An uninterruptible power supply (UPS) is a battery-powered system used to provide emergency power to critical loads during utility power outages or failures. UPS systems provide backup power to electronic devices and data centers through batteries to prevent data loss, equipment damage during unexpected power fluctuations or outages. The global Uninterruptible Power Supply Market is estimated to be valued at US$ 9.95 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of renewable energy sources has increased exponentially over the past decade. However, the intermittent nature of power generation from renewable sources like solar and wind energy poses challenges related to grid stability and reliability. The use of energy storage solutions like batteries helps stabilise power generation and supply from renewable sources. UPS systems support the reliable and continuous use of renewable energy by bridging the gap during intermittent power generation from such sources. This has accelerated the demand for UPS systems to support the adoption of renewable energy on a larger scale. Many data center and industrial customers are opting for UPS systems integrated with onsite renewable energy sources to achieve cleaner and reliable power. This emerging trend is expected to open lucrative growth opportunities for players in the UPS market over the coming years.
Segment Analysis
The global Uninterruptible Power Supply Market is dominated by online UPS systems sub segment. Online UPS systems capture over 70% of the overall market share as they provide complete protection from power fluctuations and outages. Online UPS systems filter, regulate and condition power from the utility source and/or batteries. Their double-conversion topology completely isolates critical loads from abnormalities in power supplies and provide higher reliability than line-interactive and standby UPS systems.
Key Takeaways
The Global Uninterruptible Power Supply Market Share is expected to witness high growth during the forecast period of 2024 to 2031.
Regional analysis shows that Asia Pacific region currently dominates the market and is expected to continue its dominance during the forecast period owing to rapid industrialization and increasing adoption of UPS systems in various industries including IT & telecom, healthcare, manufacturing etc in countries like China and India.
Key players operating in the Uninterruptible Power Supply 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. The key players are focusing on new product launches and partnerships to gain more market share. For instance, in 2021, Windward introduced a new AI interface for maritime decision support.
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