Pune, Maharashtra, India, September 17 2020 (Wiredrelease) Absolute Reports Pvt. Ltd :The increased uptake of cloud computing and digitalization has resulted in an increasing number of data centers, and this is further increasing the need for critical power and the cooling market says Fortune Business Insights in their new study. The study is titled, Critical Power and Cooling Market Size, Share and Global Trend By Type (Critical Power Type, Critical Cooling Type), By End User (Industrial, Commercial, IT Telecom, Transportation, Others), and Geography Forecast till 2026. The report describes various factors boosting and restricting the growth of the market, with major emphasis on key trends and opportunities, within the forecast period of 2018 to 2026.
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Demand for Uninterrupted Supply Even During Power Cuts to Boost Growth
The global critical power and cooling market are classified based on end-user, critical power type, and cooling type. Based on critical power, the market is segmented into UPS, generator, and others. Among these, the UPS segment helps to maintain the smooth running of equipment without any interruption during a power cut, whereas generators are used as the temporary source of power. They ensure that machinery and equipment function in case of a power cut.
On the other side, the cooling type segment of the global critical power and cooling type market is further divided into the cooling tower, chiller liquid cooling system, air conditioning (AC), and others. Cooling towers are used in various industries such as petrochemical plants, chemical and fertilizer industries, and food processing industries, while air conditioners (ACs) are used for extensive commercial purposes such as in offices, cooling and dehumidification industries, and data centers.
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Increasing Demand from Automotive Sector Touted as a Key Growth Driver
The critical power and cooling type market is gaining popularity at a quick pace and this could help the market gain considerably in the forecast period. This is attributable to the presence of well-established automotive hub and technological innovations introduced by companies such as BMW, Mercedes, Volkswagen, Audi, Porsche, Ford, and others that promote the application of high-end technologies. Thus, the demand for critical power and cooling type systems is high in such industries. On the flip side, high investment required for the installation and maintenance of these critical power and cooling systems may restrict the growth of the market in the future. Additionally, diesel used in generators also provide critical power and emit a lot of harmful greenhouse gases that may affect both the health of humans as well as of the environment and this may hamper the overall growth of the market in the long run.
Asia Pacific to Offer Attractive Growth Opportunities
Fortune Business Insights foresees a promising growth potential for North America in the global critical power and cooling type market. This is because of the presence of leading companies in developed nations such as Canada and the U.S. Companies such as Microsoft, Amazon, Apple, and Google have their bases in these developed nations. A power outage may result in much loss for these companies. Therefore they require an uninterrupted source of energy, which is aiding the overall expansion of the market in North America.
List of the Key Companies in the Critical Power and Cooling Market:
Piller Group GmBH, Daikin Industries, ABB, Sudlows, Delta Electronics, Socomec Group, SPX Corporation, Rittal GmBH Co., General Electric, Falcon Electric Inc., Stulz Group, Eaton Corporation, Vertiv, nVent, Nortek Air Solutions, Schneider Electric
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