Critical Power and Cooling Market Size 2020 Overview, Segmentation and Comprehensive Analysis till 2023
The critical power and cooling market is growing continually. These critical power & cooling services are reliable and help enhance the life of the equipment. Especially in the data center industry, these critical power and cooling systems are so important. As a result, the market growth predominantly attributes to rising numbers of data centers worldwide. Moreover, the increasing demand for adequate cooling to enable steady performances of buildings, industries, and power & data center infrastructures escalate the market growth.
According to Market Research Future (MRFR), the global Critical Power and Cooling Market is projected to grow at 8.92% CAGR throughout the forecast period (2017 – 2023). Critical Power and Cooling Market Research Report: Information by Type (Uninterrupted power supply, generators, air conditioning, chilling units), End-Use (Industrial, Commercial, IT & Telecommunication, Transportation), and Region. The report discusses research objectives, research scope, methodology, timeline and challenges during the entire forecast period.
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Industry Highlights
Additionally, substantial investments in the development of energy-efficient data centers and upgrades to increase energy efficiency in data centers boost market growth. Similarly, rapid digitization of data centers and advances in data center digitalization and cloud computing foster the growth of the market. Besides, the spurring growth in end-use industries, including industrial, commercial, IT & telecommunication, telecom, and transportation, pushes market growth.
On the flip side, high initial investments required for the development of critical power and cooling systems are major factors projected to impede the market growth. Nevertheless, increasing technological upgrades would support market growth throughout the forecast period, presenting cost-competitive manufacturing techniques that can reduce the overall cost of components & systems. Also, the increase in the number of banks, hotels, and other commercial properties would contribute to market growth in the years to come.
Critical Power and Cooling Market - Segmentation
The report is segmented into four dynamics;
Critical Power Market by Type: Uninterrupted Power Supply, Generators, and others.
Cooling Market by Type: Air Conditioning, Chilling Units, and others.
By End-Use: Industrial, Commercial, IT & Telecommunication, Government & Defense, Transportation, and others.
By Regions: Asia Pacific, Europe, North America, and the Rest-of-the-World.
Critical Power and Cooling Market - Regional Analysis
North America dominates the global critical power and cooling market. The largest market share attributes to the increasing demand for data centers and other commercial areas in the US, Canada, and Mexico. Besides, the strong presence of notable players, technology development centers, and data centers in the region drive the growth of the market. Moreover, substantial investments in critical power and cooling sectors boost the development of the regional market.
The Asia Pacific critical power & cooling market is proliferating. Factors such as the continuous growth across end-user industries and the presence of industry players boost market growth. Additionally, the rising industrialization and urbanization in the region influence the growth of the regional market. Furthermore, increasing awareness of energy-efficient products that can reduce the overall energy cost substantiate the growth of the regional market.
Emerging APAC countries, such as India, China, and Indonesia, hold considerable shares in the regional market, witnessing high demand from end-users such as power generation, petrochemical, oil & gas, and others. The APAC critical power and cooling market is expected to create a substantial revenue pocket during the assessment period.
Critical Power and Cooling Market - Competitive Analysis
Highly competitive, the Critical Power and Cooling Industry appears fragmented due to the presence of a number of well-established players. To gain a larger competitive share, players incorporate strategic initiatives such as collaboration, acquisition, partnership, product & technology launch, and expansion.
Players also focus on new product development initiatives and geographical expansion. They make substantial R&D investments in developing a technology entirely on a different level compared to their competition. The market is predicted to witness relentless innovations and new products that will eventually result in intense competition among the climate control system manufacturers.
Major Players:
Players leading the global critical power and cooling market include ABB, General Electric, Schneider, Eaton Corporation, Critical Power, Delta Electronic, Inc., Xiamen Kehua Hengsheng Co., Ltd., Daikin Industries, Ltd., Socomec, Falcon Electric, Inc., Stulz GmbH, Siemens, Asetek A/S, Johnson Controls, Inc., Nortek Air Solutions, LLC, and SPX Corporation, among others.
Industry/ Innovation/ Related News
October 14, 2020 ----- Vertiv Co (the US), a global leader in designing, building, and servicing critical infrastructure and Honeywell International Inc. (the US), a publicly-traded, multinational conglomerate involved in Building Technologies, Safety, and Productivity Solutions, announced their partnership to develop an integrated micro-grid power management system, making data centers more efficient and reliable with reduced emissions.
Simultaneously, Honeywell's building management and Vertiv's digital infrastructure could enable better energy use. Vertiv and Honeywell have formed this partnership promising unified power management for data center micro-grids. The new integrated micro-grid power management system would make data centers more efficient and reliable while decreasing their emissions.
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