MEA UPS market 'set to grow at 4pc through 2024'
Posted On: 17-02-2020
Growing investment in commercial sector with ambitious government visions will drive the Middle East and Africa (MEA) uninterruptible power supply (UPS) market revenues to grow at a CAGR of 4.1 per cent during 2018-24, a report said.
The demand for uninterruptible power supply systems is expected to rise in critical service infrastructures such as hospitals and medical care facilities, where regular power supply is necessary for the continuous operation of equipment, added the report titled "Middle East And Africa Uninterruptible Power Supply (UPS) Market (2018-2024)" from 6Wresearch, a global market research and consulting firm.
Growing power demand, industrialization and stable economic growth are the key factors that would aid the growth of UPS systems market in the Middle East and Africa regions in the coming years.
Ravi Bhandari, assistant manager, 6Wresearch, said: "Middle East region captures majority of the market share in the MEA UPS systems market. The market in Middle East region is projected to witness a stable growth during 2018-24 on account of increasing infrastructure development in the region owing to upcoming mega events such as Qatar Fifa World Cup 2022 and UAE World Expo 2020. Furthermore, upcoming projects in ICT sector in the countries such as Turkey, Saudi Arabia, Iran and UAE would also boost the demand for UPS systems in the region."
"In the Middle East region countries such as Turkey and Saudi Arabia captured the highest market share in 2017 and would also witness growth during the forecast period on account of upcoming projects in the commercial and industrial sectors such as Istanbul New Airport, the 3-Level Grand Istanbul Tunnel project and the development of Saudi Arabia's social infrastructure under Vision 2030," Ravi further added.
Vikrant Tomar, research associate, Research and Consulting, 6Wresearch, said: "The commercial segment holds the largest market revenue share in most of the countries in Middle East and Africa on account of the widespread usage of UPS systems in offices, hospitals, data centers and hospitality segments."
"Over the next six years, As the MEA region would continue to strengthen in the hospitality sector, the demand for UPS systems is projected to grow subsequently over the coming years. Both Middle East and Africa has launched an initiative "Tourism Vision 2020" in their respective regions, that would further surge the demand for UPS systems in the regions," Vikrant concluded.
Some of the prominent companies in the MEA UPS market include Schneider Electric SE, Vertiv Co., Eaton Corporation Plc and ABB Ltd, the report noted. - TradeArabia News Service