The proliferating market demand of uninterrupted power supply (UPS) system as a reliable power supply is expected to drive the market growth. Furthermore, increase in number of data centers and decrease in battery prices are anticipated to potentially contribute toward the overall market growth. In addition, increase in population and surge in demand for power backup solutions are the other factors influencing the market growth in residential end-user segment.
Global uninterrupted power supply (UPS) market was valued at $7.4 billion in 2019, and is projected to reach $9.4 billion by 2027, growing at a CAGR of 4.3% from 2020 to 2027.
UPS provide emergency power protection connected loads during any type of power failure. The uninterrupted power supply (UPS) system provide battery back up whenever there is any interruption in power flow. In addition, it also protects the system from damage during sudden power failure.
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Based on type, Offline uninterrupted power supply (UPS) system garnered significant market share. This is attributed to growth in demand of offline UPS system in residential and small scale commercial sectors. In addition, these are cost effective compared to that of online UPS system.
Based on rating, the >200 KVA rating uninterrupted power supply (UPS) system is expected to witness significant market growth. This is attributed to growing application in commercial and industrial end-user segments for various heavy appliances.
The industrial uninterrupted power supply segment accounted for significant market share, owing to rise in demand in various manufacturing sector. Uninterrupted power supply (UPS) system is widely used in nuclear power plant or oil rig as a temporary power back up.
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Asia pacific accounted for significant revenue share, owing to large number of industrial booms in emerging economies, such as China, India, and Japan.
Major players have adopted product launch, business expansion, and acquisition to sustain the intense market competition. The key players profiled in the report include Schneider Electric Se, Abb Ltd., Soro Electronics, Luminous power technologies, MICROTEK, Delta Electronics Inc, Emersion Electric Co., and Huawei Technologies Co., Ltd.
COVID-19 scenario analysis:
- The global uninterrupted power supply market has significant impact of Covid-19. Due to work from norms, majority of population are residing at home, which positively affected the market growth.
- In addition, frequent power loss during this pandemic led to increase in demand for uninterrupted power supply (UPS) system for residential as well as industrial sectors.
- However, the shortage of regular manpower and social distancing norms delayed new installation of uninterrupted power supply (UPS) system.
- In addition, complete lockdown and social distancing norms across different countries delayed the cross-border export and import activities. This led to supply chain disruptions in the upstream and downstream channels.