Market Trends of Modular UPS Industry
BFSI Segment to Witness the Growth
- Critical applications that can't be interrupted or data lost due to power failures are critical for financial institutions as investment firms, banks and insurance companies. In order to protect sensitive financial and banking systems from power disturbances, three phases of modular uninterruptible power supplies are used.
- The demand for modular UPS systems has been driven by rapid modernisation and the widespread use of the internet in various sectors, especially in the financial services, banking, and insurance sector, as different data processing and service systems are connected to commercial banks to provide the highest level of customer service.
- Moreover, The one of the main driver for the growth of the market is also the need for the financial sector to remain at the forefront of technology and business or risk being outpaced by its competitors. In order to reduce illegal transactions and to increase the use of electronic cash, technology and internet data security across the world and governments are planning innovation in the use of internet banking.
- As of June 2023, around 943 million people used mobile payments in China as of usage of electronic cash. . The outbreak of COVID-19 has led to an increase in the number of new users, as growth rates for new users have begun to decline after 2017.
- The presence of these above-mentioned applications and government support to develop cashless economy will provide ample opportunities for the growth of the market.
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North America Holds the Largest Share in Modular UPS Market
- The market for modular UPS is estimated to be dominated by North America, due to high demand from the IT and telecommunications sectors, as well as health care and manufacturing. These organisations have significant operational bases, increasing the demand for data centres and colocation services as well as an increased need for hybrid UPS solutions.
- Moreover, The demand for data centers, which must be constantly supplied with power, is increased by the development of IT and a rising interest in e Commerce and digital payments across America, making modular UPS more popular. Moreover, regular checks which contribute to market growth are being carried out by the authorities in view of an increasing concern for data and asset theft.
- Latin America has grown in popularity in recent years. Advanced technologies such as lot, big data, and AI are becoming more popular in the region. Cloud use is also accelerating in this sector.
- In addition to establishing microgrids and local power generation, operators purchase redundant power infrastructure, such as UPS systems, to power their facilities, generating income for system makers and propelling the market forward.
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