The UPS market is expected to grow by USD 5.97 billion with a CAGR of 4.5% from 2022 to 2027 according to the latest report of Technavio.
A major market development will be improvements in UPS technology. Homeowners, hospitals, factories, universities, various businesses and data centers are just a few of the many end users of UPS.
The three most common types of UPS are online double conversion UPS, line-interactive UPS, and offline/standby UPS. In order to increase efficiency, vendors are concentrating on things like employing silicon-based components in UPSs.
Such factors will drive the growth of the global uninterruptible power supply (UPS) market during the forecast period.
Although there will be many potential for growth due to the expansion of data center infrastructure, the risks associated with UPS failure may limit market participants’ ability to expand.
Market vendors should preserve their positions in the slow-growing segments while concentrating more on the growth prospects in the fast-growing segments to take advantage of the opportunities.
Operators of data centers are dramatically expanding their infrastructure investments. For instance, Google LLC (Google) announced in February 2019 that it would invest USD 13 billion in the development of data centers and offices in the US.
Similar to this, in August 2019, Microsoft Corp. (Microsoft) and Reliance Industries Ltd. (Reliance Industries) teamed to provide the Azure cloud platform at a discounted price to micro, small, and medium-sized businesses in India.
During the forecast period, these products are anticipated to accelerate the expansion of the global data center market. As a result, there will be a greater need for UPSs as data center infrastructure expands.