India UPS Market on a Steady Growth Track: Forecast to Grow at a CAGR of 8.0% by 2027
Published | 18 November 2021
Flourishing e-commerce, data centers, servers, and electronic & medical equipment need a high level of uninterrupted power supply. Thus, there has been an increasing demand for high-power UPS systems in India because of the above factors..
A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the India UPS market is estimated to grow at a CAGR of 8.0% during the forecast period. The India UPS market is gaining significant traction. There has been a growing trend in recognizing UPS systems as an essential power backup device. Today, computers are used by most organizations and sectors to streamline their workflows. Electronics, medical equipment, and data centers that thrive in India require a high level of uninterrupted power supply, generating a significant need for UPS systems that work at a high-power level. Poor power infrastructure and high transmission losses are anticipated to drive demand for UPS systems in India over the forecast period. However, the presence of alternative power supply sources such as sealed batteries or a flywheel, etc., may act as a major restraining factor for the market growth.
Growing Demand from IT and BFSI Sectors is Estimated to Boost the India UPS market
Growing demand from diverse sectors, such as IT and IT-enabled services (ITeS), banking, financial services & insurance (BFSI); government, manufacturing, telecom, and energy sectors continues to drive the UPS market in India. The government’s initiative to computerize its various departments, coupled with ‘The National e-Governance Plan’, is expected to boost the demand for low-end UPS systems through 2025. Moreover, increasing demand for high-end UPS is expected to emanate from growing installations of high-end electronic equipment and machinery in industrial set-ups.
Increasing Automation of Industrial Sector is Driving the India UPS Market
Due to the increasing cost of labor, the manufacturing industry in India is rapidly shifting towards automation to cut down their cost and improve efficiency. Leading manufacturing sectors such as automobile, smartphone, oil and gas, food processing, etc., are significantly adopting automation into their processes. This is estimated to fuel the demand for UPS in India in the forecast period. The manufacturers are increasingly investing in highly-efficient UPS systems because of the growing need for a constant power supply to keep the operations going.
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India UPS Market - By Type
Based on types, the India UPS market is segmented into online and offline. The online segment accounts for the largest market share and is likely to maintain its dominance even during the forecast period. The industries that need to eliminate the delay from grip power often opt for online (also known as double conversion), which drives its market growth. Most large organizations and data centers use online UPS which fuels its demand in the market. However, the high cost of UPS online systems is expected to make way for offline systems in the coming years, due to which it is projected to grow at a high rate. The systems are considered as the best value for personal workstations.
India UPS Market - Regional Insights
Geographically, the India UPS market is segmented into North India, South India, East India, and West India. The Western region of the country accounts for the largest market share. However, the Southern part of India is anticipated to witness the highest CAGR during the forecast period. The flourishing IT & telecom industry and increasing construction of data centers are playing a crucial factor in driving the market growth. The high concentration of Indian headquarters of leading companies, including Air India Express, Apollo Hospitals, Ashok Layland, Bharat Electronics Limited, etc., is also contributing to the increasing demand for UPS in South India.
Impact of COVID-19 on India UPS Market
The India UPS market was negatively halted by the unprecedented outbreak of the COVID-19 pandemic. Although the demand for uninterrupted power supply spiked, especially in the residential sector, the restrictions in manufacturing operations and supply chain of UPS due to lockdown and shortage of workforce resulted in huge demand and supply gap. Due to this, UPS manufacturers in India had to incur huge losses. To cope with the losses, the UPS providers in the country are now resorting to online sales channels and improving their distribution channels in the post-COVID-19 period. In the forecast period, this is expected to boost the India UPS market.
India UPS Market - Competitive Landscape
The leading players in the India UPS market are Schneider Electric India Private Limited, Numeric Power Systems Limited, Emerson Network Power Private Limited, Hitachi Hi-Rel Power Electronics Private Limited, Microtek International Private Limited, Eaton Power Quality Private Limited, Socomec Innovative Power Solutions, Consul Neowatt Power Solutions Private Limited, Riello Power India Pvt Ltd., Delta Power Solutions India Private Limited, and other prominent players.
The India UPS market is highly concentrated among big companies, such as Microtek, Okaya, Hitachi, etc., that offer high-power and long-lasting UPS. There are a variety of products offered by the companies that meet the needs of different devices and industries. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisition, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India UPS market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the India UPS market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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Publish Date: November 2021
India UPS market is growing at a high rate because of the growing installations of high-end electronic equipment and machinery in industrial set-ups, along with growing need for continuous and smooth power supply in various end-use sectors including residential, commercial and industrial.
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