The “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)” report has been added to ResearchAndMarkets.com’s offering.
The global UPS battery 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 battery is one of a crucial component of an uninterruptible power supply (UPS). The UPS battery is accountable for long life span and good performance of UPS. Thus, regular maintenance of battery is must. Lithium-ion (Li-ion), Lead-acid, and nickel cadium are the major types of UPS batteries available for community of end users including from the commercial to industrial sectors.
With the growing number of large data centers in corporate sector, electrical appliances and gadgets such as computers, critical infrastructure, or industrial processes, the adoption of UPS is booming, which is further stimulating the scope of UPS batteries. In addition, with a rise in mission-critical facilities and industries using data center, the demand for UPS battery solution offering reliability, safety, and superior performance is also expanding.
The UPS depends on getting equip with right batteries, configuring properly, and keeping them carefully. An end user may require power server for the business, run an entire building, or safeguard sensitive medications that are being stored at highly precise temperatures.
Grid storage, residential grid storage, and electric vehicles are among the other applications using UPS, which are expected to fuel the production and sales cycle of UPS batteries as well.
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 negatively impacted the UPS battery market.
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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.
Outlook on the UPS Battery Global Market to 2028 – by Product Type, Application and Geography, Dublin, May 6, 2021
