It is estimated that the UPSs worth INR 7275.13 crore were shipped to end-users during the fiscal 2022-23, a increase of over 545.13 crore over previous fiscal. 

However Overall organized industry revenue was estimated at just above INR 7500 crore approx.

An increase of nearly 225 crore (estimated) by OEM & Secondary sales. There is good amount of secondary sales involved in this. Since the industry is scattered with over 200 unorganized players it is difficult to pin point the actual sales to end-users.

Industry performance in 2022-2023.

Revenue wise : Industry revenue increased by nearly 8.10% well above last year indicating an increase in sale. We can safely say that industry is back on its growth path and will do better in the coming years for sure.

Volume wise : Industry sales also went up, estimated growth being over 8.40 %. This shows the customer is becoming very price conscious and companies are also vying for larger share of the pie,  where big players benefit and smaller once get crushed.

Further, increasing battery prices are big cause of concern. A bend for Lithium-Ion  batteries is clearly visible.

This is a clear indicator of shrinking margins for smaller players companies going for bottom line doing geat with only a few exceptions, and the companies not able to complete order due to lack of components due to geopolitcal situation arising due  various factors.

  • Three Phase Online UPS sales has picked up very heavily. Online sales account for nearly 94.3%. Contributing a significant increase in revenue. There is nearly 72% increase in sales of 10kVA to 60kVA UPSs, more growth in 3 phase UPS is visible. However sales of Line Interactive UPS remains limited to select few companies who are doing good business.
  • Offline & line interactive UPS show a drop in growth in 9% in volume terms and not have not been a significant contributor in revenue terms, it increasingly becoming a low margin a high volume game. In revenue terms they contributed nearly 1.42% to the Total Industry revenue.
  • This does not include Inverter sold under the tag of Home UPS. However medium & regional players making profits are leaning towards Solar Power Control Units (SPCU) which comes with more profits as compared to conventional UPSs. Remaining being sale of Servos and change of batteries not under maintenance and TPM contracts.
  • Exports on rise as compared to previous year. Many leading once aim at exports.
  • Reverse Auction is still a cause of major concern.
SD Awards
SD's UPS Awards 2023
Survey Highlights
How They Faired
SD's Power Electronic Industry Analysis,
Year Ending March 2023
SD's Top 10
Power Electronic Companies
SD's Top 10
Indian Power Electronic Companies
SD's Top 5
Online UPS Manufacturers
SD's Top 3
Line-Interactive UPS Manufacturers
SD's Top
Home UPS/CVT/Inverter Company
Special Awards
SD's UPS Users' Choice Awards 2023
Companies to Watch
SD Users' Satisfaction Rating
SD's Solar Market Analysis 2023
SD's Top 5, Indian Rooftop Solutions Company of the year ending March 2022-2023
SD's Top 3, Indian Grid Sharing Solar Power Solution Provider of the year 2022-2023
SD's Top 5, Indian SPCU (Non String) Manufacturers of the year 2022-2023
SD's Top 3, Indian Off-Grid / Hybrid Solar Power Solution Provider of the year 2022-2023

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