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).

An uninterruptible power supply (UPS) is a battery backup system that provides continuous power to electric devices in the event of a power outage or voltage drop. It offers a safe way to shut down systems, reducing data loss and repair costs. UPSs are commonly used with desktop computers to prevent data loss in the event of power outages and voltage fluctuations, which can shorten the life of the hardware and circuits inside. Because of the need for continuous power, the commercial and residential sectors have seen an increase in demand for UPS systems.

Rapid urbanisation and growth in the IT market are driving the global uninterruptible power supply market. Furthermore, benefits associated with the use of UPS, such as loss limitation to numerous electrical components and appliances, and data maintenance on servers, are important drivers for the uninterruptible power supply (UPS) market. Understanding these systems as an essential power backup device for making work more effective and efficient is becoming more popular. The availability of data centre rack solutions and technological advancements are also expected to drive market growth. As developing economies such as China, India, and Japan experience significant industrial inflation, the demand for dependable power solutions is expected to drive UPS market growth.