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

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

The UPS market is projected to record exponential growth by 2028 on account of the advent of energy-efficient UPS solutions across the globe.

Recent technological advancements in UPS technology have decreased operating costs, improved security, enhanced energy efficiency, and reduced environmental footprint, which has augmented industry adoption over the past few years. In addition, increasing penetration of cloud technologies has also propelled market expansion.

Moreover, to monetize emerging trends in the UPS market, industry players have been adopting profitable strategies, which has positively impacted the overall business landscape. For instance, in January 2021, EnerSys, a leading stored energy systems and technology provider, expanded its partnership agreement with Industrial Battery & Charger, Inc. (IBCI), a major provider of motive batteries and chargers. According to the deal, both firms agreed to extend their Manufacturer Representative Agreement to improve the distribution of battery and charger products.

The UPS market has been segregated on the basis of end-use, component, application, and region. With respect to component, the market has further been divided into services and solution. Under solution, the market has been categorized into online UPS, standby (offline), and line-interactive. The line-interactive segment is projected to garner substantial gains by 2028 owing to escalating demand for power conditioning and battery backup.

From the application point of view, the UPS market has been bifurcated into residential, BFSI, media & entertainment, data centers, manufacturing, healthcare, IT & telecom, and others. The BFSI segment is speculated to exhibit robust expansion through the review period on account of growing digitalization in the banking sector. The data centers segment is estimated to register steady progress to reach a notable valuation by the end of 2028. This growth is attributed to the burgeoning number of hyperscale & modular data centers across key regions.

The manufacturing segment is slated to progress at a significant CAGR over the forecast timeline. Favorable government initiatives aimed at promoting digitalization in the manufacturing sector is set to fuel product uptake in the coming time period. The residential segment is anticipated to showcase a solid growth trajectory through the analysis timeframe due to rising number of smart city projects.

On the regional front, the Latin America UPS market is poised to develop at a considerable CAGR through the study timeline. Mounting product demand from the manufacturing industry is estimated to foster regional market expansion. The Middle East & Africa UPS market is expected to account for a sizable share in the overall market by the end of 2028, owing to the proliferating number of data centers in the MEA region.