January 18, 2022 03:59 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Jan. 18, 2022 (GLOBE NEWSWIRE) -- The global Power Distribution Unit Market size is anticipated to reach USD 7.32 billion by 2028 and exhibit a CAGR of 13.8% during the forecast period. The rising demand for data center monitoring solutions due to soaring data amount globally is expected to boost the market growth. Fortune Business InsightsTM has presented this information in its report titled “Power Distribution Unit Market, 2021-2028. The market size stood at USD 2.66 billion in 2020 and is estimated to reach USD 2.96 billion in 2021.
Moreover, the increasing consumer preference for Artificial Intelligence (AI)-driven intelligent power distribution units is anticipated to fuel the market growth in the coming years. The accurate monitoring capabilities of AI-driven PDUs are a key factor driving its demand.
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List of Key Players in the Global Market:
The swift outbreak of coronavirus has impacted global markets. It has stagnated the growth of several markets, including this market. The high cash liquidity scarcity and market’s volatile nature have resulted in declined investments in IT infrastructure development, which aggravated the pandemic’s negative impact. The restrictions on global trade and the implementation of sudden lockdowns and curfews have affected the market growth. Nonetheless, the swift digitization observed during the pandemic has stimulated market growth. The market is likely to exhibit tremendous growth post-pandemic.
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On the basis of type, the market is fragmented into intelligent PDU, switched PDU, metered PDU, basic PDU, and others. On the basis of the power phase, the market is bifurcated into triple-phase and single phase. On the basis of application, the market is segmented into commercial applications, laboratories, data centers, and others. Geographically, the market is classified into Latin America, Europe, Asia Pacific, the Middle East & Africa, and North America.
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Growing Demand for Data Centers to Aid Market Growth
The data center consolidates the IT operations of an organization to manage, disseminate, and store data. It helps in providing reliability and security of data centers. The soaring data amount globally is driving the demand for data centers and is likely to be the key factor driving the market’s growth. The rising remote location working and increasing consumer influx towards cloud-based operations have augmented the importance of data centers. Therefore, many data center operators are integrating Artificial Intelligence-based power distribution units to offer precise and effective monitoring. The increasing consumer preference for AI-driven intelligent power distribution units is anticipated to be a key trend influencing the market’s growth. However, the limitations of these units in managing high current fluctuations and extreme voltages may hinder the power distribution unit market growth.
Rising Adoption of Cloud-Based Operations to Fuel Growth in the Asia Pacific
Asia Pacific is projected to prevail in conquering the global power distribution unit market share. The rising corporate infrastructure across developing nations and the significant efforts of respective governments to amplify the IT ecosystem is anticipated to fuel the region’s market growth. Additionally, the rising adoption of cloud-based operations and automation are likely to complement the market growth in the coming years. India is anticipated to register tremendous growth in improving IT infrastructure.
North America is estimated to exhibit substantial growth due to the high investments in PDU projects in commercial places and data centers. Europe is anticipated to experience remarkable growth due to increasing investments by telecommunication, co-location, internet, and cloud service providers.
Major Players Adopt Innovative Growth Strategies to Acquire Growth
The market comprises Tripp Lite, Eaton, Leviton Manufacturing Co., and Eaton, amongst the top market players. The key market players emphasize intensive research and development to develop advanced PDUs. They adopt innovative strategies, including partnerships, mergers, acquisitions, new product launches, technological advancements, and others. For instance, Eaton acquired Power Distribution Inc. in February 2020 to incorporate diverse power distribution and power monitoring solutions.
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January 2021: Vertiv signed a distribution and partnership agreement with PROM-TECH. PROM-TECH will provide maintenance, engineering, and installation services and also operate as a distributor under the agreement.
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