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Uninterruptible Power Supply (UPS) Market Trends

Report ID: GMI3791
Published Date: Jun 2024
Report Format: PDF

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UPS Market Trends

The rise in the number of small and medium-sized enterprises (SME) globally, coupled with the expansion of IT facilities across various industries, has fueled the demand for UPS systems. Automation in the manufacturing sector, which relies heavily on computer-based control systems and PLC units, is driving the need for UPS systems. Standby UPS systems, which are cost-effective and provide essential features like battery backup and surge protection, are seeing growing demand. This trend is particularly noticeable in consumer electronics and gaming consoles, where power protection is critical due to frequent power fluctuations.

Companies have been diversifying their battery options for UPS systems; there as an increased usage of nickel-zinc batteries alongside traditional lithium-ion batteries and lead-acid batteries. There is a growing focus on achieving zero downtime for critical operations. New technologies such as remote monitoring, diagnostics, and even predictive maintenance are being integrated in the UPS systems. Also, advancements in semiconductor technology have been leading to the development of more compact power conversion UPS components.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

Uninterruptible power supply (UPS) industry size was worth USD 11.6 billion in 2023 and is projected to expand at over 5% CAGR from 2024 to 2032 due to the expansion of cloud computing, big data, and IoT applications.

The UPS market share from the solution component segment was worth more than USD 7 billion in 2023, owing to the integration of advanced technologies such as AI and machine learning in UPS systems.

The data center application segment in the UPS industry is projected to grow at over 3% CAGR between 2024 and 2032, led by the rapid proliferation of data centers across the globe.

North America UPS industry accounted for more than 40% revenue share in 2023, on account of the rapid adoption of cloud computing services by businesses and government organizations.