The global uninterruptible power supply market is expected to witness substantial growth over the next few years, which can be attributed to the growing demand for the high power range systems. The increasing trend towards the adoption of UPS (uninterruptible power supply) systems as an essential power-back up the device is expected to favorably impact the market growth over the forecast period.
There is a growing trend of recognizing these systems as an essential power backup device for performing work more effectively and efficiently. Technological advancement and the availability of data center rack solutions are also expected to foster market growth. The UPS market is expected to witness perennial demand across several industry verticals including BFSI, plant automation, IT/ITES, government, healthcare, education, telecom, and hospitality.
UPS devices have moved from traditional bulky sizes to compact rack solutions for data centers, which constitute a crucial industry vertical. Factors such as increased demand from new markets in Tier II & III cities, solar UPS systems’ development, and indispensable needs from various sectors are expected to drive the uninterruptible power supply market over the forecast period. The three primary UPS categories are on-line, line-interactive, and standby.
Leading UPS market players have emphasized on incorporating green/energy-efficient products in their portfolio to address growing environmental concerns. The market is expected to move towards consolidation as large vendors have shown an inclination towards acquiring brands having a significant geographic presence. Key industry participants include Luminous Power Technologies Ltd., Su-Kam Power Systems Ltd., Microtek International Private Ltd, Delta Power Solutions Pvt. Ltd., Hitachi HI-REL Power Electronics Pvt Ltd., American Power Conversion Corporation, Techser Power Solutions Pvt Ltd., and Consul Consolidated Pvt. Ltd.
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The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.