UPS Market Research Report Size, Growth & Global Forecast – 2022-2029

The UPS Market was estimated around USD 9.7 billion in 2021and is expected to reach USD 16.9 billion in 2029, growing at a CAGR of 7.1% over the forecast period (2022-2029).

The factors driving the growth of UPS Market includes rising number of data centers around the world, emerging trend of remote working or Work from Home (WFH), expansion of the manufacturing sector and increasing demand for Uninterruptible Power Supply (UPS) systems in the residential and commercial sectors. Moreover, fall in the prices of lithium-ion batteries, technological advancements in UPS systems, rapid urbanization and increasing rate of voltage fluctuations, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, integration of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT) and Cloud Computing with UPS systems, rising population growth rates and improvements in the living standards, are further contributing towards the UPS Market share.

However, growth of the UPS Market is hindered due to high installation and maintenance costs of UPS systems.

The major players operating in the market are Luminous Power Technologies, Mitsubishi Electric Corporation, Su-Kam Power Systems Ltd., Schneider Electric SE, Eaton Corporation Plc., Emerson Electric Company, Microtek International Private Ltd., Legrand, Vertiv Co., ABB Ltd., and Hitachi Hi-Rel Power Electronics Pvt. Ltd., among others.

Based on Type, the Offline UPS segment is predicted to grow at a significant CAGR during the forecast period

Offline UPS systems are cost-effective, comes with modular designs and provides greater reliability along with growing demand for consumer electronic such as security systems, computers, and POS systems, are some of the factors responsible for the segment’s growth.

In contrast, the Online UPS segment is projected to capture the largest market share during the forecast period because the Online UPS systems reliable and efficiently handle different power supply challenges without interrupting overall operations.

Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR over the forecast period

Presence of the leading players such as Mitsubishi Electric Corporation, Su-Kam Power Systems Ltd., and Hitachi Hi-Rel Power Electronics Pvt. Ltd, rapid growth in the manufacturing sector, rising per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Development

• In Mar 2019, Eaton Corporation introduced three new products Eaton DX-RT 06-10 kW, Eaton 9E-IN 1/2/3 kVA, and Eaton 9E-IN 06-10 kW UPS system. These products are designed to provide protection to critical applications in healthcare, IT and SME sectors.

Market Segmentation

Segmentation by Type              

• Online UPS
• Offline UPS
• Line Interactive UPS

Segmentation by Power Rating              

• Less than 5KVA
• 1KVA-50KVA
• 1KVA-200KVA
• Above 200KVA

Segmentation by Region

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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