UPS Market Soars: £3.96 Trillion Growth Predicted by 2028
The global uninterruptible power supply (UPS) market is set to experience substantial growth, reaching a projected value of £3.96 trillion by 2028, according to Technavio. This represents a compound annual growth rate (CAGR) of approximately 4.05% during the forecast period. The increasing demand for data centre infrastructure is driving this growth, fuelled by advancements in UPS technology. However, challenges remain, such as the risk of UPS failure.
Key Market Players
The report identifies major players in the UPS market, including:
ABB Ltd.
Ablerex Electronics Co. Ltd
AMETEK Inc.
Delta Electronics Inc.
East Penn Manufacturing Co. Inc.
Eaton Corp. Plc
EnerSys
Exide Industries Ltd.
Friedhelm Loh Stiftung and Co. KG
Hitachi Ltd.
Huawei Technologies Co. Ltd.
Legrand SA
Metartec Ltd.
Mitsubishi Electric Corp.
Power Innovations International Inc.
RTX Corp.
Schneider Electric SE
Siemens AG
Toshiba Corp.
Vertiv Holdings Co.
Market Trends Shaping the Future
The growth of the UPS market is propelled by several key trends:
Data Centre Growth: The exponential rise of data centres, driven by cloud computing, big data analytics, and the Internet of Things (IoT), necessitates reliable power backup systems.
Technological Advancements: Innovations in UPS technology, such as the use of wide bandgap semiconductors like silicon carbide (SiC) and gallium nitride (GaN), are improving efficiency and reducing the size and cost of UPS systems.
Modular UPS: Modular UPS designs are gaining popularity, especially in data centres, due to their space-saving capabilities.
Enhanced Efficiency: Vendors are focusing on improving the efficiency of UPS systems through advancements in silicon-based components, such as Toshiba's Advanced-Synchronous Reverse Blocking (A-SRB) technology.
The Importance of Uninterrupted Power
UPS systems are vital for various industries, including:
Banking: Protecting sensitive financial data and ensuring uninterrupted transactions.
Healthcare: Ensuring the safe operation of critical medical equipment.
E-commerce: Maintaining online operations and preventing revenue loss due to downtime.
Manufacturing: Protecting production processes and preventing machinery damage.
IT: Ensuring the smooth functioning of digital infrastructure and preventing data loss.
Challenges Facing the Market
The UPS market faces several challenges:
UPS Component Failure: The lifespan of UPS components, particularly batteries, fans, Metal Oxide Varistors (MOVs), electrolytic capacitors, and relays, can be affected by various factors. Regular maintenance and inspections are crucial to mitigate these risks.
Power Instability: Power outages due to natural disasters, grid malfunctions, and voltage fluctuations continue to pose threats to businesses and critical infrastructure.
Market Segmentation
The report provides a detailed analysis of the UPS market based on the following segments:
End-user: Non-residential and residential.
Type: Online or double conversion, line-interactive, and off-line or standby.
Geography: Asia-Pacific, Europe, North America, Middle East and Africa, and South America.
Conclusion
The global UPS market is poised for significant growth in the coming years, driven by the increasing reliance on digital infrastructure and the need for uninterrupted power across various industries. While challenges exist, advancements in technology and ongoing innovations are expected to further propel the market forward.
