Global Critical Power and Cooling Market

Critical Power And Cooling Market Size, Share, Growth Analysis, By Type(Critical Power Type (Generators, Uninterruptible Power Supply), By End User(Industrial, Commercial) - Industry Forecast 2024-2031


Report ID: SQSG20E2001 | Region: Global | Published Date: February, 2024
Pages: 222 | Tables: 70 | Figures: 75

Critical Power And Cooling Market Regional Insights

In 2021, the North American region held the largest share in the market. Due to the increased demand for data centers and other commercial spaces, the rising need for data processing power, and the developing need for information storage in nations like the United States, Canada, and Mexico, North America is one of the main regions in the global market. The growth of the global critical power and cooling industry in the area is being fueled by the presence of top tech giants like Amazon, Microsoft, Apple, and Google, which have massive power outages and data centers, as well as a sizable number of IT companies operating in Silicon Valley, which is regarded as a global hub for social media, innovation, and technology.

The local communities and economy in which Google's offices and data centers are located benefit from having these facilities as important anchors. Over the previous five years, they have made more than $37 billion in 26 states' worth of offices and data centers in the United States, resulting in the creation of over 40,000 full-time employees. Additionally, they spent about $40 billion on research and development in the United States in 2020 and 2021. They are currently announcing plans to spend over $9.5 billion on our headquarters and data centers in the United States in 2022. By the end of the year, they anticipate that these investments will contribute to the creation of at least 12,000 new full-time Google positions, as well as thousands more among their local suppliers, partners, and communities.

Due to the high rate of industrial growth in the region and growing awareness of the need for backup power and cooling solutions to ensure protection against data loss, hardware damage, and downtime, the market in the Asia Pacific is predicted to grow significantly during the forecast period. The increased demand for electricity across a number of end-use categories, including power plants, facilities, hospitals, banking, financial services, and institutions, is also anticipated to result in an increase in demand over the course of the forecast period.

For example, The Indian government has a wide range of programs to promote the growth of several industries in the upcoming years. Some of the important programs that might favor the expansion of electricity utilities and the development of industrial infrastructure verticals in the nation are the Make in India campaign, the creation of smart cities, the Saubhagya program, and housing for all by the year 2022. According to the Indian Ministry of Petroleum and Natural Gas, 6–8 percent of all diesel consumption was used to generate electricity through grid-connected diesel-based power plants with a capacity of more than 10 MW, captive diesel-based power plants, and diesel generator sets.

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Critical Power And Cooling Market size was valued at USD 25.8 billion in 2019 and is poised to grow from USD 28.04 billion in 2023 to USD 54.66 billion by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).

The critical power and cooling market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, in conjunction with its Elite Data Center Partners, Schneider Electric, the industry pioneer in the digital transformation of energy management and automation, has opened a Center of Excellence for Edge Infrastructure in India. Through this innovative program, end users may go to the partners' locations and personally experience Schneider Electric's Edge Solutions. Mr. Pankaj Sharma, Executive Vice President - Secure Power Division, Schneider Electric, recently opened the second such Center of Excellence at Schneider Electric's Elite Partner, Central Data Systems, in Bangalore. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. 'Schneider Electric', 'Eaton Corporation', 'Vertiv Co.', 'ABB Ltd.', 'Siemens AG', 'General Electric Company', 'Mitsubishi Electric Corporation', 'Cummins Inc.', 'Cyber Power Systems (USA), Inc.', 'Emerson Electric Co.', 'Rittal GmbH & Co. KG', 'Delta Electronics, Inc.', 'Tripp Lite', 'Huawei Technologies Co. Ltd.', 'Caterpillar Inc.', 'Johnson Controls International plc', 'Black Box Corporation', 'Legrand SA', 'STULZ GmbH', 'Socomec Group'

Over the course of the projection period, the market development will be aided by the expansion of data centers for cloud computing and digitalization. The rising need for power in several end-use industries, including financial services and institutions, banks, hospitals, facilities, and power plants, would also be advantageous for the market. Globally, the critical power and cooling market are expected to grow as a result of legislation, efforts, an increased need for higher cooling efficiency in data centers, a need to lessen power supply anomalies, and other factors.

Over the course of the projected period, the market will see strong growth due to the increasing demand for electricity in several end-use industries, including financial services and institutions, banks, hospitals, facilities, and power plants. Along with these factors, the market is also expected to increase due to the world's growing power scarcity, fast urbanization and industrialization, and the rising demand for backup power to shield equipment from the damaging effects of grid power fluctuations.

In 2021, the North American region held the largest share in the market. Due to the increased demand for data centers and other commercial spaces, the rising need for data processing power, and the developing need for information storage in nations like the United States, Canada, and Mexico, North America is one of the main regions in the market. The growth of the critical power and cooling industry in the area is being fueled by the presence of top tech giants like Amazon, Microsoft, Apple, and Google, which have massive power outages and data centers, as well as a sizable number of IT companies operating in Silicon Valley, which is regarded as a hub for social media, innovation, and technology.

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Global Critical Power and Cooling Market

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