Global UPS market size was valued at USD 7.66 billion in 2021, and it is expected to reach a value of USD 10.33 billion by 2028, at a CAGR of more than 4.36% over the forecast period (2022- 2028).
October 11, 2022 08:14 ET
| Source: SkyQuest Technology Consulting Pvt. Ltd.
Westford, USA, Oct. 11, 2022 (GLOBE NEWSWIRE) — Global power sector is in a state of transition and the Uninterrupted Power Supply (UPS) market is expected to grow at a CAGR of 4.36% in the years to come. The sector has been witnessing an increased demand for UPS systems due to the continuous power outages and variation in quality of power supply especially in developing countries like India, Indonesia, and Brazil, among others. SkyQuest’s analysis shows that the global UPS market is currently in a sweet spot, with both, organized as well as unorganized players, competing for market share.
The report finds that the UPS market has been growing at a healthy pace over the years and is expected to continue doing so in the future as well. The rising awareness about the importance of uninterrupted power supply and backup systems is one of the key drivers for growth in this sector. Additionally, factors such as increasing electrification, rise in digitalization (which leads to increased use of IT equipment), and expanding industrial & commercial infrastructure are also some of the reasons behind UPS systems gaining popularity across the globe.
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In recent years, the UPS industry has faced challenges from new entrants, as well as disruptive technologies. However, our analysis shows that the UPS industry is still growing and is expected to continue to do so in the coming years. The report also highlights some of the key challenges faced by the UPS industry developing market. These include high costs, lack of standardization, and limited availability of trained manpower. Nevertheless, we believe that these challenges can be overcome with proper government support and initiatives.
SkyQuest’s report on UPS market analyses the competitive landscape and provides an in-depth look at the key players in this industry. The report includes a comprehensive analysis of the market size, growth drivers, restraints, and future prospects of the market. It also provides insights into the competitive dynamics of the industry and profiles the leading players in the market.
Eaton, Schneider Electric and ABB Holds Over 30% Market Share
Global UPS market has seen significant changes in recent years. The top three players – Eaton, Schneider Electric and ABB – now hold more than 30% of the market share, up from just over 21% in 2015.
Eaton is the largest player in the UPS industry. The company has a strong product portfolio and is present in a number of key markets around the world. Eaton has been growing its market share steadily over the past few years and is well-positioned to continue this trend in the years ahead.
Currently, Eaton is well-positioned to capitalize on the growing demand for UPS systems. The company’s products are highly regarded by customers and it has a strong track record of delivering innovative solutions. In addition, Eaton has a global reach that few competitors can match across the global UPS market.
However, SkyQuest also notes that Eaton faces challenges in the UPS market. The company’s products are typically more expensive than those of its rivals, which could limit its ability to gain market share. In addition, some of Eaton’s key markets are slowing down due to economic conditions or regulatory changes. Despite these challenges, KPMG believes that Eaton is well-positioned to succeed in the UPS market. The company has a strong brand, a deep understanding of customer needs and a proven ability to deliver innovative solutions.
Schneider Electric is the second-largest player in the UPS industry with operations in more than 100 countries. The company has a strong presence in Europe and Asia Pacific and offers a wide range of UPS products for both commercial and industrial applications. Schneider Electric has been able to grow its market share significantly in recent years and is looking to consolidate its position going forward.
ABB is the third-largest player in the UPS market. The company operates globally and offers a wide range of products for both indoor and outdoor use. ABB has been growing its market share rapidly in recent years thanks to strong growth in Asia Pacific and other key markets.
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UPS System Become Must in the Era of Industry 4.0
In recent years, the uninterruptible power supply (UPS) has become an increasingly popular tool for businesses and homeowners alike. While UPS systems have long been used to protect sensitive electronic equipment from power surges, outages, and brownouts, their new significance lies in their ability to provide a clean and stable source of backup power in the event of a grid outage across global UPS market.
As more and more businesses rely on electronic data for day-to-day operations, the risk of losing that data due to a power outage has become a major concern. A UPS system can provide the necessary backup power to keep computers and other electronic equipment running during an outage, preventing data loss and minimizing downtime.
In addition to protecting against power outages, UPS systems can also provide protection against voltage fluctuations and sags. These fluctuations can damage sensitive electronics and cause data corruption. A UPS system ensures that your equipment always receives a steady supply of power, even when the utility company is experiencing problems.
Uninterruptible power supply (UPS) systems have evolved significantly over the years and are now more critical than ever to businesses in the global UPS market. The increased dependence on UPS systems is due to the following factors:
- Increased downtime costs: Downtime costs have increased exponentially over the last few years, making UPS systems more essential than ever before.
- More mission-critical applications: With the growth of technology, there are now more mission-critical applications that require a constant power supply. Even a brief power outage can cause major disruptions, making UPS systems crucial for businesses.
- Greater awareness of the importance of backup power: With so much at stake, businesses can no longer afford to risk losing power. The potential damage from even a short power outage has made UPS systems an essential part of any business continuity plan.
Top Players in Global UPS Market
- ABB Ltd
- Eaton Corporation
- Emerson Electric Co.
- Schneider Electric SE
- Vertiv Co.
- Huawei Technologies Co., Ltd.
- Mitsubishi Electric Corporation
- SolarEdge Technologies Limited
- Toshiba Corporation
- Riello Elettronica SPA