The global UPS market size is slated to surpass a valuation of USD 15 billion by 2028, based on a recent study by Global Market Insights Inc. With the ongoing advancement of technology worldwide, the global UPS market is likely to undergo a considerable transformation in the forthcoming years. Organizations are attempting to shift their mission-critical workloads and applications toward the cloud, increasing the demand for UPS. Uninterruptible Power Systems are used to supply steady, reliable, and high-quality power for these sensitive loads.
Over the years, data has become critical to every business, ranging from healthcare to banking to telecommunication. These massively growing data processing requirements led to the construction of hyper-scale data centers, which require UPS for the seamless functioning of their infrastructure.
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The healthcare sector emerged as a major end-user, driven by the increasing disease burden and requirement of life-saving machinery without power interruptions in hospital settings. In addition, the rapid digitalization across emerging economies backed by supportive government policies in tandem with the increasing product integration across the residential sector due to social distancing and WFH norms have supported the industry growth. Besides, rapid product adoption across several industry verticals to streamline their production process and increase business efficiency will augment the UPS market forecast in the times ahead.
Listed ahead are some notable trends backing the market expansion.
Surging digitalization across the Asia Pacific
While most of the economies across the globe are grappling with the aftermath of the pandemic, the constant evolution and deployment of ICT infrastructure and its accompanying services have implied a continued trend towards digital transformation for governments, businesses, and societies alike. As per the 2021 report by the International Telecommunication Union, over 96% of the population in the Asia Pacific has the reach to 3G signal, and around 94% now have access to LTE mobile broadband signal.
These optimistic scenarios, accompanied by favorable government initiatives like Digital India, will support the development of the Asia Pacific UPS market in the years to come.
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Increasing product integration across SMEs
SMEs are among the major end-use segment of the UPS industry since they require inexpensive and concise power supply solutions due to limited fund allocations. Small businesses and start-ups can opt for respective UPS units to back up necessary computers and other devices essential to maintain business continuity.
As per the latest data by IBEF, nearly 63 million MSMEs are operating in India as of November 2021. Besides, escalating launches of schemes like the Special Credit Linked Capital Subsidy Scheme in India to meet the technological requirements of small businesses will fuel the UPS market trends in the times to come.
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Booming healthcare sector
In a healthcare setting, where reliable power is a matter of life and death, UPS systems play a crucial role in delivering quality care and ensuring the proper functioning of the machinery and equipment 24/7 with a steady power supply. In addition, the increasing healthcare expenditure due to the rapidly expanding patient pool and ongoing infrastructure development may strengthen the UPS market outlook in the foreseeable future.
Based on the estimates by National Health Expenditure Accounts (NHEA), the healthcare expenditure in the U.S. reached USD 4.1 trillion in 2020, registering a growth of 9.7%. The per capita spending reached $12,530, accounting for almost 19.7% of the national GDP. As healthcare spending rise, the demand for UPS is only bound to strengthen across developed economies such as the U.S.
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