The global remote power panel market is poised for monumental expansion, with an expected Compound Annual Growth Rate (CAGR) of 5% from 2023 to 2030. The market valuation is anticipated to reach an impressive US$1.5 billion by the end of the decade.
Market Analysis in Brief:
The rapid proliferation of data centers, spurred by cloud computing, digital transformation initiatives, and big data, is fueling a robust demand for remote power panels. These panels offer efficient power management and distribution solutions for mission-critical IT infrastructure, ensuring availability, reliability, and scalability. As companies worldwide prioritize energy efficiency, remote power panels play a pivotal role in optimizing power usage, identifying inefficiencies, and implementing conservation measures, thus delivering cost savings and environmental benefits.
Key Report Findings:
- Monumental Expansion: The remote power panel market is set to demonstrate significant growth by the end of the decade.
- Wall-Mounted Dominance: Wall-mounted remote power panels accounted for over half of the market share in 2022 due to their adaptability, ease of installation, and space-saving advantages.
- Data Center Dominance: Data centers represented the largest application segment in 2022, contributing over 40% to the market. As data centers continue to play a pivotal role in the digital economy, remote power panels enable efficient power management and energy savings.
- Regional Leaders: North America leads the market, followed by the Asia Pacific, owing to the rising demand for high-density server racks and the proliferation of data centers.
Growth Drivers:
- Digitalization: The rapid growth of data centers, cloud computing, edge computing, and IoT necessitates effective and intelligent power management systems. Remote power panels empower data center managers to remotely monitor and optimize power distribution, ensuring energy efficiency and reliability.
- Rising Security Concerns: With increasing data leaks and cyberattacks, businesses prioritize the protection of critical infrastructure. Remote power panels enhance security by enabling remote monitoring, access control, and rapid issue resolution.
Growth Challenges:
- High Initial Costs: The initial cost of remote power panels can be a barrier to entry for some organizations due to premium components and installation complexity. However, long-term benefits offset these costs.
Overview of Key Segments:
- Wall-Mounted Panels in Demand: Wall-mounted panels accounted for over 50% of the market in 2022, driven by simplicity and cost-effectiveness. Floor-standing panels are expected to exhibit rapid growth due to their benefits in high-density applications.
- Demand from Data Centers Maximum: Data centers held over 40% of revenue share in 2022, benefiting from the redundancy and efficiency offered by remote power panels. Server rooms are projected to experience the fastest revenue growth in the next 5-10 years.
Growth Opportunities Across Regions:
- North America’s Lead: North America, especially the United States and Canada, leads the market due to a developed IT infrastructure, a significant presence of data centers, and the adoption of advanced technologies.
- Asia Pacific’s Attractiveness: The Asia Pacific region experiences substantial growth, driven by the booming IT and telecom sectors, industrial and cloud computing applications, energy efficiency initiatives, and increased demand for power reliability.
Remote Power Panel Market: Competitive Landscape:
Prominent players in the remote power panel market include ABB Group, Eaton Corporation PLC, Toshiba Corporation, Lyntec, Vertiv Holdings Co., Schneider Electric SE, Delta Electronics, Inc., Anord Mardix (Flex Ltd.), Lutron Electronics Co., Inc., and Socomec.
As the global reliance on data centers and digital technologies continues to surge, the remote power panel market stands as an essential contributor to achieving energy efficiency, reliability, and security in power management.
Global Remote Power Panel Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Type Coverage, By Application Coverage, By Geographic Coverage and Leading Companies) https://www.fairfieldmarketresearch.com/report/remote-power-panel-market
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This press release first seen on Brilad
COMTEX_440910093/2840/2023-09-25T13:12:28
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