Uninterruptible Power Supply Market Estimated to Witness High Growth Owing to Growing Adoption Across Various Industry Verticals
An uninterruptible power supply is used to protect loads from utility power interruptions such as voltage sags, short-term blackouts, small utility shifts or brownouts and provides battery backup. UPS is generally used to protect hardware such as computers, data centers, telecommunication equipment or other electrical equipment where an unexpected power disruption could cause serious damage. The global utilities sector is increasingly adopting UPS systems to ensure uninterrupted power supply and avoid revenue loss during power outages. 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 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing adoption of UPS systems across various industry verticals is fueling the growth of the market. Majority of manufacturing facilities, data centers and large enterprises rely on UPS to ensure continuity of operations during power fluctuations. Moreover, increasing instances of natural calamities resulting in power outages have encouraged commercial facilities and residential buildings to install UPS as backup power sources. Additionally, the expanding IT & telecom industry which requires uninterrupted power supply for network equipment and servers is contributing significantly to the market growth. Rising demand for reliable and secure power sources from data centers and cloud service providers remains another key factor propelling the demand for UPS systems globally over the forecast period.
SWOT Analysis
Strength: The Uninterruptible Power Supply (UPS) market size provides reliable backup power to critical infrastructures and devices. UPS systems ensure uninterrupted operation of sensitive equipment by providing immediate power in case of a disruption lasting from a few milliseconds to a few hours. They protect devices from power quality issues like surges, sags, and spikes. UPS also allow for a safe and orderly shutdown of connected equipment in the event of a prolonged outage.
Weakness: UPS systems have high installation and maintenance costs which limits their adoption, especially for smaller businesses and homes. Periodic replacement of batteries also adds to the overall expense over the system's lifespan. Large industrial and data center UPS require dedicated space that may not always be available.
Opportunity: Growing dependency on digital systems and internet connectivity is driving demand for robust backup power solutions. Increasing power reliability issues due to aging grid infrastructure will boost adoption of UPS across various end-use sectors. Remote monitoring and management capabilities of smart UPS allow for predictive maintenance and enhanced uptime of connected systems.
Threats: Advancements in energy storage technologies may reduce the cost benefits of UPS over time. Preferences towards cleaner energy solutions can weaken demand for conventional generator-based UPS systems. Prolonged economic downturn may defer discretionary spend on backup power infrastructure by some end-users.
Key Takeaways
The global Uninterruptible Power Supply (UPS) market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising investments to strengthen critical infrastructure. The market size is projected to reach US$ 8.63 Mn in 2024.
Regional analysis: North America currently dominates the UPS market led by increased focus on disaster recovery and business continuity plans. The region accounted for over 35% of the global demand in 2022 owing to stringent power reliability regulations. Asia Pacific is anticipated to be the fastest growing regional market between 2023-2030 supported by widening electricity access and expanding industrial & construction activities across developing nations.
Key players: Key players operating in the Uninterruptible Power Supply (UPS) market are Inmarsat GHL (Connect Bidco Limited), Windward Limited, Amplify Mindware Private Limited, Spire Global, Inc., ProGen Business Solutions Private Limited, Spark Cognition Inc., Wartsila Oyj Abp, Prisma Electronics SA (Laros), U-Ming Marine Transport Corporation, and ABB Ltd. They are focusing on increasing R&D investments to develop advanced IoT-enabled monitoring solutions and lithium-ion battery based UPS systems.
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