The new UPS market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global UPS Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the Rise in Data Center Infrastructure," says a senior analyst for the Industrials industry at Technavio.
UPS is highly preferred in data centers to ensure that all the sensitive computing equipment of data centers, such as servers and routers, receive a continuous supply of power. The rise in the adoption of multi-cloud and network upgrades have led to an increase in the adoption of UPS. Also, with the growing customer base and the continuous addition of new service model offerings, data center operators are increasing their investments in data center infrastructure to cater to the demand. The rapid growth in data center infrastructure is leading to a proportional increase in the demand for UPS, significantly influencing the growth of the UPS market size over the forecast period.
As the markets recover Technavio expects the ups market size to grow by USD 5.71 billion during the period 2020-2024.
UPS Market Segment Highlights for 2020
The UPS market is expected to post a year-over-year growth rate of 3.74%.
UPS for the non-residential segment is designed for rugged use as it operates in harsher operational environments.
The growth of non-residential segment is led by the rapid increase in demand from data centers. This is encouraging the vendors to focus on their non-residential UPS offerings to improve performance and efficiency and boost the adoption of these systems.
Moreover, the increased use of internet services, online banking, digitalization of services, and cloud computing drives the demand for IT infrastructure, which will subsequently fuel the demand for UPS systems.
Moreover, market growth in this segment will be faster than the growth of the market in the residential segment.
46% of the growth will originate from the APAC region.
The growing per capita income, strong economic development, increased affordability, and an increase in the number of data centers in the region will significantly influence UPS market growth.
China, India, and Japan are the key markets for UPS in APAC. Market growth in this region will be faster than the growth of the market in other geographies.
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The UPS market size is expected to accelerate at a CAGR of almost 5% during the forecast period.
The UPS market is segmented by Application (non-residential and residential) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including ABB Ltd., Ablerex Electronics Co. Ltd., Eaton Corp. Plc, EnerSys, Huawei Investment & Holding Co. Ltd., Legrand SA, Mitsubishi Electric Corp., Schneider Electric SE, Toshiba Corp., and Vertiv Group Corp.
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