Rising Data Center Demand of Uninterruptible Power Supply Market
The global uninterruptible power supply market is estimated to be valued at US$ 8.63 Mn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
Strength: The Uninterruptible Power Supply Market benefits from growing demand for backup power solutions in various industries such as IT & telecom, healthcare, industrial, and others. It ensures continuous power supply during power cuts or fluctuations which helps businesses avoid downtime and data loss. The market also sees rising penetration of online UPS systems that provide improved efficiency and higher power density.
Weakness: High initial costs associated with procuring and installing UPS systems limits their adoption in small and medium enterprises. Complexity in designing high capacity UPS solutions also poses technological challenges.
Opportunity: Advancing energy storage technologies are enabling UPS manufacturers to develop innovative product offerings. Growing investments by regional governments and private firms in data centers also open new growth avenues. Expanding industrial automation and use of digital technologies across industries augment the need for uninterrupted power backup.
Threats: Rising raw material costs due to geopolitical issues exert pressure on UPS prices. Growing preference for power generating sets as alternative backup power sources also poses competition. Stringent regulations regarding energy efficiency and emissions may require product upgrades.
Key Takeaways:
The Global Uninterruptible Power Supply Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 8.63 Mn and is projected to grow at a CAGR of 21%.
Regional analysis
The Asia Pacific region dominates the global UPS market currently with over 35% revenue share. China, India, Japan, and other Southeast Asian countries are major markets driving regional growth. This can be attributed to rapid industrialization, increasing digitization of key sectors, and infrastructure development projects in the region. North America and Europe are other prominent regional markets encouraged by widespread data center adoption and focus on backup power security across industries.
Key players:
Key players operating in the Uninterruptible Power Supply 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. These companies compete based on product innovation, reliability, pricing, and customer support services. Partnerships with system integrators and expansion into developing markets are key strategies adopted.
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