The UPS (Uninterruptible Power Supply) battery market has several drivers that are contributing to its growth and expansion. Here are some of the key drivers:
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Increasing Demand for Reliable Power Supply: With the growing dependence on electronic devices, businesses and individuals are increasingly seeking reliable power supply to prevent downtime and data loss. This is driving the demand for UPS systems and hence, the UPS battery market.
Growing Data Center Industry: The data center industry is expanding rapidly due to the increasing demand for cloud services and big data analytics. These facilities require uninterrupted power supply, and hence, are driving the growth of the UPS battery market.
Need for Energy Storage: Renewable energy sources like solar and wind power are becoming increasingly popular. However, these sources are intermittent and require energy storage solutions for continuous power supply. UPS batteries can serve this purpose and hence, the UPS battery market is expected to grow.
Government Initiatives: Several governments across the world are implementing regulations to improve the reliability of power supply. These regulations are aimed at reducing downtime and improving the overall efficiency of power supply systems. This is driving the demand for UPS systems and hence, the UPS battery market.
Increasing Awareness about Power Quality: With the increasing awareness about power quality issues like voltage sags, surges, and harmonics, businesses and individuals are becoming more conscious of the need for power protection solutions. This is driving the growth of the UPS battery market.
UPS Battery Market Overview:
UPS Battery Market share is expected to reach USD 1490 Million by 2028, expanding at a compound annual growth rate (CAGR) of 11% during the forecast period.
Market Segment
- By Battery Type
The worldwide UPS battery market has been segmented into lead acid, nickel cadmium, lithium, and other battery types. Li-ion batteries are predicted to increase at a faster rate throughout the projection period due to their higher energy density, lower self-discharge rate, reduced maintenance requirements, better load characteristics, and higher stability compared to other types of batteries.
- By Organization Type
Small and medium-sized businesses (SMEs) and large businesses make up the two segments of the global UPS battery market, respectively, based on organization size. In 2019, the small and medium-sized business (SMEs) sector has the biggest market share. During the forecast period, the category of small and medium-sized businesses (SMEs) is expected to grow at the fastest rate.
- By Application
Based on application, the global UPS market has been segmented into residential, commercial, data centers, and industrial. The industrial sector is anticipated to have the biggest market share in 2019 and to grow at the fastest rate throughout the forecast period.
