Global Critical Power and Cooling Market

Critical Power And Cooling Market Size, Share, Growth Analysis, By Type(Critical Power Type (Generators, Uninterruptible Power Supply, Others), Critical Cooling Type (Air Conditioning), By End User(Industrial, Commercial, IT & Telecom, Transportation) - Industry Forecast 2024-2031


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

Critical Power And Cooling Market Insights

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).

Solutions for critical power and cooling guard against data loss, hardware damage, and downtime. They are also employed to maintain the infrastructure of electricity and data centers, as well as that of buildings, industries, and data security. These services are dependable and extend the useful life of the machinery. Critical power and cooling solutions also guarantee increased manageability and boost equipment performance and cooling effectiveness. Residential, commercial, and industrial sectors all use critical power and cooling solutions. The global market is anticipated to experience brisk growth over the forecast period due to factors such as the world's expanding population and economic development, rise in demand for heating and cooling among the population due to climate change, rising energy demand among residential, commercial, and public services, as well as the transportation sector.

The International Energy Agency (IEA) has stated in research that global energy consumption is expected to rise by 4.6 percent in 2019, more than offsetting the 4 percent decline in 2019 and boosting demand above 2019 levels. A rebound in demand would also increase carbon dioxide emissions connected to the energy sector by roughly 5% in 2019. The rise in coal consumption in the electricity industry is expected to cause a 1.5 billion tonne increase in global carbon emissions this year. This is a grave warning that the present Covid economic rebound is everything but environmentally sustainable.

US Critical Power And Cooling Market is poised to grow at a sustainable CAGR for the next forecast year.

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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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