 8.23 Bn in 2022 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Uninterruptible power supply or UPS is used as a backup system to provide emergency power to critical loads when the commercial utility power fails or encounters transient power disturbances. UPS systems are widely used in data centers, telecommunication facilities, hospitals, manufacturing units, and servers to ensure continuous power supply for uninterrupted operations. Different types of UPS such as online, line interactive, and standalone are employed based on the required backup time and power load capacity.
Market Dynamics:
The UPS market is mainly driven by the rising construction of data centers around the world. With exponential growth in internet penetration and digitalization, large volumes of data are being generated and stored every day, which is boosting the need for reliable data storage facilities. As data centers require stable and consistent power supply, deployment of UPS systems is growing rapidly. Furthermore, the surging adoption of 5G technology in the telecommunication sector is fueling the demand for compact and efficient UPS solutions. 5G networks require large numbers of micro cell sites and cells, which are driving the setup of edge data centers that require UPS for backup power. However, high installation and maintenance costs associated with UPS systems may restrain market growth.
SWOT Analysis
Strength: The uninterruptible power supply (UPS) market provides reliable backup power solutions for businesses and households. UPS systems ensure critical equipment function continuously even during power outages. They offer clean, continuous power without fluctuations or disturbances. Manufacturers in the market offer technologically advanced UPS with high battery backup times and efficiency.
Weakness: UPS systems have high initial installation and upgrading costs which restrict their adoption. The periodic replacement of batteries also increases maintenance costs.
Opportunity: Growing power outage concerns and the urgent need for 100% power reliability will drive the demand for advanced UPS solutions across industries. Increasing investments in data centers also offer significant growth prospects for UPS providers.
Threats: Advances in renewable energy storage may reduce reliance on conventional UPS over time. Intense competition among existing players also poses pricing pressures.
Key Takeaways
The global Uninterruptible Power Supply (UPS) Market Size is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period 2023 to 2030, due to increasing demand for reliable backup power solutions across data centers and industries. The market was valued at US$ 8.23 Bn in 2022.
Regional analysis related content comprises
The North America UPS market holds the highest share currently due to widespread data center adoption and stringent power reliability regulations. It is expected to remain the dominant regional market owing to ongoing investment in upgradation. Asia Pacific UPS market is growing at the fastest pace led by China, India, and other developing countries. Increasing number of data centers and industrialization are fueling the demand for UPS systems in the region.
Key players related content comprises
Key players operating in the uninterruptible power supply (UPS) market are Aspex Inc., Riello Elettronica SpA, Cyber Power Systems Inc., EATON Corporation PLC, General Electric Company, Emerson Electric Co., Mitsubishi Electric Corporation, Delta Electronics Inc., Hitachi Ltd., ABB Ltd., and Schneider Electric SE. Major players are focusing on developing advanced UPS with IoT connectivity, lithium-ion batteries, and remote monitoring capabilities to strengthen their market position.
Read more @ https://creativeedge16.blogspot.com/2023/11/uninterruptible-power-supply-ups-market.html
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