The global market for critical power and cooling solutions is projected to reach USD32,900 million by 2023, growing at a CAGR of 10.8% during the forecast period (2017 – 2023).

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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The global market for critical power and cooling solutions is expected to witness a CAGR of 10.8% during the forecast period (2017-2023) due to the increasing electricity demand and rising applications in residential, commercial and industrial sectors. Based on type, critical power is expected to be the largest segment in the global critical power and cooling solutions market during the forecast period. Uninterruptable Power Supply (UPS) was the largest segment in the critical power market, by type. The segment is expected to continue its dominance during the forecast period. Air conditioning was the largest revenue generator in the cooling solutions market, by type. The segment is expected to exhibit similar trend during the forecast period. Commercial sector emanated the largest demand in the global critical power and cooling solutions market.

The factors driving the growth of global critical power and cooling solutions market are increasing power shortage globally, rapidly increasing urbanization and industrialization, and the rising need for backup power to protect equipment from the adverse effects of grid power fluctuations. Critical power and cooling solutions are reliable and helps in expanding the useful life of the equipment. This unique characteristic of critical power and cooling solutions are expected to further boost the growth of global critical power and cooling solutions market during the forecast period.

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The increasing need for power generation and data storage in Asia-Pacific is expected to further drive the market for critical power and cooling solutions during the forecast period on account of high industrial growth rate and increasing awareness towards the need for backup power and cooling solutions to ensure protection against hardware damage, data loss and downtime. Additionally, rising need for power in various end-use segments such as power plants, facilities, hospitals, banking, financial services and institutions is expected to further spike the demand for critical power and cooling solutions during the forecast period.

The implementation of stringent government policies, widespread adoption of cloud-based technologies and mobility solutions and the increasing growth of various end-use segments such as IT and telecommunication, retail and healthcare, and data centers in Asia-Pacific and North America is expected to further drive the demand for critical power and cooling solutions during the forecast period.

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