An uninterruptible power supply (UPS) provides backup power during power interruptions by using a storage battery such as sealed valve regulated lead-acid (VRLA) battery or lithium-ion battery. Lithium-ion batteries are increasingly being adopted in UPS systems due to advantages such as lighter weight, compact size, low maintenance, longer lifespan, and high energy density.
The global Uninterruptible Power Supply Market is estimated to be valued at US$ 8.63 Mn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of lithium-ion batteries in UPS systems is one the key trends driving market growth. Lithium-ion batteries have higher energy density compared to traditional lead-acid batteries, which allows UPS systems to operate for longer duration on battery power. Additionally, lithium-ion batteries have longer lifespans of up to 10 years and require less maintenance. Their compact size also means data centers and industrial facilities can install higher backup capacities in the same physical space. This is leading to increasing preference for lithium-ion batteries among customers and accelerated adoption.
Segment Analysis:
The global Uninterruptible Power Supply (UPS) market is dominated by theoffline/standby segment. This segment accounted for majority share of the market in 2023 owing to high demand for instantaneous backup solutions for critical equipment and machinery across data centers, hospitals and industrial sectors. Offline UPS systems provide stable output voltage and frequency by supplying power from batteries when the input power goes below acceptable levels or fails completely.
Key Takeaways:
The Global Uninterruptible Power Supply Market Demand is expected to witness high growth during the forecast period of 2023-2030. The market is projected to reach a value of US$ 19.47 Mn by 2030, expanding at a compound annual growth rate of 21%.
Regional analysis:
Asia Pacific region dominated the global UPS market in 2023 with a share of over 35%, driven by robust growth of data centers, telecommunication infrastructure, retail sector and rapid industrialization across major economies like China and India. Southeast Asian countries are expected to be the fastest growing regional market led by rising investments in renewable energy integration and development of smart grids in the region.
Key players:
Key players operating in the Uninterruptible Power Supply market are Aspex Inc., Riello Elettronica SpA, Cyber Power Systems Inc., EATON Corporation PLC, General Electric Company, Emerson Electric Co., Mitsubishi Electric Corporation, Delta Electronics Inc., Hitachi Ltd., ABB Ltd., and Schneider Electric SE. Aspex Inc. is a leading provider of modular UPS systems for mission critical applications such as data centers, healthcare facilities, and industrial control systems. Cyber Power Systems Inc. offers a wide range of UPS, surge protectors, and battery backup systems for home, business, and industrial use.
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