by An uninterruptible power supply or UPS provides emergency power to connected equipment by supplying power from a separate backup source when utility power is not available. It differs from an auxiliary or emergency power system or standby generator in that it will provide near-instantaneous protection from input power interruptions, by supplying energy stored in batteries, supercapacitors, or flywheels located in the UPS cabinet. The global uninterruptible power supply market is estimated to be valued at US$ 9.95 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
The global uninterruptible power supply market is anticipated to be driven by surging demand for continuous power supply applications across different end-use industries such as IT & telecom, healthcare, manufacturing, utilities, and transportation. A UPS system ensures uninterrupted power flow and protects equipment, electronics, and machinery from power failures, voltage fluctuations, and blackouts. With growing digitization and dependency on internet and cloud-based systems, companies are increasingly adopting UPS to avoid costly downtimes and loss of critical data. In the healthcare sector, hospitals rely on UPS to keep critical lifesaving equipment operational in case of emergency power outages. Growing infrastructure projects and industrialization in emerging countries are also fueling sales in the market.
Market Dynamics:
One of the key drivers for the growth of the uninterruptible power supply market is the surging demand for continuous power supply applications across different end-use industries such as IT & telecom, healthcare, manufacturing, utilities, and transportation. UPS systems ensure uninterrupted power flow and protect equipment, electronics, and machinery from power failures, voltage fluctuations, and blackouts. Moreover, with growing digitization and dependency on internet and cloud-based systems, companies are increasingly adopting UPS to avoid costly downtimes and loss of critical data. UPS helps deliver regulated and reliable AC power to connected critical loads even during power anomalies and outages. This significantly reduces the risks and costs associated with downtime, data loss, and equipment damage. The need for reliable backup power has risen tremendously with the proliferation of smart grids, data centers, server farms, industrial automation, and medical equipment that require uninterrupted power supply.
Segment Analysis
The uninterruptible power supply (UPS) market can be segmented into technology, application, rating, and geography. Based on technology, the market is dominated by line-interactive UPS segment which accounted for over 40% share of the overall market in 2023. This segment is dominating owing to its ability to provide backup power along with surge protection and better efficiency compared to standby UPS.
PEST Analysis
Political: Governments across regions are focusing on developing critical infrastructure which is boosting the demand for UPS systems from the healthcare, telecom and IT sectors. Various policies promoting clean and reliable energy are also driving the UPS adoption.
Economic: Growth in industries such as data centers, banking, manufacturing is fueling the installation of UPS systems for continuous power supply. Rising urbanization and investments in smart grid projects are also positively impacting the market.
Social: Increasing reliance on digital systems and internet connectivity has increased the requirement of uninterrupted power backup. This is promoting the demand from residential and commercial sectors.
Technological: Advancements in battery technologies such as lithium-ion batteries are enabling UPS manufacturers to develop highly efficient products with longer backup times. Introduction of intelligent UPS integrated with IoT is further expanding the application scope.
Key Takeaways
The Global Uninterruptible Power Supply Market Share is expected to witness high growth at a CAGR of 13% during the forecast period of 2024 to 2031.
Regional analysis indicates that Asia Pacific region will dominate the market and capture over 35% share by 2031 owing to large infrastructure developments and rapid industrialization in countries like China and India.
Key players operating in the uninterruptible power supply (UPS) market are Inmarsat GHL (Connect Bidco Limited), Windward Limited, Amplify Mindware Private Limited, Spire Global, Inc., ProGen Business Solutions Private Limited, Spark Cognition Inc., Wartsila Oyj Abp, Prisma Electronics SA (Laros), U-Ming Marine Transport Corporation, and ABB Ltd. Key players are focused on developing intelligent and hybrid UPS solutions integrated with energy storage to capitalize on emerging opportunities across industries.
