Global UPS Market [2028] Analysis by Trends, Share, Demands, Forecast

Summary

Report Description

Forecast Period	2024-2028
Market Size (2022)	USD 15.83 billion
CAGR (2023-2028)	6.25%
Fastest Growing Segment	Online UPS System
Largest Market	Asia-Pacific

Market Overview

The Global UPS Market reached a size of USD 15.83 billion in 2022 and is projected to grow to USD 19.52 billion by 2028, with a CAGR of 6.25% from 2022 to 2028. The UPS market is projected to be driven by the growing demand for electricity, rising disposable income, and the need for a reliable power source. Industries and organizations heavily reliant on consistent electricity for efficient operations face significant disruptions and losses due to power outages and fluctuations. Developing nations face challenges in maintaining high-quality power supply. Additionally, the fourth industrial revolution has witnessed substantial growth in recent years, transforming manufacturing processes through the integration of cutting-edge technologies such as IoT, cloud computing, analytics, AI, and machine learning. Given the criticality of these operations, many businesses employ UPS systems to stabilize power and ensure uninterrupted data security and production line efficiency during outages. Consequently, the UPS market is expected to witness growth during the forecast period based on the aforementioned factor.

Key Market Drivers

Surge in Industrial Automation and IoT Adoption

The proliferation of industrial automation and the adoption of the Internet of Things (IoT) have emerged as significant drivers of the global UPS market. The manufacturing, transportation, logistics, and smart infrastructure industries have wholeheartedly embraced automation and IoT technologies to optimize processes, enhance productivity, and reduce human intervention. Automation heavily relies on sensitive electronic devices and control systems, which are susceptible to power disruptions. Even a momentary power interruption can result in costly production losses and compromised safety. UPS systems act as a reliable buffer, ensuring continuous power supply to automation controllers, sensors, and actuators, thereby minimizing the risk of process disruption and equipment damage. IoT devices, integrated into various applications, collect and transmit real-time data, enabling intelligent decision-making and remote control. To maintain the integrity and availability of IoT data streams, UPS systems serve as a critical safeguard during power failures, keeping communication channels open and preventing data loss.

Growing Concerns about Power Quality and Reliability

Growing concerns regarding power quality and reliability are driving the widespread adoption of UPS systems globally. Utility power supply often encounters voltage fluctuations, sags, surges, or blackouts, posing risks to electronic devices and sensitive equipment. Even minor power disturbances can result in equipment malfunction, data corruption, or system failure. UPS systems effectively tackle power quality issues by delivering clean and stable power to connected equipment. They serve as a protective barrier, shielding sensitive devices from utility power irregularities and ensuring a consistent supply of regulated power. This not only extends the lifespan of equipment but also enhances system performance and efficiency. Businesses and organizations are increasingly cognizant of the expenses associated with power-related disruptions, including equipment repairs, data recovery, and productivity losses. Consequently, they invest in UPS systems to mitigate these risks and maintain uninterrupted operations, particularly in regions with unreliable utility power.

Need for Business Continuity and Disaster Recovery

The demand for business continuity and disaster recovery solutions is a significant driving force behind the global UPS market. Organizations face a range of threats, including natural disasters, equipment failures, cyber-attacks, and utility grid outages. The consequences of such disruptions can be severe, resulting in financial losses and damage to reputation. UPS systems play a crucial role in business continuity plans, ensuring uninterrupted operations during power outages. By providing immediate backup power, UPS systems enable businesses to execute orderly shutdowns or smoothly transition to secondary power sources, mitigating data loss and minimizing downtime. Comprehensive backup power solutions are essential for disaster recovery planning, safeguarding critical infrastructure and ensuring uninterrupted services for customers. UPS systems are an integral part of effective disaster recovery strategies, protecting data centers, communication networks, and vital equipment to facilitate swift recovery and restoration efforts.

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Key Market Challenges

Increasing Power Capacity Requirements

One of the significant challenges facing the global UPS (Uninterruptible Power Supply) market is the increasing power capacity requirements driven by the growing demand for power-hungry electronic devices and infrastructure. As the world becomes more digitally connected, data centers, cloud computing facilities, and critical infrastructure demand higher power capacities to support their operations. Additionally, the rise of industrial automation, electric vehicles, and smart cities further contributes to the surge in power consumption. The challenge arises from the need to scale UPS systems to effectively meet these rising power demands. Modern data centers, for instance, house thousands of servers and storage devices, necessitating large-scale UPS installations with substantial capacity. UPS manufacturers must develop high-power density solutions that occupy minimal space while offering efficient power backup to cater to the requirements of mega-scale data centers. Moreover, advancements in computing technologies, such as artificial intelligence (AI) and high-performance computing (HPC), drive the need for more robust and power-efficient UPS solutions. These technologies demand uninterrupted power supply to maintain seamless processing and prevent data loss. Meeting these higher power capacity demands while ensuring energy efficiency and cost-effectiveness poses a significant technical and engineering challenge for UPS manufacturers.

Environmental Sustainability and Energy Efficiency

With the world's growing environmental consciousness, the global UPS market encounters the imperative of ensuring environmental sustainability and energy efficiency in UPS systems. UPS installations, especially in data centers and large-scale facilities, consume significant amounts of energy. The environmental impact of such power consumption, in addition to the associated carbon emissions, raises concerns regarding the UPS market's contribution to climate change. To address this challenge, UPS manufacturers must prioritize the development of energy-efficient UPS solutions that reduce power losses and minimize carbon footprints. Advancements in power electronics and battery technologies play a pivotal role in enhancing UPS efficiency and overall energy consumption. One strategy for improving energy efficiency in UPS systems is the adoption of modular designs. Modular UPS architectures enable users to scale UPS capacity based on real-time power demands, eliminating overprovisioning and reducing energy waste during periods of low load. Additionally, implementing advanced cooling techniques and low-loss transformers further optimizes energy utilization in UPS systems. Another crucial aspect of environmental sustainability in the UPS market lies in the use of eco-friendly materials and recyclable components. UPS manufacturers are increasingly embracing sustainable practices in manufacturing, incorporating environmentally friendly materials in UPS construction, and ensuring proper recycling and disposal of UPS components at the end of their lifecycle. Furthermore, integrating energy-efficient power management features and smart monitoring systems in UPS solutions empowers users to track power consumption, identify inefficiencies, and implement energy-saving measures. In conclusion, the global UPS market confronts challenges in meeting the escalating power capacity requirements driven by digitalization and rising power consumption in critical applications. Simultaneously, industry must address concerns regarding environmental sustainability and energy efficiency to align with the global push for greener and more energy-conscious practices. Overcoming these challenges necessitates continuous research and development, collaboration with end-users, and a steadfast commitment to innovation in creating more sustainable UPS solutions.

Key Market Trends

Increasing Dependence on Digital Infrastructure and Data Centers

The global UPS (Uninterruptible Power Supply) market is propelled by the ever-growing reliance on digital infrastructure and data centers. With the rapid expansion of digitalization, cloud computing, and data-driven technologies, businesses and organizations from various sectors heavily depend on uninterrupted power supply to safeguard critical data and ensure continuous operations. Data centers, in particular, have become the backbone of the digital economy as they store and process vast amounts of information. These facilities necessitate robust power protection solutions to prevent data loss, equipment damage, and costly downtime. A UPS system offers immediate backup power during utility outages or fluctuations, ensuring a seamless transition to generator power or system shutdown, thus preserving critical data integrity and ensuring smooth operations. The increasing prevalence of remote work, online services, and e-commerce further underscores the significance of a reliable power supply. Disruptions or downtime in these digitally driven environments can result in lost revenues, reduced productivity, and harm to brand reputation. Consequently, organizations invest in high-quality UPS systems to safeguard their mission-critical equipment, maintain productivity, and deliver uninterrupted services to customers.

Segmental Insights

Type Insights

The Online UPS is expected to hold the largest market share during the forecast period, demonstrating its dominance. This can be attributed to various factors. Online UPS systems provide the highest level of power protection by consistently converting AC power to DC and then back to AC, ensuring a reliable and clean power supply. These UPS systems offer seamless protection against power outages, voltage fluctuations, and electrical disturbances. They are extensively utilized in critical applications such as data centers, healthcare, and industrial sectors, where reliable and uninterrupted power supply solutions are crucial. The increasing demand for power backup solutions and the growing reliance on digital infrastructure have further bolstered the online/double conversion segment's prominence in the market.

Capacity Insights

The Above 100 kVA power range segment is expected to dominate the market during the forecast period. This can be attributed to the increasing demand for UPS systems in medium to large-scale applications that necessitate higher power capacities. Key industries such as data centers, manufacturing, telecommunications, and healthcare heavily rely on UPS systems within this power range to ensure uninterrupted power supply for their critical operations. The 51-200 kVA segment strikes a balance between power capacity, efficiency, and cost-effectiveness, making it a preferred choice among customers and solidifying its prominent position in the market.

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Regional Insights

The Asia-Pacific region is a developing area characterized by frequent blackouts and unstable power supply, particularly in countries like Malaysia, Cambodia, Philippines, and others. The region's booming industrial and manufacturing sector, telecom sector, commercial sector, and residential sector are the major end-users of UPS systems. Manufacturing, in particular, plays a significant role in the economies of various countries, with China being the largest manufacturing hub. Japan, India, South Korea, and Indonesia also contribute significantly in the Asia-Pacific region. Moreover, countries like Vietnam, Malaysia, and Singapore are projected to increase their market share in the forecast period. The automation of manufacturing processes, involving computer-based control systems, Programmable Logic Control (PLC) units, and process control applications, has driven the demand for UPS systems in industrial facilities. UPS systems not only provide backup power during outages but also safeguard equipment from power-related glitches such as sags, surges, voltage fluctuations, line noise, and harmonic distortions. As a result, UPS systems have become indispensable in various industries including telecom, engineering, manufacturing, R&D, education, medicine, IT, BPO, aviation, and banking. The manufacturing sector encompasses diverse industries such as automotive, food processing, semiconductors, and steel manufacturing, all of which rely on power quality equipment like UPS systems for uninterrupted operations, as power fluctuations and disruptions can lead to substantial financial losses.

Recent Developments

In February 2022, Mitsubishi Electric Corporation announced the acquisition of Computer Protection Technology, Inc. (CPT), headquartered in California, through its United States subsidiary Mitsubishi Electric Power Products, Inc. (MEPPI). This strategic move aims to expand the Uninterruptible Power Supply (UPS) business in North America. With this acquisition, MEPPI and CPT are poised to strengthen their respective business structures, providing highly reliable and professional one-stop services — from installation to maintenance — for UPS systems in the North American market.
In July 2022, Schneider Electric unveiled the enhanced EcoStruxure Service Plan for 10-40 kVA Three-Phase Uninterrupted Power Supply (UPS) products. The EcoStruxure Service Plan combines traditional on-site services with digital capabilities powered by the IoT-enabled EcoStruxure architecture. It offers customers 24/7 remote and on-site expertise and support. The enhanced service plan covers a range of Three-Phase Uninterruptible Power Supplies (UPS) from 10-40 kVA, suitable for IT or industrial applications. These include Easy-UPS 3S, Galaxy VS, Symmetra PX (up to 48kVA), Smart-UPS VT, and Galaxy 3500.
In 2021, Emerson introduced the Long-Life 240W and 480W DIN Rail Mounted Uninterrupted Power Supplies. These power supplies, paired with the ultra-reliable SolaHD SDU DC-B UPS control module, offer a remarkable service life of 15 years.
In October 2021, Schneider Electric unveiled the game-changing 5kW APC Smart-UPS Ultra to address hybrid IT infrastructure challenges. This latest single-phase Uninterruptible Power Supply (UPS) incorporates EcoStruxure for remote monitoring, management, and services, as well as Lithium-ion batteries. Notably, it is also the lightest single-phase 5kW UPS available in the market.

Key Market Players

Riello Elettronica SpA
EATON Corporation PLC
Emerson Electric Co.
Delta Electronics Inc.
ABB Ltd
Schneider Electric SE
Hitachi Ltd
Mitsubishi Electric Corporation
General Electric Company
Cyber Power Systems Inc.

By Capacity	By Technology	By Power Consumption	By Region
Less than 10 kVA 10-100 kVA Above 100 kVA	Standby UPS System Online UPS System Line-interactive UPS System	Data Centers Telecommunications Healthcare Industrial Others	North America Europe South America Middle East & Africa Asia Pacific

Report Scope:
In this report, the Global UPS Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

· UPS Market, By Capacity:

o Less than 10 kVA

o 10-100 kVA

o Above 100 kVA

· UPS Market, By Technology:

o Standby UPS System

o Online UPS System

o Line-interactive UPS System

· UPS Market, By Power Consumption:

o Data Centers

o Telecommunications

o Healthcare

o Industrial

o Others

· UPS Market, By Region:

o North America

o Europe

o South America

o Middle East & Africa

o Asia Pacific

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global UPS Market.

Available Customizations:

Global UPS Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global UPS Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Baseline Methodology

2.2. Key Industry Partners

2.3. Major Association and Secondary Sources

2.4. Forecasting Methodology

2.5. Data Triangulation & Validation

2.6. Assumptions and Limitations

3. Executive Summary

4. Impact of COVID-19 on Global UPS Market

5. Voice of Customer

6. Global UPS Market Overview

7. Global UPS Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Capacity (Less than 10 kVA, 10-100 kVA and Above 100 kVA)

7.2.2. By Technology (Standby UPS System, Online UPS System and Line-interactive UPS System)

7.2.3. By Power Consumption (Data Centers, Telecommunications, Healthcare, Industrial and Others)

7.2.4. By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)

7.3. By Company (2022)

7.4. Market Map

8. North America UPS Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Capacity

8.2.2. By Technology

8.2.3. By Power Consumption

8.2.4. By Country

8.2.4.1. United States UPS Outlook

8.2.4.1.1. Market Size & Forecast

8.2.4.1.1.1. By Value

8.2.4.1.2. Market Share & Forecast

8.2.4.1.2.1. By Capacity

8.2.4.1.2.2. By Technology

8.2.4.1.2.3. By Power Consumption

8.2.4.2. Canada UPS Outlook

8.2.4.2.1. Market Size & Forecast

8.2.4.2.1.1. By Value

8.2.4.2.2. Market Share & Forecast

8.2.4.2.2.1. By Capacity

8.2.4.2.2.2. By Technology

8.2.4.2.2.3. By Power Consumption

8.2.4.3. Mexico UPS Outlook

8.2.4.3.1. Market Size & Forecast

8.2.4.3.1.1. By Value

8.2.4.3.2. Market Share & Forecast

8.2.4.3.2.1. By Capacity

8.2.4.3.2.2. By Technology

8.2.4.3.2.3. By Power Consumption

9. Europe UPS Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Capacity

9.2.2. By Technology

9.2.3. By Power Consumption

9.2.4. By Country

9.2.4.1. Germany UPS Outlook

9.2.4.1.1. Market Size & Forecast

9.2.4.1.1.1. By Value

9.2.4.1.2. Market Share & Forecast

9.2.4.1.2.1. By Capacity

9.2.4.1.2.2. By Technology

9.2.4.1.2.3. By Power Consumption

9.2.4.2. France UPS Outlook

9.2.4.2.1. Market Size & Forecast

9.2.4.2.1.1. By Value

9.2.4.2.2. Market Share & Forecast

9.2.4.2.2.1. By Capacity

9.2.4.2.2.2. By Technology

9.2.4.2.2.3. By Power Consumption

9.2.4.3. United Kingdom UPS Outlook

9.2.4.3.1. Market Size & Forecast

9.2.4.3.1.1. By Value

9.2.4.3.2. Market Share & Forecast

9.2.4.3.2.1. By Capacity

9.2.4.3.2.2. By Technology

9.2.4.3.2.3. By Power Consumption

9.2.4.4. Italy UPS Outlook

9.2.4.4.1. Market Size & Forecast

9.2.4.4.1.1. By Value

9.2.4.4.2. Market Share & Forecast

9.2.4.4.2.1. By Capacity

9.2.4.4.2.2. By Technology

9.2.4.4.2.3. By Power Consumption

9.2.4.5. Spain UPS Outlook

9.2.4.5.1. Market Size & Forecast

9.2.4.5.1.1. By Value

9.2.4.5.2. Market Share & Forecast

9.2.4.5.2.1. By Capacity

9.2.4.5.2.2. By Technology

9.2.4.5.2.3. By Power Consumption

10. South America UPS Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Capacity

10.2.2. By Technology

10.2.3. By Power Consumption

10.2.4. By Country

10.2.4.1. Brazil UPS Outlook

10.2.4.1.1. Market Size & Forecast

10.2.4.1.1.1. By Value

10.2.4.1.2. Market Share & Forecast

10.2.4.1.2.1. By Capacity

10.2.4.1.2.2. By Technology

10.2.4.1.2.3. By Power Consumption

10.2.4.2. Colombia UPS Outlook

10.2.4.2.1. Market Size & Forecast

10.2.4.2.1.1. By Value

10.2.4.2.2. Market Share & Forecast

10.2.4.2.2.1. By Capacity

10.2.4.2.2.2. By Technology

10.2.4.2.2.3. By Power Consumption

10.2.4.3. Argentina UPS Outlook

10.2.4.3.1. Market Size & Forecast

10.2.4.3.1.1. By Value

10.2.4.3.2. Market Share & Forecast

10.2.4.3.2.1. By Capacity

10.2.4.3.2.2. By Technology

10.2.4.3.2.3. By Power Consumption

11. Middle East & Africa UPS Outlook

11.1. Market Size & Forecast

11.1.1. By Value

11.2. Market Share & Forecast

11.2.1. By Capacity

11.2.2. By Technology

11.2.3. By Power Consumption

11.2.4. By Country

11.2.4.1. Saudi Arabia UPS Outlook

11.2.4.1.1. Market Size & Forecast

11.2.4.1.1.1. By Value

11.2.4.1.2. Market Share & Forecast

11.2.4.1.2.1. By Capacity

11.2.4.1.2.2. By Technology

11.2.4.1.2.3. By Power Consumption

11.2.4.2. UAE UPS Outlook

11.2.4.2.1. Market Size & Forecast

11.2.4.2.1.1. By Value

11.2.4.2.2. Market Share & Forecast

11.2.4.2.2.1. By Capacity

11.2.4.2.2.2. By Technology

11.2.4.2.2.3. By Power Consumption

11.2.4.3. South Africa UPS Outlook

11.2.4.3.1. Market Size & Forecast

11.2.4.3.1.1. By Value

11.2.4.3.2. Market Share & Forecast

11.2.4.3.2.1. By Capacity

11.2.4.3.2.2. By Technology

11.2.4.3.2.3. By Power Consumption

12. Asia Pacific UPS Outlook

12.1. Market Size & Forecast

12.1.1. By Value

12.2. Market Share & Forecast

12.2.1. By Capacity

12.2.2. By Technology

12.2.3. By Power Consumption

12.2.4. By Country

12.2.4.1. China UPS Outlook

12.2.4.1.1. Market Size & Forecast

12.2.4.1.1.1. By Value

12.2.4.1.2. Market Share & Forecast

12.2.4.1.2.1. By Capacity

12.2.4.1.2.2. By Technology

12.2.4.1.2.3. By Power Consumption

12.2.4.2. India UPS Outlook

12.2.4.2.1. Market Size & Forecast

12.2.4.2.1.1. By Value

12.2.4.2.2. Market Share & Forecast

12.2.4.2.2.1. By Capacity

12.2.4.2.2.2. By Technology

12.2.4.2.2.3. By Power Consumption

12.2.4.3. Japan UPS Outlook

12.2.4.3.1. Market Size & Forecast

12.2.4.3.1.1. By Value

12.2.4.3.2. Market Share & Forecast

12.2.4.3.2.1. By Capacity

12.2.4.3.2.2. By Technology

12.2.4.3.2.3. By Power Consumption

12.2.4.4. South Korea UPS Outlook

12.2.4.4.1. Market Size & Forecast

12.2.4.4.1.1. By Value

12.2.4.4.2. Market Share & Forecast

12.2.4.4.2.1. By Capacity

12.2.4.4.2.2. By Technology

12.2.4.4.2.3. By Power Consumption

12.2.4.5. Australia UPS Outlook

12.2.4.5.1. Market Size & Forecast

12.2.4.5.1.1. By Value

12.2.4.5.2. Market Share & Forecast

12.2.4.5.2.1. By Capacity

12.2.4.5.2.2. By Technology

12.2.4.5.2.3. By Power Consumption

13. Market Dynamics

13.1. Drivers

13.2. Challenges

14. Market Trends and Developments

15. Company Profiles

15.1. Riello Elettronica SpA

15.1.1. Business Overview

15.1.2. Key Revenue and Financials

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. Key Product/Services Offered

15.2. EATON Corporation PLC

15.2.1. Business Overview

15.2.2. Key Revenue and Financials

15.2.3. Recent Developments

15.2.4. Key Personnel

15.2.5. Key Product/Services Offered

15.3. Emerson Electric Co.

15.3.1. Business Overview

15.3.2. Key Revenue and Financials

15.3.3. Recent Developments

15.3.4. Key Personnel

15.3.5. Key Product/Services Offered

15.4. Delta Electronics Inc.

15.4.1. Business Overview

15.4.2. Key Revenue and Financials

15.4.3. Recent Developments

15.4.4. Key Personnel

15.4.5. Key Product/Services Offered

15.5. ABB Ltd.

15.5.1. Business Overview

15.5.2. Key Revenue and Financials

15.5.3. Recent Developments

15.5.4. Key Personnel

15.5.5. Key Product/Services Offered

15.6. Schneider Electric SE

15.6.1. Business Overview

15.6.2. Key Revenue and Financials

15.6.3. Recent Developments

15.6.4. Key Personnel

15.6.5. Key Product/Services Offered

15.7. Hitachi Ltd

15.7.1. Business Overview

15.7.2. Key Revenue and Financials

15.7.3. Recent Developments

15.7.4. Key Personnel

15.7.5. Key Product/Services Offered

15.8. Mitsubishi Electric Corporation

15.8.1. Business Overview

15.8.2. Key Revenue and Financials

15.8.3. Recent Developments

15.8.4. Key Personnel

15.8.5. Key Product/Services Offered

15.9. General Electric Company

15.9.1. Business Overview

15.9.2. Key Revenue and Financials

15.9.3. Recent Developments

15.9.4. Key Personnel

15.9.5. Key Product/Services Offered

15.10.Cyber Power Systems Inc.

15.10.1. Business Overview

15.10.2. Key Revenue and Financials

15.10.3. Recent Developments

15.10.4. Key Personnel

15.10.5. Key Product/Services Offered

16. Strategic Recommendations

17. About Us & Disclaimer

Figures and Tables

Frequently asked questions

What was the market size of the Global UPS Market in 2022?

The market size of the Global UPS Market was estimated to be USD 15.83 billion in 2022.

Which was the dominant segment in the Global UPS Market in 2022?

The Above 100 kVA power range segment dominated in 2022 & is also expected to dominate the market during the forecast period. This can be attributed to the increasing demand for UPS systems in medium to large-scale applications that necessitate higher power capacities. Key industries such as data centers, manufacturing, telecommunications, and healthcare heavily rely on UPS systems.

What are the challenges in the Global UPS Market?

Increasing Power Capacity Requirements and environmental sustainability and energy efficiency are some of the challenges in the Global UPS Market.

What are the major drivers for the Global UPS Market?

Increasing Power Capacity Requirements and growing concerns about power quality and reliability are some of the major drivers for the Global UPS Market.

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Parvati Sharma

Account Manager BD

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Press Release

Global UPS Market is expected to grow at a robust CAGR

Sep, 2023

Global UPS Market is expected to grow owing to a rise in demand for reliable power solutions and increase in demand for cloud usage throughout the forecast period.

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