Yahoo Finance Uninterrupted Power Supply (UPS) System Market to Garner $9.4 Billion by 2027: AMR
Rise in adoption of UPS systems from residential and commercial sectors and surge in demand for reliable power solutions for supporting large-scale manufacturing facilities drive the growth of the global uninterrupted power supply system market. The market across Asia-Pacific is expected to register the highest CAGR of 5.1% during the forecast period. The Covid-19 pandemic resulted in shortage of workforce and due to social distancing norms, the new installations of UPS systems have been postponed.
Portland, OR, March 03, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global uninterrupted power supply (UPS) system market was pegged at $7.4 billion in 2019, and is projected to reach $9.4 billion by 2027, growing at a CAGR of 4.3% from 2020 to 2027.
Rise in adoption of UPS systems from residential and commercial sectors and surge in demand for reliable power solutions for supporting large-scale manufacturing facilities have boosted the growth of the global uninterrupted power supply system market. However, high maintenance cost of UPS systems hinders the market growth. On the contrary, developments such as Li-ion batteries with high operation temperature would open lucrative opportunities for the market players in the future.
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Covid-19 Scenario:
The Covid-19 pandemic resulted in shortage of workforce and due to social distancing norms, the new installation of UPS systems has been postponed. However, the implementation of work from home culture and frequent power losses increased the demand for UPS systems.
Manufacturing activities hampered owing to lockdown measures implemented by governments of several countries. Moreover, the shortage of raw materials as import-export activities banned in several countries.
The global uninterrupted power supply system market is segmented on the basis of type, rating, end user, and region. Based on type, the line-interactive segment is anticipated to manifest the highest CAGR of 5.3% during the forecast period. However, the online segment held the largest share in 2019, accounting for around two-fifths of the market.
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Based on end-user, the industrial segment is projected to register the highest CAGR of 4.9% from 2020 to 2027. Moreover, the segment held the lion’s share in 2019, contributing to around two-fifths of the market.
The global uninterrupted power supply system market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is expected to register the highest CAGR of 5.1% during the forecast period. However, the market across North America held the largest share in 2019, contributing to more than two-fifths of the market.
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The global uninterrupted power supply system market report includes an in-depth analysis of the major market players such as Schneider Electric Se, Abb Ltd., Soro Electronics, Luminous power technologies, MICROTEK, Delta Electronics Inc., Emersion Electric Co., and Huawei Technologies Co., Ltd.
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