With the exploding population, which is increasingly moving into cities, the demand for electricity is rising. Electricity is the fuel which drives the economic engine of every country around the world. Though the demand for energy is rising, its supply is not always consistent, due to occasional fault in the grid or its unreliability in general (especially in the developing and under-developed countries). In several places, such as railways, data centers, hospitals, and critical laboratories, continuous power is of paramount importance, which makes uninterruptible power supply (UPS) quite important.
Thus, with the rising demand for energy, which is mostly not met, as a result of grid uncertainty, the critical power and cooling solutions market has a bright future ahead. While critical-power solutions include UPSs, generators, inverters, converters, power transfer switching, transfer switches, generator paralleling breakers, breaker transfer pairs, and switch transfer pairs, the cooling solutions encompass chillers, air conditioning, liquid cooling systems, economizer systems, cooling towers, control systems, humidifiers, pumping units, and air coolers. Such critical-cooling solutions are also important in hospitals and laboratories, along with IT-intensive settings, such as server rooms and data centers, where heat needs to be constantly expelled, to protect the equipment from damage.
With the continuous digitization of various processes around the world, the amount of digital data being generated is skyrocketing. From IT firms to individual people glued to the internet, everyone is creating and consuming computer data in some or the other form. Moreover, the popularity of cloud computing is rising, which allows people to store their data on a third-party server and saves them the trouble of maintaining expensive servers themselves. This is leading to the construction of an increasing number of data centers, where these critical-power-and-cooling solutions are imperative.
Similarly, with the rising prevalence of various diseases and disorders, the hospitalization rate is rising. Hospitals perhaps require continuous electricity supply more than any other sector, as unexpected power cuts leave patients on life-support systems, including ventilators, dialysis machines, and cardiopulmonary bypass systems, at the mercy of their fate. Similarly, almost all the drugs need to be stored at a particular temperature, for which chillers are widely deployed in medical settings, and any loss of electricity could render them useless.
Another important application for such critical-cooling and critical-power systems is the cleanrooms installed at laboratories and factories dealing with sensitive stuff, such as drugs, semiconductors, and chemicals. Such settings need a particular environment, characterized by closely monitored temperature, humidity, and concentration of contaminants. The loss in the functioning of any of these appliances can offset months or even years of extensive research and development (R&D). This is why continuous energy supply and the reliable functioning of such equipment are necessary in cleanrooms and research labs.
Presently, North America makes the largest contribution to the critical power and cooling solutions market, as the number of data centers and demand for efficient information storage systems are the highest here. Similarly, the region is also home to the most advanced healthcare sector and numerous globally operating banking, financial services, and insurance (BFSI) firms, such as JPMorgan Chase & Co., Visa Inc., Mastercard Incorporated, Bank of America, and American Express. In the coming years, Asia-Pacific (APAC) would account for a significant procurement rate of critical power and cooling systems, owing to its increasing manufacturing output, rapid digitization, and advancements in the healthcare and BFSI industries.
Therefore, with the increasing demand for continuous electricity supply and cooling, the requirement for equipment which helps achieve these will also rise.
The increasing popularity of cloud computing and digitalization and the burgeoning requirement for improving cooling efficiency in data centers are some of the major factors propelling the demand for critical power and cooling solutions across the world.
The mushrooming adoption of cloud computing and digitalization is fueling the development of data centers.
Moreover, the existence of poor grid infrastructure is powering the demand for proper backup power sources that can protect electrical equipment from the consequences of grid power fluctuations.Due to the above-mentioned factors, the popularity of these solutions is rising sharply across the globe.
This is driving the progress of the global critical power and cooling solutions market.
Critical power and cooling solutions consist of generators, inverters, converters, uninterrupted power supply (UPS), transfer switches, breaker transfer pairs, power transfer switching, generator paralleling breakers, air conditioning, switch transfer pairs, chilling units, liquid cooling solutions, cooling towers, economizer systems, pumping units, control systems, air coolers, and humidifiers.These systems provide protection against hardware downtime and damage and data loss.
In addition to this, these systems enhance the performance and the cooling efficiency of various devices.
