Global critical power and cooling solutions market worth USD16,320 million in 2016
As per the research, the global market for critical power and cooling solutions is likely to grow from USD16,320 million in 2016 to USD32,900 million by 2023. With increasing investments in to small and medium-sized businesses (SMBs) and increasing infrastructural development activities in various sectors such as IT and telecommunication, retail and healthcare, and data centers, the demand for critical power and cooling solutions is expected to gain traction during the forecast period. Moreover, increasing demand for backup power and cooling solutions to avoid data loss is expected to further spike the demand for critical power and cooling solutions during the forecast period.
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Insights on market segments
As per the findings of research, the commercial sector emanated the largest demand for critical power and cooling solutions. Critical power has been the largest revenue generator in the global market for critical power and cooling solutions. Uninterruptable Power Supply (UPS) dominated the critical power market, by type; while air conditioning emanated largest demand in the cooling solutions market, by type.
North America stands as the largest critical power and cooling solutions market
North America accounted for the largest region in the global critical power and cooling solutions market, where the U.S. contributed to the largest revenue. Germany was the major market for critical power and cooling solutions in Europe, whereas China contributed to the largest revenue in Asia-Pacific region. Argentina was the largest market for critical power and cooling solutions in Latin America, whereas Saudi Arabia generated the largest revenue for critical power and cooling solutions in the Middle East and Africa region. Additionally, Asia-Pacific, Latin America and the Middle East are expected to exhibit fastest growth in the global critical power and cooling solutions market during the forecast period.
Rising need to reduce the fluctuations in power supply bolsters market growth
The factors driving the growth of the global critical power and cooling solutions market include rising demand for improved cooling efficiency and increasing demand from various end-use applications including data centers, hospitals, banking, financial services and institutions (BFSI), hotels and restaurants. Moreover, the widespread adoption of digitalization and cloud computing has led to the growth in data center infrastructure. This is expected to further create market opportunities for critical power and cooling solutions during the forecast period.
Major players have stronghold in the global critical power and cooling solutions market
Some of the key players in the global critical power and cooling solutions market include ABB Ltd, Schneider Electric, Daikin Industries, Ltd., Eaton Corporation plc, General Electric Company, Socomec group, Johnson Controls International Plc, Riello Elettronica Group, Nortek, Inc., STULZ Gmbh and Xiamen Kehua Hengsheng Co., Ltd.
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