NEW YORK, July 17, 2017 (GLOBE NEWSWIRE) — According to a new market research report “Global Critical Power and Cooling Solutions Market Size, Share, Development, Growth and Demand Forecast to 2023 – Industry Insights by Type (Critical Power, Cooling Solution), by End-Use (Industrial, Commercial, IT and Telecommunication, Transportation and Others)” published by P&S Market Research, 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).
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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.
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 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.
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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.
Air conditioning units are widely deployed in commercial applications such as data centers, hospitals, BFSI, hotels and restaurants and therefore, the increasing growth of these applications would benefit the growth of critical power and cooling solutions market to a considerable extent. Moreover, with the advent of information technology (IT), the global banking and financial services market has been expanding on a large scale.
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