-- Manufacturers must look for overseas partnerships and alliances to expand their footprint
LONDON, June 11, 2014 /PRNewswire/ -- Despite its maturity, the global uninterruptible power supply (UPS) services market has found a rich vein of opportunities in the retrofit market. The large installed base of UPS systems has widened the scope for upgrades and upkeep agreements, brightening the prospects of service providers.
New analysis from Frost & Sullivan, Global UPS Services Market, finds that the market earned revenues of $1.97 billion in 2013 and estimates this to reach $2.67 billion in 2017. North America and Europe will remain the two biggest markets for UPS services worldwide.
"The rapid increase in mission-critical applications is pushing end users to devise ways to avoid downtimes," said Frost & Sullivan Energy and Power Senior Industry Analyst Gautham Gnanajothi. "One of their solutions is to employ high-end UPS systems along with service contracts, which translates to lucrative opportunities for service providers."
The global UPS market still has untapped potential but the lack of a large service network has not allowed it to break into several underserved markets. The dearth of capable and skilled service professionals further hinders service providers from capitalising on the market's potential.
UPS manufacturers must broaden their networks by setting up regional service stations. Forming alliances and partnerships with local manufacturers too will help them widen their service capabilities and maintain close proximity to end users.
"It is also crucial to proactively educate customers on the benefits of service contracts, preventive maintenance, and remote monitoring," observed Gnanajothi. "Developing and sustaining a favourable relationship with end users will give UPS service providers an edge in the competitive global market."
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Global UPS Services Market is part of the Power Supplies & Batteries (http://www.powersupplies.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Global Data Centre Uninterruptible Power Supplies Market, Global Military Battery Market, and Global Industrial Batteries Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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SOURCE Frost & Sullivan