UPS battery market size to reach $1.47Bn globally by 2028 – Premium Report from The Insight Partners

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The UPS battery market was valued at US$ 695.6 million in 2020 and is projected to reach US$ 1.47 billion by 2028; It is expected to grow at a CAGR of 10.6% from 2021 to 2028.

NEW YORK, July 28, 2022 (Globe Newswire) — Insight Partners published the latest research study on “ups battery market Forecast to 2028 – COVID-19 impact and global analysis by product type (lead-acid, lithium-ion, and other product types) and application (commercial, residential, and other applications), Growth in the global UPS battery market is driven by the growing demand for power back solutions in Asian economies and the growing number of large data centers in countries such as the US and expanding the scope of digitization supported by government support.

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market size value in

US$695.6 million in 2020

market size by value

US$ 1.47 billion by 2028

growth rate

CAGR of 10.6% from 2021-2028

forecast period

2021-2028

base year

2021

number of pages

147

number table

56

Number of charts and figures

72

historical data available

Yes

covered sections

Product Types and Applications

territorial range

North America; Europe; Asia Pacific; Latin America; foreign Ministry

country area

America, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

report coverage

Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors and Trends

Presently, offices, businesses and institutions are IT driven. One cannot function without mobile phones and computers as these devices have become a part of daily life; Thus, UPS systems have also become a part of it. Due to the increasing disposable income of households in developing countries of APAC, MEA and SAM, sales of electrical appliances such as refrigerators, ACs, televisions and microwaves are expected to increase, and inadequate power supplies will prompt consumers to choose UPS systems. In the coming years. power shortage; Development of IT, Banking and Small and Medium Enterprises; And increasing consumer income levels are driving UPS applications in the residential and commercial sectors of emerging economies. For the overall development of the UPS industry in developing countries and to increase profitability for regional players, it has become important for businesses to invest in research and development (R&D) activities. Making UPS available in smaller sizes will ensure higher revenues especially from small and medium enterprises, one of the key drivers for the growth of the UPS battery market. The increasing consumption of electricity along with increasing automation and digitization is driving the demand for UPS for many business functions. Governments around the world are implementing initiatives to computerize and digitize offices and departments, which require an uninterrupted supply of energy. Government initiatives such as Reach 2025 and Smart City projects have generated a huge demand for security hardware such as storage and closed-circuit television cameras. Residential security is the next growth destination in various countries; Thus, the use of UPS systems in residential applications is increasing as homeowners seek to protect their sensitive electronic devices from power outages. Broadcast station is one of the major applications for UPS systems.

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The UPS industry is expected to grow slowly but steadily in developing countries. Due to power shortage in various countries, the UPS battery market is undeniably growing with advanced technologies and methodologies being integrated and implemented. Despite the implementation of several government policies, emerging economies are still not able to meet the goal of becoming a power-surplus nation. Thus, deployment of UPS systems is inevitable. For example, India is implementing various policies to introduce UPS systems for robust power back-up solutions. For example, the National Solar Mission, a government initiative, has powered solar-based backup power solutions. Due to such initiatives, there has been an increase in the demand for electricity in semi-urban and rural areas, which contributes significantly to the growth of the UPS industry in India. This, in turn, is hindering the growth of the UPS battery market.

Many workspaces have experienced a transition, with companies switching from physical documents to digitization. With the huge market adoption of the Internet, sectors are investing in managing huge amounts of data. A sudden loss of power can damage the computer, resulting in the loss of important business data. Thus, to avoid any data loss, the adoption of UPS is increasing across all verticals. However, there are a few major reasons why a UPS battery can go bad. Mechanical and electrical limitations can result in fan failure and subsequent overheating of the UPS. According to a Ponemon Institute 2016 report study, UPS system failure ranked first as a cause of unplanned data center outages. Other batteries, such as telecommunications and switchgear batteries, are made for longer periods, typically 4-8 hours. But, if a user operates a UPS battery for a telecommunications application, it will force the battery to operate longer than its intended purpose, which can cause the battery plates to overheat and fail. Therefore, the risk of failures associated with UPS batteries is restraining the growth of the UPS battery market.

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According to the latest report by the World Health Organization (WHO), the US, India, Brazil, Russia, UK, France, Spain and Italy are among the worst affected countries due to the outbreak of COVID-19. The outbreak is adversely affecting industries across the world. Also, the global economy witnessed a slowdown in 2020 and has affected the first quarter of 2021 as well. The pandemic has disturbed the UPS battery business and supplies globally. The market players experienced disruptions in their operations, and the consequences are likely to be in place by mid-2021. The global energy and power industry is one of the major industries facing severe disruptions due to the COVID-19 pandemic that is hindering the growth of the global UPS battery market. Factory shutdowns, travel restrictions, trade restrictions, and border lockdowns to deal with and contain the outbreak have had a negative impact on the UPS battery market.

The overall size of the UPS battery market has been obtained using both primary and secondary sources. To initiate the research process, detailed secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of getting an overview and forecast for the UPS Battery market with respect to all segments related to the sector. In addition, several preliminary interviews with industry participants and commentators have been conducted to validate the data as well as gain more analytical insight into the topic. Participants in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants such as valuation specialists, research analysts, and key opinion leaders specializing in the UPS battery market. CSB Energy Technology Co., Ltd.; East Penn Manufacturing Company; Eaton Corporation; Exide Industries Ltd.; FIAMM Energy Technology Spa; GS Yusa International Ltd.; Leoch International Technology Ltd.; North Star; Schneider Electric SE; and Vertiv Group Corp are among the major market players during the study of the market.

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