Uninterrupted Power Supply Market Skyrockets to $17.52 Billion by 2031 Dominated by Tech Giants - Schneider Electric, Emerson Electric Co and Toshiba Corporation | The Insight Partners
The global uninterrupted power supply market is set for explosive growth, with projections indicating a surge to $17.52 Billion by 2031. This remarkable expansion, driven by focus on energy efficiency in data centers and IoT-Enabled UPS systems.
NEW YORK, Nov. 29, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the Global Uninterrupted Power Supply Market is observing significant growth owing to the increase in the requirement for UPS in smart buildings. Further, the smart UPS systems are expected to bring new market trends in the coming years.
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The Uninterrupted Power Supply Market comprises dynamic grid support technology, which brings new opportunities for the uninterrupted power supply market growth. The report runs an in-depth analysis of market trends, key players, and future opportunities.
Market Overview and Growth Trajectory:
Uninterrupted Power Supply Market Growth: According to an exhaustive report by The Insight Partners, the Uninterrupted Power Supply Market is experiencing significant growth, driven by increase in requirement for UPS in smart buildings. The market, valued at $10.82 Billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.2% during 2023–2031.
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The global Uninterrupted Power Supply Market is observing substantial growth and is expected to maintain its upward trajectory in the foreseeable future. This growth can be accredited to numerous factors. One of the prime factors is the growing demand of UPS in smart buildings is acting as a major growth driver for the market. Smart buildings are equipped with technologically advanced products to ensure efficient use of the building's resources. This aims to create a safe and comfortable environment for its residents. Internet of Things (IoT) sensors, building management, artificial intelligence (AI) systems, and robots are among the technologies used in smart buildings, all of which are integrated and enhanced by power saving solutions. Automation is critical in a smart building because of the high level of connection between many activities, for example, between data sent by real-time motion sensors connected to the Internet of Things and building management systems. This automation extends to HVAC, lighting, and security systems, among other areas. All equipment and systems that comprise a smart building must have a dependable, consistent, and high-quality electricity supply. Uninterruptible power supply (UPS) systems can protect the hardware and software infrastructure of any building, whether commercial, business, educational, or residential. Thus, the rising number of UPS in smart buildings is driving the market growth.
Dynamic Grid Support Technology: The energy environment is rapidly changing, with renewables playing an increasingly important role. The intermittent nature of these energy sources presents both challenges and opportunities, necessitating the development of new and more efficient UPS and energy storage systems and services, as well as providing flexibility in grid frequency control and energy demand for user's site, allowing to tap into new revenue streams and save money. The grid occasionally demands additional capacity, which is often unavailable and costly. This is where energy storage system and dynamic grid support come in handy, particularly if there is a UPS system in place. The smart UPS technology makes use of the batteries' storage systems to store energy and rapidly release it when needed—all while maintaining the UPS system's ability to protect the load. Furthermore, a grid-interactive UPS with a sufficiently sized energy storage system is intended to respond quickly enough to meet frequency containment requirements while supporting income-generating services.
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Fast-Paced Adoption of Smart UPS Systems: A smart UPS can deliver real-time status updates, providing better insights into device health and performance. If a battery needs to be replaced, the system sends a notification. Many major market players are introducing smart UPS systems in the market to capture the potential demand. For instance, in June 2022, Schneider Electric introduced the APC Smart-UPS Modular Ultra, the most sustainable uninterruptible power supply (UPS). This UPS offers customers more scalable power in the lowest footprint, freeing up space for essential IT or other equipment while increasing uptime and minimizing the total cost of ownership. Schneider Electric's APC Smart-UPS Modular Ultra reinvents the single-phase modular UPS category to address changing customer demands for dispersed edge computing and hybrid IT environments.
The US has vast financial hubs in New York and Chicago, as well as technological hubs in the Bay Area (San Francisco), Seattle, and Portland. As per the 2022 data released by Cloudscene, the US has approximately 5,381 data centers, which consume about 17 GW of electricity. This has led to an increased focus on energy efficiency and continuous power supply across these establishments. As a result, a UPS system is used in data centers to achieve high efficiency in smaller footprints, as well as enhanced battery energy storage using modern lithium-ion technologies and remote monitoring systems. Moreover, the US is home to well-developed healthcare, BFSI, and manufacturing sectors, which are the major adopters of UPS systems.
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Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by North America and Europe. North America is expected to register the highest CAGR during the forecast period.
Uninterrupted Power Supply Market Segmentation, Applications, Geographical Insights:
- Based on type, the market is divided into standby, line interactive and online. The online segment held a larger share of the Uninterrupted Power Supply Market in 2023.
- Based on rating, the market is bifurcated into up to 50 kVA, between 50 to 100 kVA, above 100 kVA. The above 100 kVA segment held the largest Uninterrupted Power Supply Market share in 2023.
- Based on end user, the market is divided into data centers, telecom, healthcare, industrial, others. The data centers segment held the largest Uninterrupted Power Supply Market share in 2023.
- The Uninterrupted Power Supply Market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Key Players and Competitive Landscape:
The Uninterrupted Power Supply Market is characterized by the presence of several major players, including:
- Schneider Electric
- Emerson Electric Co
- Toshiba Corporation
- ABB Ltd
- Eaton Corporation PLC
- Mitsubishi Electric Corporation
- Cyber Power Systems (USA), Inc
- Delta Electronics, Inc
- Legrand
- Kehua Tech
- Riello UPS
- S&C Electric Company
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Uninterrupted Power Supply Market Recent Developments and Innovations:
- Schneider Electric launched Back-UPS BE Series
- ABB introduced the industry-first medium voltage UPS
- CyberPower Expanded Smart App Sinewave UPS Series to Include Lithium-Iron Models
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Conclusion:
The market is shifting toward IoT-enabled UPS systems. The IoT-enabled UPS systems have sensors that capture real-time data on battery status, load levels, temperature, and humidity. They submit this data to a cloud-based platform for complete analysis, which enables the necessary steps. This enables proactive monitoring and maintenance of UPS systems, resulting in early detection of possible issues and reduced downtime. For example, if a UPS system detects that the battery is getting low, it can instantly notify specific workers, allowing them to take action. Thus, the growing adoption of IoT-enabled UPS systems drives the global Uninterrupted Power Supply Market growth.
With projected growth to $17.52 Billion by 2031, the Uninterrupted Power Supply Market represents a significant opportunity for component providers, system technology integrators, system manufacturers, investors, industry stakeholders, and others. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
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