LONDON--(EON: Enhanced Online News)--Technavio analysts forecast the global industrial uninterruptible power supply (UPS) market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
“The demand for power backup from the manufacturing industry is on the rise in APAC. This is because of the growing industrialization, growth in economy, and rising demand for electricity.”
The research study covers the present scenario and growth prospects of the global industrial UPS market for 2017-2021. The report examines the key emerging trends and their impact on the current and future market scenarios.
The global industrial UPS market is projected to grow significantly during the forecast period. An industrial UPS provides continuous power supply to electrical equipment in case of an unforeseen power disruption. It also protects equipment from power surges, thereby effectively averting the loss of productivity, damage, equipment breakdown, and replacements. The rise in power outages and subsequent demand for industrial power backup systems are the primary reasons for market growth. Advances in industrial UPS technology are also positively influencing the market.
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Technavio energy analysts highlight the following four factors that are contributing to the growth of the global industrial UPS market:
- Growing demand for power backup solutions
- Government initiatives for industrial development
- Increasing factory automation systems
- Rising investments in railway and aerospace
Growing demand for power backup solutions
The demand for power backup has increased significantly in several industry verticals. UPS systems are being recognized by countless organizations as an essential power backup to ensure continuous operations across businesses. Many manufacturing industries, especially the oil and gas, petrochemical and refining, and automobile design facilities, are using UPS systems for power backup to prevent loss of data and productivity.
Thanikachalam Chandrasekaran, a lead power research analyst at Technavio, says, “The demand for power backup from the manufacturing industry is on the rise in APAC. This is because of the growing industrialization, growth in economy, and rising demand for electricity.”
Government initiatives for industrial development
In March 2016, the European Commission initiated active efforts to preserve jobs and ensure growth in Europe by setting up a new policy that favors various industries such as steel, cement, automotive, and oil and gas among others. It has increased investments to incorporate new technologies across these industries to achieve process efficiency and cost-effectiveness.
“In China, the government established cabinet-level programs in 2010 to help Chinese machinery manufacturers to compete globally. The government has taken several initiatives to encourage domestic manufacturers,” adds Thanikachalam.
Increasing factory automation systems
The increasing demand for products that are superior in quality due to globalization and population growth has propelled companies to undertake automation in manufacturing. Investment in global process automation is continuing to grow at 6% and is projected to reach USD 120 billion by 2019.
The most important benefit that companies reap from adopting process automation is the increase in productivity, which has a domino effect on growth. For most companies, implementing process automation leads to growing profits, while for others it has a bearing on resource regulation and loss control. In any case, improving efficiency to enhance operations bestows considerable benefits to all companies.
Rising investments in railway and aerospace
Aerospace and railways continue to play a pivotal role in the global industrial UPS market. The railway industry in the developing countries is expected to grow rapidly because of infrastructure development, rising industrialization, growing population, development of tourism, and modernization of railway infrastructure. There is a lot of emphasis on safety, increasing the length of fast tracks or corridors that has led to the requirement of wagons and high-speed passenger coaches, along with the expansion of metro train network to several cities.
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