Residential Segment is Expected to be Fastest Growing During Forecast Period for MEA Region

According to a new market research study on “MEA UPS Battery Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product Type and Application” is expected to reach US$ 166.91 million by 2028 from US$ 73.11 million in 2020. The market is estimated to grow at a CAGR of 11.6 % from 2021 to 2028. The report provides trends prevailing in the MEA UPS battery market along with the drivers and restraints pertaining to the market growth. Escalating digitalization fueled by government favorable initiatives and surging UPS applications in emerging economies are the major factor driving the growth of the MEA UPS battery market. However, complications related to mechanical and electrical limitations hinder the growth of MEA UPS battery market.

In case of COVID-19, Turkey, Iran, and South Africa have faced the highest cases. Other major countries facing the economic impact of COVID-19 include Iraq, Israel, Morocco, Saudi Arabia, and UAE. The MEA UPS battery market is majorly affected by the disruption in the supply chain. Pertaining to the closure of borders of countries, the supply chain of several component has been disturbed. The demand for UPS batteries for power back up in various sectors has declined during the lockdown period. This has resulted in a loss of business among the UPS battery market players offering their products to respective customers in the MEA. The region comprises of many growing economies such as UAE and Saudi Arabia, among others, which are prospective markets for UPS battery providers, due to the huge presence of diverse customer base. The global COVID-19 pandemic has significant effects on global economies, but the region is already impacted as there is pressure on economy of various oil-based countries due to falling oil prices. In addition to this, the factory lockdowns, business shutdowns and travel bans are further aggravating the economic problems of the countries in the MEA. Hence, the estimated decline in MEA’s economic condition and impact of COVID-19 on growth of various industries in the region is expected to negatively impact the growth of UPS battery market till mid-2021.

The MEA UPS battery market is segmented into the product type, application, and country. Based on product type, the MEA UPS battery market is segmented into lead-acid, lithium-ion, and other. The lead acid segment held the largest MEA UPS battery market share in 2020 and lithium-ion battery is expected to be fastest growing during forecast period. Based on application, the MEA UPS battery market is segmented into commercial, residential, and other. The commercial segment dominated the MEA UPS battery market in 2020 and residential segment is expected to be fastest growing during forecast period.

Eaton Corporation plc, Exide Industries Limited, FIAMM Energy Technology S.p.A., leoch International Technology Limited Inc, Schneider Electric SE, and Vertiv Group Corporation are among the leading companies in the MEA UPS battery market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Eaton Corporation plc had introduced its 5P rackmount lithium-ion uninterruptible power system (UPS). The 5P lithium-ion UPS provides a dependable, integrated solution with enhanced network security, extended battery life, and remote management capabilities that make it the ideal solution for distributed IT & edge computing environments.     

The report segments the MEA UPS Battery Market as follows:

MEA UPS Battery Market – By Product Type

• Lead-acid
• Lithium-ion
• Other

MEA UPS Battery Market – By Application

• Commercial
• Residential
• Other

MEA UPS Battery Market – By Country

• South Africa
• Saudi Arabia 
• UAE
• Rest of MEA