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/EIN News/ -- New York, July 28, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “UPS Battery Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Lead-Acid, Lithium-Ion, and Other Product Types) and Application (Commercial, Residential, and Other Applications)” The global UPS battery market growth is driven by rising demand for power back solutions in Asian economies & increasing number of large data centres in countries like the US and expanding scope of digitization backed by government support.
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Presently, offices, businesses, and institutions are IT-driven. No one can work without mobile phones and computers since these devices have become a part of daily lives; thus, the UPS systems too have become a part of it. Owing to rising disposable incomes of households in developing countries of APAC, MEA, and SAM, the sales of electrical equipment such as refrigerators, ACs, televisions, and microwaves is anticipated to surge, and inadequate power supply will propel consumers to opt for UPS systems in coming years. Power shortage; growth of IT, banking, and small and medium enterprise; and rise in income levels of consumers are surging UPS applications in residential and commercial sectors of emerging economies. For the overall development of the UPS industry in developing countries and for the regional players to increase the profitability, it has become vital for the businesses to invest in research & development (R&D) activities. Making UPS available in smaller sizes would ensure greater revenue, especially from the small and medium enterprises, is one of the key factors for the growth of the UPS battery market. The growing consumption of power with rising automation and digitization is demanding UPS for several business operations. Government across the world are implementing initiative to computerize and digitize offices and departments, for which seamless supply of energy is needed. The government initiatives such REACH 2025 and Smart City projects have generated massive demand for security hardware such as storage and closed-circuit television cameras. Residential security is the next growth destination in various countries; thus, the growth in the use of UPS systems in residential applications are mounting since homeowners want to protect their sensitive electronic equipment from power outages. Broadcast stations is one of the major applications for UPS systems.
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The UPS industry in developing countries is likely to grow slowly but steadily. Due to power shortage in various countries, the UPS battery market is indisputably growing with advanced technologies and methodologies being integrated and implemented. Despite implementation of several government policies, emerging economies are still not able to meet the target to become electricity-surplus nations. Thus, deployment of UPS systems is inevitable. India, for instance, is implementing various policies to introduce UPS systems for strong power back-up solutions. For instance, the National Solar Mission, a government initiative, has driven the solar-based backup power solutions. Due to such initiatives, there is an increase in demand for power in semi-urban and rural areas, which contributes considerably to the growth of the UPS industry in India. This, in turn, is throttling the growth of the UPS battery market.
Several verticals have experienced a transition, with companies switching from physical documents to digitalization. With the huge market adoption of internet, sectors are investing to manage humungous amounts of data. Sudden loss of power may damage computers, resulting in the loss of critical business data. Thus, to avoid any data loss, the adoption of UPS is surging across all the verticals. However, there are some major causes that might lead to UPS battery failure. Mechanical and electrical limitations can result in fan failures and subsequent UPS overheating. As per the Ponemon Institute 2016 report study, the UPS system failure ranked first as a cause of unplanned data center outages. Other batteries, such as telecom and switchgear batteries, are built for high period, usually 4–8 hours. But, if a user operates a UPS battery for telecom application, it will force the battery to operate for longer time than its intended purpose, which might cause the battery’s plates to overheat and fail. Therefore, the risk of failures associated with UPS batteries is restraining the growth of the UPS battery market.
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According to the latest report from World Health Organization (WHO), the US, India, Brazil, Russia, the UK, France, Spain, and Italy are among the worst affected countries due to the COVID-19 outbreak. The outbreak is adversely affecting the industries across the world. Also, the global economy witnessed downturn in 2020 and has also impacted the first quarter of 2021. The pandemic has disturbed UPS battery businesses and supplies globally. Market players experienced disruptions in their operations, and it is likely to have consequences till mid-2021. The global energy & power industry is one of the major industries that are suffering serious disruptions due to COVID-19 pandemic that is hindering the growth of the global UPS battery market. Factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have negtaively impacted the UPS battery market.
Overall size of the UPS battery market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the UPS battery market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts, and key opinion leaders, specializing in the UPS battery market. CSB Energy Technology Co., Ltd.; East Penn Manufacturing Company; EATON Corporation; Exide Industries Ltd.; FIAMM Energy Technology S.p.A.; GS Yuasa International Ltd.; Leoch International Technology Limited; Northstar; Schneider Electric SE; and Vertiv Group Corp are among the key market players profiled during the market study.
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