According to The Insight Partners, latest market study on “The global UPS Battery Market Forecast to 2027 – 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 market was valued at US$ 695.6 million in 2020 and is projected to reach US$ 1,475.7 million by 2028; it is expected to grow at a CAGR of 10.6% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players with their developments in the market.
Factors such as high inclination towards using Li-ion batteries due to their 60-70% lighter weight, 5times faster recharge cycle, 30-50% total cost of ownership, and 2-3times of longer expectancy life over lead-acid batteries is encouraging the end user to use Li-ion batteries. Increasing number of large data centers in countries like the US and expanding scope of digitization backed by government support is further stimulating the use of advanced systems to ensure no disturbance is caused by power failures. Moreover, rising demand for power back solutions in Asian economies like India is another factor which will also play a positive role in influencing the market growth.
The major end-users of the UPS battery market include commercial, residential, and industrial sector. Food & beverage, pharmaceutical, power generation plants, and aerospace are some of the crucial industries surrounded with possibilities of power failures and very high ambient temperature. Owing to the fact that UPS batteries are a key component of the UPS; It is accountable for good performance and long-life span of UPS. In addition to their use, data centers, corporates, domestic appliances, and electrical gadgets are other applications of UPS. With growing penetration of UPS, the scope of UPS battery will enhance.
However, unfavorable growth conditions globally and disruptions in supply chain and manufacturing plants due to ongoing COVID-19 outbreak has affected the growth rate of UPS battery market in 2020 and it is expected to have some negative impact for coming few quarters. The outbreak has affected global supply chains and business revenues due to factory shutdowns, border closing, and trade bans across the globe. However, with an opening of several markets globally, vaccination development, and initiatives taken by various governments to support economic & industrial growth, the future demand of UPS and UPS batteries is anticipated to grow at a positive and steady pace in the coming years.
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There has been a huge increase in demand for data centers worldwide due to the rising data related services, which is driving the demand for UPS. Further, cloud-based services require to be online to provide services, which is surging the need for UPS systems. The growing trend of cloud computing and virtualization has led to a rise in data centers globally. As per the Energy Innovation 2020 facts, some of the largest data centers across the world can comprise several IT devices and need ~100 megawatts (MW) of power capacity, which is sufficient to power ~80,000 households in the US. In 2018, worldwide data centers consumed ~205 terawatt-hours (TWh) or 1% of global electricity. At present, there are 4,738 colocation data centers across 127 countries, and growing applications of UPS batteries in data centers are driving the growth of the UPS battery market. EATON Corporation, Exide Industries Ltd., Schneider Electric SE, and GS Yuasa International Ltd. are among the key players profiled during the study of the market.
Impact of COVID–19 Pandemic on UPS Battery Market
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 it is likely to continue in 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 impacted the UPS battery market.
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