Uninterruptible Power Supply (UPS) is a backup system powered by batteries designed to continue charging electric devices in the event of a power outage or voltage drop. The global market for UPS spans the commercial, industrial, residential, medical, marine, and telecom sectors among others. The Insight Partners, a leading market research firm, released one of the most comprehensive summaries and forecasts on the UPS battery market to date – “UPS Battery Market Forecast to 2028.” Rising demand for power back solutions is growing at a steady clip with the UPS battery market set to reach nearly $1.5 billion globally by 2028.
Nearly every institution on the planet is IT-driven. Power outages are a disaster. Even at a household level, the prices of electrical goods (televisions, ACs, microwaves, refrigerators, etc) have dropped leading to more and more electrical devices in homes. Inadequate power is no longer just an inconvenience, which is why consumers at all levels are opting into UPS systems.
While the UPS battery market in the developed world is predicted to rocket, growth in developing countries is still poised to be steady. It is difficult for an emerging economy to be an electricity-surplus nation. There are too many structural and economic barriers preventing it. UPS systems will be invaluable for places like India which is already putting in place a range of policies to implement UPS systems and ensure a backup solution is in place. The Indian National Solar Mission is government led and focused on novel, solar-based backup solutions.
Overall, Asia-Pacific is showing signs of becoming the fastest-growing region for UPS. Despite more macro-level disputes, India and China have been embarking on the development of collaborative data centers. The Middle East and Africa as well as Europe are not far behind primarily due to an increase in cloud services and automation in the processing and manufacturing industries. Latin America will grow, but low investments in cloud-based computing and data centers are holding it back.
Just two years ago the UPS battery market was valued at $695.6 million. With a 2028 projection of $1.5 billion ($1.47 to be exact), that’s a compound annual growth projection of an impressive 10.6%. The private sector will drive much of this, but government initiatives such as Smart City projects and REACH 2025 have been highlighted as forward-thinking enterprises. Security hardware like closed-circuit television cameras and storage will absolutely require UPS. This naturally extends to residential applications as homeowners will want to protect their most valuable asset (family included) from untimely power outages.
COVID-19 has stalled the growth of the global battery market. Barring new harmful strains that result in the same havoc that wrecked markets in 2020 and 2021, the path to 2028 for UPS looks bright … and hopefully always “on.”
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