Critical Power & Cooling Market – Overview
Market Research Future (MRFR) has recently published an in-depth report on the Critical Power and Cooling Market Size has indicated a CAGR of 8.92% in the market over the forecast period of 2018-2023. Power outages are non-negotiable in critical business environments such as hospitals, IT data centers, industrial and infrastructural units, and energy setups. Critical power and cooling solutions are essential to enhance the life of equipment and ensure steady performance. Critical power and cooling services have become key to the functioning of industries, especially the data center industry and are being increasingly demanded on a global scale.
Perhaps, the increase in the number of data centers is the most significant factor that has driven the global critical power and cooling market. Data center operators are faced with the challenges of prolific growth in data consumption and workloads, meet sustainability goals, reduce cost, and increasing power dense infrastructure which emits massive heat. Such complex environment requires reliable power, lighting, and heating/cooling for optimum performance, which has induced demand within the critical power and cooling market.
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Stulz GmbH, Asetek A/S, Eaton Corporation, Nortek Air Solutions, LLC, Critical Power, Falcon Electric, Inc., Delta Electronic, Inc., Xiamen Kehua Hengsheng Co., Ltd., SPX Corporation, Johnson Controls, Inc., Socomec, Schneider, Siemens, Daikin Industries,Ltd., General Electric, and ABB are the key players in the critical power and cooling market.
Critical Power & Cooling Market Segmentation
The global Critical Power & Cooling Market has been segmented based on type and end-use.
By type, the critical power market and cooling market has been segmented into uninterrupted power supply (UPS), generators, and others. The other segment includes converters, power transfer switching, inverters, transfer switches, breaker transfer pairs, and generator paralleling breakers. The UPS segment is estimated account for the largest share of the market over the forecast period. The growth of the segment can be attributed to rapid industrialization in the APAC region.
By end-use, the critical power and cooling market has been segmented into Industrial, commercial, IT & Telecommunication, Telecom, and Transportation. The commercial segment is anticipated to capture the highest CAGR over the forecast period due to the rise in the number of data centers, banks, hotels, and other commercial properties.
Region-wise, the critical power & cooling market has been segmented into North America, South America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
North America is the dominant critical power and cooling market. The augmenting demand for data centers and the presence of power-sensitive industries where power and cooling are critical requirements for the proper functioning of various industrial processes is boosting the demand for critical power and cooling. The market is rapidly expanding in commercial areas of the region such as the US, Mexico, and Canada. Moreover, high investments in the construction of data centers by technology giants is likely to foster market growth.
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Rapid industrialization in the APAC region has opened growth avenues for the critical power and cooling market. The consolidation of the IT industry is a critical growth enhancer since they generate demand for critical power and cooling from data centers. Heightened demand from end-use industries in the region such as power generation, petrochemical, oil & gas, and others are contributing to the market growth. China, India, and Indonesia are the key contributors to the APAC market.