UPS Market Size, Share, Growth Analysis, By Product Type(Online/ Double Conversion, Line-interactive, Off-line/ Standby), By Application(Residential, Commercial, Industrial, Telecom), By Region - Industry Forecast 2024-2031

UPS Market size was valued at USD 7.8 billion in 2019 and is poised to grow from USD 8.12 billion in 2023 to USD 11.38 billion by 2031, growing at a CAGR of 4.28% in the forecast period (2024-2031).

Key ups market players include ABB Ltd., Ablerex Electronics Co. Ltd., Arabian Power Electronics Company, Delta Power Solutions Pvt., Ltd., Eaton Corporation, Inc., Emerson Electric Co., ENERSYS, Huawei Technologies Co., Ltd., Kstar New Energy, Co., Ltd., Mitsubishi Electric Corporation, Riello Elettronica Group,Schneider Electric SE, Siemens AG, SOCOMEC Group S.A., SolarEdge Solution (Ga Market participants are focusing on expanding their footprints by introducing new, smaller-footprint UPS solutions. Strategic collaborations have also been important in gaining access to the expanding market. 'Eaton Corporation', 'Emerson Electric Co.', 'Schneider Electric SE', 'Vertiv Co.', 'ABB Ltd.', 'Legrand SA', 'Siemens AG', 'Delta Electronics, Inc.', 'CyberPower Systems, Inc.', 'Mitsubishi Electric Corporation', 'Honeywell International Inc.', 'Toshiba Corporation', 'Socomec Group', 'Tripp Lite', 'Riello Elettronica Group S.p.A.', 'Belkin International, Inc.', 'Chloride Group Ltd.', 'Ametek Solidstate Controls Inc.', 'Borri Industrial Power Solutions S.r.l.', 'Falcon Electric, Inc.'

Increasing demand from various sectors for zero power downtime is also expected to drive ups market growth during the forecast period. In the IT sector, there is a high demand for UPS systems; many manufacturing processes have now adopted microprocessors and PC-based systems that are responsive and sensitive to power outages. A few seconds of power outage can disrupt industrial processes, resulting in significant financial losses. As a result, most businesses across industries have begun to adopt superior UPS and modular UPS systems.

In recent years, there has been a significant increase in the fourth industrial revolution, also known as industry 4.0. It is revolutionizing manufacturing processes by incorporating new technologies into production facilities and operations, such as the Internet of Things (IoT), cloud computing and analytics, and AI and machine learning. These operations are critical, and many businesses use an uninterruptible power supply to stabilize power and streamline production during a power outage to protect data and production line downtime.

The global UPS market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Due to rise in automation in insurance, healthcare, and financial services, North America accounted for the lion's share of the global UPS Market. The North American market is also expanding as a result of the expansion of telecommunications and cloud-based services in the United States and Canada. Asia-Pacific is the fastest-growing region for the global uninterruptible power supply market, owing to the increasing number of collaborative data centres in developing countries such as India and China. Because of the region's exponential population growth, the expansion of power, manufacturing, food and beverage, and all other industries has directly increased the demand for uninterrupted power supply and thus UPS. As a result of increased automation and cloud services in the manufacturing and processing industries, Europe, the Middle East, and Africa are all experiencing steady growth. The Latin American market is expected to remain stagnant until the end of the forecast period due to low investments and slow growth in data centers and cloud-based computing in the region.