UPS market is projected to reach USD 14 bn by 2026
Published on : Saturday 26-09-2020
The online UPS market component segment is set to witness considerable growth.
According to a recent study from market research firm Global Market Insights, The uninterruptible power supply (UPS) market is projected to witness exponential growth on account of rising demand for power back-up solutions across numerous industries. The system is gaining momentum across commercial, residential, and industrial spaces as it offers emergency power-backup in case of power outages or disruption in the main power supply. Growing need for backup power in businesses operating across Tier III & II cities as well as increasing popularity of solar-based systems could play a crucial role in driving product demand. UPS solutions are also observing heavy demands owing to surging cases of power outages across data centres, which could often result in capital loss for business enterprises.
Taking August 2019 for instance, a power cut at the Nissan data centre based in Denver hugely affected the online services for production systems and dealers in North America. Incidents like these compel operators to adopt power backup solutions in their premises to avoid data centre downtime.
Rising use of IoT enabled smart applications like smart voice-assistant speakers, smartphones and smart TVs may create a favourable outlook for UPS devices across the residential sector. A surge in the product demand from new, emerging businesses from the Tier II and Tier III cities, the availability of innovative solar-power based UPS systems, and a critical need for the systems across numerous industries is projected to provide a positive growth trajectory to the overall UPS market share.
Today, a plethora of various design approaches are used to implement UPS solutions, each boasting of its own unique performance characteristic, enabling the industry to meet a variety of demands from end-users. Solutions such as interactive UPS, standby UPS, standby on-line hybrid UPS, double conversion on-line, standby Ferro, delta conversion on-line UPS represent the variety of product configurations that can meet diverse performance requirements.
The availability of the product in so many types provides adequate feasibility to customers and enable them to select a system according to their requirements, which is likely to foster the overall market share over the coming years.
The online UPS market component segment is set to witness considerable growth as it safeguards the equipment against spikes, power surges, dips, and failures within the data centre. Online UPS essentially provides an electrical firewall that exists between the network equipment and the main power, using its double conversion design.
These systems are witnessing increasing adoption as they can manage the output frequency as well as voltage regardless of the input frequency and voltage, maintaining the productivity of the system. These beneficial characteristics of online UPS systems have resulted in their elevated adoption across telecom, healthcare, and data centre operators to protect the equipment from damage.
With respect to application, the healthcare industry is creating a high demand for UPS systems due to the industry’s increased demand for uninterrupted and continuous power supply to operate medical equipment without any hassles. An additional factor pushing product deployment in the sector is the need to safeguard crucial electronic data.
While healthcare facilities are generally equipped with large-capacity emergency power generators, they, however, take considerable time to provide electricity across a facility. In such cases, a small moment of power disruption could be fatal to patients under critical care and are going through surgery. The integration of UPS systems allows healthcare facilities to safeguard sensitive and costly equipment from damage that can be caused by power brownouts or voltage surges.
From a regional frame of reference, the North America UPS market is likely to witness growth owing to the growing online services in the region.
The major main factor driving the market growth in Europe is the rapid industrialization. With the increase in the adoption of current technologies in manufacturing services, the demand for efficient power technologies will also grow quickly. Countries which includes France, Germany, and the UK, comprise of major automobile manufacturers, like Porsche, Audi, and BMW that are increasing their manufacturing capabilities in the region, thereby driving the market growth. Key Companies covered in UPS market are ABB Ltd., Ablerex Electronics Co. Ltd., Arabian Power Electronics Company, Delta Power Solutions Pvt. Ltd., Eaton Corporation, Emerson Electric Co., ENERSYS, Huawei Technologies Co., Ltd., Kstar New Energy, Co., Ltd., Legrand, Microtek International Pvt. Ltd., Mitsubishi Electric Corporation, Riello Elettronica Group, Schneider Electric SE, Siemens AG, SOCOMEC Group S.A., SolarEdge Solution (Gamatronic), Techser Power Solutions Pvt Ltd., Toshiba Corporation and Vertiv Co.
Source: https://www.gminsights.com/pressrelease/ups-market
