Remote Power Panel Market To Generate $1,734.7 Million Revenue by 2030

The global remote power panel market was valued at USD 1,248.2 million in 2023, which is expected to reach USD 1,734.7 million by 2030, progressing with a CAGR of 5.0% during 2024–2030. This is due to the increasing number of data centers, growing telecom industry, and rising number of internet users across the globe.

Floor-Standing Category Accounts for Larger Market Share

The floor-standing category holds the larger share in the market, owing to the suitability of these variants for data centers and server rooms. In 2022, approximately 70% of the global population used the internet. Data is stored in servers, which are often present at remote locations. The increasing internet usage leads to the need to store massive volumes of data, which further boosts the number of servers and data centers.

Data Centers Hold Largest Revenue Share

By application, data centers hold the largest remote power panel market share. The significant rise in the volume of data generation and use across a variety of industries has led to an increase in the demand for data servers and data centers. Moreover, this growth is driven by the global cloud computing trend, which revolves around data being stored at offsite facilities. Since uninterrupted operations are vital for data centers, remote power panels, generators, and UPSs are indispensable here.

IT & Telecom Industry Holds Largest Market Share

The IT & telecom category accounted for the largest revenue share in 2023, in the end user segment. This is attributed to the growing IT industry in developing countries due to the expanding internet connectivity and setup of 4G and 5G networks. Companies in the IT & telecom sector need data centers to provide fast and reliable communication services to customers. This enables these firms to access various applications, sophisticated networks, and storage space, to handle vast amounts of data.

The banking, financial services, and insurance (BFSI) category also holds a significant share, as these companies need data centers to manage digitization procedures, understand consumer behavior, and meet the surge in the demand for various financial solutions, along with gaining the ability to scale up their operations. Several tools and solutions, such as the identification of customers using AI and video-integrated KYCs, have been introduced, thus creating a demand for high data storage and processing capacities, which can be met through data centers.

Similarly, the healthcare sector needs storage for crucial data related to patients, vaccines, and new drugs. The storage of such data in the digital form, the use of mobile applications for payments and computers for digital imaging, and the strong need for ensuring data security make it essential to avail of data center facilities.

APAC Is Fastest-Growing Regional Market

APAC is expected to be the fastest-growing remote power panel market, with a CAGR of 5.4%, during the forecast period. This is attributed to the increasing developments in digital technologies, rising IoT and AI investments, and growing broadband and smartphone penetration. In addition, the surge in data consumption is fueled by government initiatives, including smart city development, which require the strengthening of the digital ecosystem.

Further, APAC accounts for around 3 billion internet users. All these factors are resulting in a high volume of data generation and consumption, which, in turn, is driving the demand for data centers and servers, thereby boosting the growth of the market in the region.

Some of the key players are ABB Ltd., Hanley Energy Limited, Schneider Electric SE, Toshiba International Corporation, SOCOMEC, Anord Mardix, Lyntec, LayerZero Power Systems Inc., The EA Group, and Raptor Power Systems.