Critical Power Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
- Transparency Market Research
Critical power is the source of electricity which can be utilized at any time without any interruption. It is used for applications which must be kept active or operational all the time. Also, few other subordinate applications are dependent on these critical systems and are kept active by critical power. Applications such as data storage, electricity grids, and patient monitoring systems in hospitals are using critical power systems for continued operations. Critical power plays an immensely important role in the industrial segment as continued manufacturing is vital to maintain the production plan and maintain a safe work environment. Communication networks must function properly in order to maintain the flow of data and avoid the possible disorder. Critical power helps these networks to stay operational and reduces loss due to non-functional systems.
Demand for critical power is expected to rise during the forecast period due to the increased investments in the data centers and related services. Large amount of data is generated globally on a daily basis. This data must be stored and protected properly to prevent security breaches. Also, continuous access must be provided to this stored data for better utilization. Increasing data storage requirements are leading to rise in the size and number of data centers. Critical power plays a key role to continuously perform the data transmission activities to and from the data center. Modular data centers in particular are expected to drive the market due to their higher adoption. Uninterrupted power supply (UPS) systems are the most popular source of critical power with higher market share. LED driver and wireless charging segments are also expected to increase the popularity of critical power during the forecast period. LED drivers are used to regulate the power supplied to LEDs, critical power keeps the LED driver in a functional state which results in further reduction in energy consumption. Critical power assists in delivering vital wireless power systems in adverse conditions across the world. Smart inverters offer tremendous growth opportunities to the critical power market with advanced power management options such as logic controller and operator interface. However, decreasing prices of oil and gas along with the decline in the mining activities are anticipated to restrain the growth of critical power market during the forecast period.
Key market players are focusing on providing the integrated critical power solutions and not the standalone products, as the market has become competitive with the presence of multiple players offering similar solutions. Integrated critical power solutions are highly popular among the customers with simplified operations and improved functionalities. Demand for portable and wearable devices is high and the power management integrated circuit technology (PMIC) for these devices is expected to further improve the interest in critical power systems. Photovoltaic (PV) inverters are also expected to generate demand due to the strong growth of solar PV globally, it also provides a renewable energy source as an effective energy option. Critical power applications are utilized to distribute the energy collected through these solar PV systems.
Major players associated with the critical power market include General Electric Company, Schneider Electric SE, ABB Limited, Broadcom Ltd, Eaton Corporation Plc., WEG, Anord Critical Power Inc., Doble Engineering Company, Canara Inc., and Brio Energy Pvt. Ltd.
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