With the rising prevalence of power outages in several countries, the demand for critical power and cooling solutions is rising sharply across the world. Moreover, the rising industrialization and urbanization rates and burgeoning requirement for backup power for protecting equipment from the harmful effects of grid power fluctuations are also propelling the use of critical power and cooling solutions. These solutions are highly reliable and assist in increasing the lifespan of equipment.

The other major factors fueling the expansion of the global critical power and cooling solutions market are the ballooning popularity of cloud computing and digitalization and the mushrooming demand for improving the cooling efficiency in data centers. According to the estimates of the market research company, P&S Intelligence, the revenue of the market will grow from $16,320 million in 2016 to $32,900 million by 2023. The growing requirement for power production and data storage, especially in the Asia-Pacific (APAC) region, is also expected to push up the demand for critical power and cooling solutions across the world in the coming years.

Additionally, the emergence of information technology (IT) is driving the expansion of the global banking and financial services industry. As sudden power cuts can cause huge data loss and the failure of IT systems, which would subsequently affect transactions, reliable and efficient power solutions are being increasingly installed in data centers. Furthermore, the increasing need for information storage and growing data processing power have caused a massive rise in the number of data centers in Canada and the U.S.

This is fueling the requirement for critical power and cooling solutions in North America, which is currently the largest user of these solutions across the world. Moreover, the surge in the commercial sector and increasing applications in several end-use industries, such as hospitals, manufacturing plants, and power plants, in the APAC region are predicted to create lucrative growth opportunities for critical power and cooling solution providers. China is the largest critical power and cooling solutions market in the APAC region.

ABB Ltd, Daikin Industries Ltd., Schneider Electric, Socomec group, Eaton Corporation plc, Johnson Controls International Plc, Riello Elettronica Group, General Electric Company, STULZ Gmbh and Xiamen Kehua Hengsheng Co. Ltd., and Nortek Inc. are some of the major players operating in the industry. They are actively focusing on strategic expansions and product launches in order to augment their revenue, gain an edge over their rivals, and strengthen their position. Unified Power and General Electric are increasingly making huge investments in research and development (R&D) activities and focusing on partnerships in order to bolster their presence around the world.

Hence, it can be safely said that the demand for critical power and cooling solutions will surge sharply all over the world in the coming years mainly because of the growing industrialization and urbanization rates, rising incidence of power outages, and growing number of data centers in several countries.