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 i...