Investment in the hospitality sector, growing medical tourism along with transformation of the country's economy by investing heavily in the manufacturing sector particularly in electronics and automobile sectors were the key drivers for the growth of UPS system market during the past few years. Further, UPS system market is expected to register substantial growth during 2018-24 on the back of growth in ICT sector driven by increasing demand in the financial services sector along with growth of software-as-a-service solutions, and cloud services.
According to 6Wresearch, Thailand UPS Systems Market Revenues are Projected to Grow at a CAGR of 5.7% during 2018-24. Rising tourism industry, scaling up of investment for public infrastructure under Thailand development plan as well as growth of manufacturing sector owing to increasing exports of manufacturing goods would drive the demand for UPS systems. Additionally, government investment programs such as ICT Policy Framework 2020 and Thailand 4.0 would also strengthen the growth of UPS systems market in the country. The government's comprehensive ICT Policy Framework 2020 involves several development strategies and goals, including universal broadband, competent ICT workforce, digital government and ICT for the environment.
According to Ravi Bhandari, Research Manager, 6Wresearch, "The commercial sector applications were the key revenue generating segment in the Thailand UPS systems market attributed to rising demand for UPS systems in data centers, healthcare, and rising hospitality sector in the country. Data centers and hospitality sector are projected to register higher growth during the forecast period as well on the back of rising investments in the ICT and hospitality sectors through initiatives such as ICT Policy Framework 2020 and Second National Tourism Development Plan (2017-2021)".
"5.1-20 KVA ratings of UPS systems contributed the highest market revenue share in Thailand UPS systems market followed by the 20.1-50 KVA rating UPS systems. Upcoming projects such as Mab Kabao- Jira Junction, Grand Rama 9 Tower, and Subaru Car Manufacturing Plant would further drive the demand for 5.1-20 KVA UPS systems," Ravi further added.
According to Vikrant Tomar, Research Associate, 6Wresearch "In the coming years, as the country would continue to diversify its economy, several projects such as Suvarnabhumi Airport Expansion Project-Phase 4, Bangkok-Pattaya-Rayong High Speed Railway Line Project and PTTGC Olefins Plant are expected to boost the development of the infrastructure in Thailand, which are further expected to have a positive effect on the growth of the UPS systems market in the country."
"The Central region of Thailand dominates the regional UPS systems market as it includes Bangkok, which is a major hub for industries, and offices in the country. However, the Eastern region is expected to register higher growth during the forecast period due to surge in investment in the Eastern Economic Corridor (EEC) project in Chonburi, Chachoengsao, and Rayong by Thailand government including the expansion of U-Tapao Airport, Laem Chabang Sea Port, Map Ta phut Sea Port, and railway projects," Vikrant concluded.
Some of the prominent companies in Thailand UPS systems Market include - Schneider Electric, Vertiv Co., Socomec, Eaton, Delta Energy Systems, and ABB Ltd.
"Thailand UPS Systems Market (2018-2024)" provides in-depth analysis with 47 figures and 23 tables covered in more than 125 pages. The report estimates and forecast the overall Thailand UPS Systems Market by kVA rating, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.