Pune, India, April 02, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR)’s assessment indicates that the global Uninterruptible Power Supply (UPS) market has been projected to strike a CAGR of 8.3% during the forecast period 2018 to 2025. The report further suggests that the global market is set to scale valuation of USD 13,154.4 Mn towards the end of 2025 up from USD 7,225.7 Mn in 2017. The towering demand for efficient power supply management solutions has led to the development of the market in recent years. It is anticipated to continue exhibiting a similar trend over the next couple of years.
Rapid urbanization and industrialization are exerting pressure on the energy sector for uninterrupted power supply. Furthermore, the boom witnessed in the IT sector in conjunction with a shift towards digitization has boosted the demand for UPS globally. Developing nations in the Asia Pacific and Latin America, owing to a drastic rise in power consumption, have unleashed massive developmental opportunities into the UPS market. Key players are emphasizing on technological innovations for capitalizing on the thriving market. These innovations are prognosticated to dominate the growth trajectory of the market in the foreseeable future.
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UPS facilitates functionality during downtime and outages which is likely to proliferate its application across different industry verticals. Industry leaders are focusing on the introduction of advanced products with self-diagnostic features for addressing the need for a continuous supply of power. This, in turn, is presumed to have a positive influence on the growth pattern of the Uninterruptible Power Supply (UPS) market over the assessment period. Additionally, the market is poised to gain traction owing to increasing demand for data protection and power backup. Nevertheless, the skyrocketing cost of installation and maintenance remains an impediment to market growth. In addition, the requirement for battery replacement and updating of components are projected to check the expansion of the UPS market in the forthcoming years.
Market Segmentation:
This MRFR report offers a segmental assessment of the UPS Market based on product type, and application. By product type, the market has been segmented into offline/standby, line interactive, and online/double conversion. Among these, the offline/standby segment has been projected to dominate the primary share of the global market through the forecast period. Cost efficiency and compactness are the key benefits offered by these products which are anticipated to drive the expansion of the segment over the next few years. Meanwhile, the online/double conversion segment has been projected to emerge as the fastest growing segment striking a relatively higher CAGR during the forecast period. Online UPS system is considered as highly advanced technology and is poised to gain quick mileage in the foreseeable future.
By application, the UPS industry has been segmented into telecommunication, data center, medical, industrial, marine, and others. The data center segment accounts for a major share of the market accounting for 25% market share approximately. It is also forecasted to thrive at the highest CAGR of 9.97% over the assessment period. The growth of the segment can be accredited to the escalating implementation of UPS technology for power backup and data security.
North America holds the largest share in the global Uninterruptible Power Supply (UPS) market
MRFR’s geographical analysis of the global UPS market encompasses five major regions – North America, Europe, Asia Pacific, the Middle East & Africa (MEA), and Latin America. North America had the highest share of revenue in 2017 which was valued at USD 2794.1 Mn. It is forecasted to retain its forefront position in the global marketplace over the next couple of years. The growth of the regional market is chiefly attributable to the rising demand for UPS solutions from the major end-user verticals such as healthcare and pharmaceuticals. The advancements of these industries are prognosticated to catalyze the growth of the Uninterruptible Power Supply (UPS) market in the upcoming years. Also, an upsurge in industrial and residential applications is expected to boost market growth over the assessment period. Asia Pacific is forecasted to strike a comparatively higher CAGR of 12.9% during the projection period. Led by China, the regional market is set to capitalize on the exponential population growth and rapid industrialization in the years to come.
Key Players:
The noted players of the market are SORO Electronics, Xiamen Kehua Hengsheng Co. Ltd., Socomec, ABB, Emerson Electric Co., Schneider Electric, Beijing Dynamic Power Co. Ltd., Guangdong Prostar New Energy Technology Co. Ltd., Zhejiang SANKE Electrical Co. Ltd., PowerMan, KSTAR Corporation, Jeidar Electronics, AEG Power Solutions, Eaton Corporation, Jiangsu EKSI Electrical Manufacturing Co. Ltd., EAST Group Co. Ltd., Sendon International Ltd., S&C Electric Company, Guangdong Zhicheng Champion Group Co. Ltd, HongBao Electric Co. Ltd., Active Power Inc., Gamatronic, Toshiba Corporation, Delta Electronics Inc., Cyber Power Systems Inc., and Baykee.
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Latest Industry Trends:
- Rittal, a manufacturer of electrical enclosures for use in industrial settings, has enhanced its strategic partnership with ABB, a Swiss-Swedish multinational corporation. The partnership is aimed at securing edge data center and covers various solutions and services such as uninterruptible power supply (UPS).
- Eaton Corporation plc., a multinational power management company, has announced the launch of second-generation of its 93E uninterruptible power supplies (UPS).
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