UPS Market Size

UPS Market Size

UPS Market size value surpassed USD 10 billion in 2022 and is anticipated to observe over 5% CAGR from 2023 to 2032. The surging emergence of green and energy-efficient UPS solutions globally is among the leading factors driving the demand for uninterruptible power supply.

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The rapid deployment of data centers due to massive data storage requirements and the increasing use of digital services has escalated the need to introduce efficient power supply solutions. UPS systems are used in data centers to ensure continuous power supply to computing devices such as routers and servers, which, in consequence, will favor the adoption of UPS systems. Besides, the remarkable growth in power consumption worldwide and stringent environmental regulations pertaining to using renewable energy sources will strengthen the UPS market outlook through 2032.

Additionally, the consistent rise in the usage of cloud technologies across developed regions, such as North America and Europe, may further contribute to market expansion. As organizations have begun capitalizing on IoT, cloud computing, and mobile applications, requiring computing power at the network edge, the need for micro & edge data centers is pivotal. This apart, the accelerating technological developments in UPS systems, such as enhanced efficiency, improved connectivity, and reduced footprint, will propel market revenues over the next ten years.

General UPS systems are composed of batteries and an inverter that use an Insulated-Gate Bipolar Transistor (IGBT). Therefore, the ongoing chip shortage and the sluggish growth of the semiconductor industry may hamper business operations in the years ahead. However, the introduction of Wide Bandgap (WBG) semiconductors, such as Silicon Carbide (SiC), into UPSs has helped industries enhance power quality, reduce the size, and maximize efficiency, which will stimulate product demand over 2023-2032.