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UPS Market Size By Component (Solution [Standby (Offline), Line-Interactive, Online UPS], Services [Managed, Professional]), By Application (BFSI, Data Centers, Healthcare, IT & Telecom, Manufacturing, Media & Entertainment, Residential), By End-use (SMEs, Large Enterprise), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI3791
  • Published Date: Jan 2022
  • Report Format: PDF

Industry Trends

UPS Market size exceeded USD 10 billion in 2021 and anticipated to grow at a CAGR of 6% between 2022 and 2028. The market demand is attributed to the growing adoption of cloud computing solutions. This leads to a rise in the construction of hyper-scale data centers in the market, which require advanced UPS.
 

UPS Market Overview

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Various technology market leaders including Apple Inc., Amazon.com, Google LLC, and Microsoft Corporation are investing heavily in the construction of new data centers. When companies move out mission-critical workloads to the cloud, they demand steady power distribution. This is driving the market growth for a reliable and efficient power supply that is crucial for an infrastructure's seamless functioning. The UPS systems have sufficient power to prevent unsaved data from being destroyed in the case of a power outage by allowing players to save work and shut down the devices.
 

The outbreak of COVID-19 has adversely impacted the market in the first half of 2020 credited to the closure of manufacturing plants during the lockdown period. The COVID-19 pandemic has hit the global market as industries were running at a low capacity with a reduced output. The market witnessed disruptions in the supply chain and logistics, impacting product delivery. Due to social distancing and WFH norms across the world, the residential sector observed high installation demand for UPS systems. Many power plants and substations were working with a limited workforce, resulting in frequent power outages. Owing to this, the market registered an upsurge in demand for UPS systems from the industrial sector.
 

Digitalization in APAC region is offering strong growth opportunities to the online UPS market

Asia Pacific online UPS segment is projected to showcase 7% growth rate through 2022 as it reduces supply disturbances including blackouts, brownouts, and spikes in the output. Online UPS can efficiently handle different power supply challenges without interrupting the overall operations. Several market players are launching inexpensive and high-quality power technology to assist businesses in controlling their operations.
 

The growing demand for UPS systems from the U.S. healthcare sector will boost the market expansion

UPS Market Size

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The U.S. market is poised to expand at more than 8% CAGR through 2022. In the U.S., UPS solutions witnessed high demand from the healthcare industry during the COVID-19 pandemic. According to the Centers for Medicare & Medicaid Services, U.S. healthcare spending grew by 9.7% in 2020, reaching USD 4.1 trillion or USD 12,530 per person. Health spending accounted for 19.7% of the nation’s total GDP. Healthcare institutions require consistent power to run a variety of vital medical care instruments. Market participants offer UPS solutions required in Magnetic Resonance Imaging (MRI), Computerized Tomography (CT) scanners, X-ray, gas analyzers, ultrasounds, and imaging instruments to assure operational performance. Market leaders also provide innovative UPS systems that offer enough backup for high-end advanced diagnostic equipment.
 

Rise in number of SMEs demanding inexpensive UPS to foster the market progression

The market is showcasing demand for compact and inexpensive solutions from SMEs for modular and micro data center facilities. According to the Ministry of Micro, Small and Medium Enterprises, India had approximately 63 million MSMEs as of November 26th, 2021. These enterprises have a limited budget, which encourages them to deploy cost-effective and low-cost technology for power management. SMEs demand UPS with improved usability, easy installation & capacity expansion, hassle-free maintenance, and on-demand capacity expansion. UPS helps improve business efficiency and offers better scalability at minimum overhead expenses.
 

Industrialization in European region is spurring the demand for efficient power backup solutions

Europe UPS Market

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The Europe UPS market accounted for around 25% of revenue share in 2020 led by the rise in industrialization. With the acceptance of innovative solutions in the manufacturing sector, the demand for efficient technologies will increase. Leading automobile manufacturers present in countries including the UK, Germany, and France are increasingly investing in the expansion of their manufacturing capabilities.
 

The region also consists of major UPS manufacturers including Schneider Electric SE, ABB Ltd., Eaton Corporation, Siemens AG, and Socomec Group S.A. These companies are collaborating with end-use industries to expand their customer base.
 

New product development will fuel the business expansion

Key players operating in the market include ABB Ltd., Ablerex Electronics Co. Ltd., Arabian Power Electronics Company, Delta Power Solutions Pvt., Ltd., Eaton Corporation, Inc., Emerson Electric Co., ENERSYS, Huawei Technologies Co., Ltd., Kstar New Energy, Co., Ltd.,Legrand S.A., 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. The market participants are focusing on expanding their footprints by introducing new UPS solutions with a reduced footprint.
 

The UPS market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2028 for the following segments:

Market, By Component

  • Solution 
    • Standby (Offline)
    • Line-interactive
    • Online UPS
  • Services 
    • Professional
    • Managed

Market, By Application

  • BFSI
  • Data Centers
  • Healthcare
  • IT & Telecom
  • Manufacturing
  • Media & Entertainment
  • Residential
  • Others

Market, By End-Use

  • SMEs
  • Large Enterprise

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Poland
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Singapore
    • Australia
  • South America
    • Brazil
    • Argentina
    • Chile
    • Colombia
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa

 

Authors: Preeti Wadhwani, Saloni Gankar

Frequently Asked Questions (FAQ) :

Market size of UPS surpassed USD 10 billion in 2021 and is slated to expand at a CAGR of 6% from 2022 to 2028 driven by the rising adoption of cloud computing solutions.

In the Asia Pacific region, the online UPS segment is anticipated to depict a growth rate of 7% through 2028 owing to the advantage of reduction in supply disturbances such as brownouts, blackouts, and spikes in the output.

The Europe market registered around 25% of the overall industry revenue in 2020 and is expected to depict lucrative growth with rising industrialization and the presence of leading automobile manufacturers in Germany, UK, and France.

Major companies in the market comprise ENERSYS, ABB Ltd., Eaton Corporation, Inc., Arabian Power Electronics Company, Kstar New Energy, Co., Siemens AG, Emerson Electric Co., and others.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 20
  • Tables & Figures: 354
  • Countries covered: 22
  • Pages: 300

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