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UPS Market size to surpass $ 20 Bn by 2032

  • Published Date: April 10, 2023

UPS Market size is predicted to garner over USD 20 billion in revenue by 2032, according to a recent research report announced by Global Market Insights Inc.

The report cites that the proliferation of small and medium enterprises globally may propel the demand for UPS services and solutions from 2023 to 2032. The development of SMEs has become a high priority in both developed and developing economies due to their undeniable contribution to job creation and global economic growth. According to World Bank data, to absorb the expanding global workforce, an estimated 600 million jobs will be required by 2030.

This makes it pivotal to emphasize the development of small and medium businesses worldwide, thus, escalating the demand for high-performance UPS solutions. UPS products for businesses are available in several sizes and types, ranging from those designed for a single computer to large systems for several devices or the entire organization. Most units provide voltage regulation for safety against voltage dips & spikes and power conditioning to safeguard against electrical interference.

Therefore, the increasing number of businesses will boost the demand for UPS in SMEs, thus, favoring market expansion. Additionally, the flourishing manufacturing sector across developing markets such as the MEA and South America, coupled with the rapid adoption of advanced digital technologies, such as IoT and cloud computing, will fuel the adoption of data centers.

Line-interactive UPS solutions to gain popularity due to their affordability and cost-effective attributes

Based on the solution, the overall UPS market value from the line interactive UPS segment is projected to reach over USD 2 billion by 2032. Line-interactive UPS systems are a cost-effective alternative to online UPS systems and are typically utilized in small businesses and departmental servers. They are available in a range of sizes from 0.5 to 6 kVA. These UPS systems use a power converter that filters and regulates the AC utility power to the equipment, ensuring the supply of required power to the loads, thus, increasing product acceptance.

Increasing incidences of power outage to bolster product adoption in healthcare applications

With respect to application, the UPS market size from healthcare segment is expected to be worth over USD 2.5 billion by 2032. Healthcare organizations are dependent on a reliable power supply for effective functioning. Power outage damages crucial medical devices, adversely impacting patient health.

Browse key industry insights spread across 350 pages with 327 market data tables and 34 figures & charts from the report “UPS Market - By Component (Solution [Standby (Offline), Line-Interactive, Online UPS], Services [Managed, Professional]), By End-use (SMEs, Large Enterprise), By Application (BFSI, Data Centers, Healthcare, IT & Telecom, Manufacturing, Media & Entertainment, Residential) & Forecast, 2023 – 2032 , in detail along with the table of contents:

Emerging power requirements across SMEs to bolster market revenues

Regarding the end-user, the SMEs segment size is anticipated to grow at over 6% CAGR between 2023 and 2032. With a commendable surge in the number of SMEs globally, the demand for UPS systems is expected to exhibit a strong growth potential. SMEs make significant contributions to the GDP, leading to employment expansion in the MEA region. According to the National Federation of Self-Employed & Small Businesses Limited, there were around 5.5 million small businesses at the start of 2021 in the U.K. The development of SMEs will provide significant growth opportunities to the market.

Commendable surge in government investments to drive industry demand across the Asia Pacific

Asia Pacific UPS market is estimated to attain a decent valuation and witness over 7% CAGR from 2023 to 2032. The growth of the regional industry is attributed to the flourishing manufacturing sector in the region. The growing adoption of cutting-edge technologies, such as IoT, big data, AI, and cloud, in countries such as China, Japan, and Singapore, will support regional expansion. Furthermore, the appreciable rise in government investments focused on the development of smart cities will aid the adoption of advanced technologies.

Acquisitions to strengthen the competitive outlook

Prominent enterprises in the UPS market are Schneider Electric SE, Emerson Electric Co., Eaton Corporation, ABB Ltd., Vertiv Co., and Mitsubishi Electric Corporation. These players are focusing on strategic initiatives to enhance business capabilities.

Authors: Preeti Wadhwani