Routing Market Is Driven by Growing Smart Home Industry

The value of the routing market stood at USD 16.3 billion in 2023, and this number is projected to reach USD 29.3 billion by 2030, advancing at a CAGR of 8.8% during the projection period.

Routing denotes to the selection of a path for traffic in a network, or between or across numerous networks. The worldwide routing sector is propelled by a surge in the size of media-rich info generated by web applications and the internet. The enhancing use of reasonably priced broadband facilities, with the growing count of internet users, directs to the formation of huge amounts of multimedia material on the internet, which is propelling the demand for routers at the worldwide level.

The rise in the count of smart houses and the upsurge in the count of IoT devices drive the need for wireless connectivity, which, ultimately, is fuelling the need for wireless routers. The smart home sector is thriving on the back of the rising importance of remote home monitoring and power-saving solutions. Therefore, Wi-Fi-fortified smart homes are attaining enormous traction as they empower seamless connectivity and control of several smart devices inside, for example, smart locks, security cameras, smart voice assistants, smart doors, smart lighting, and smart HVAC.

The BFSI industry is projected to lead the industry because of the mounting use of enhanced routing solutions here. It is mainly because monetary institutions have become more multifaceted and now depend upon cloud solutions and online channels to communicate transactional changes throughout the globe.

In our analysis of geographical trends, a notable surge in growth is anticipated in the Asia-Pacific (APAC) region throughout the forecast period. This is primarily driven by the robust expansion of 5G technology deployment in Southeast Asia and Oceania. 

According to data from the Ericsson Mobility Report, an estimated 620 million 5G subscriptions will be in place in this region by the conclusion of 2028. The implementation of 5G has the capacity to significantly impact both wired and wireless connectivity within the industrial and technological infrastructure.

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Why Will North America Lead Data Center Power Market in the Forecast Period?

The prominent factors thriving the global data center power market are robust adoption of cloud solutions, generation of a huge amount of data, and an increase in the number of data centers. In 2021, the market stood at $19,555.1 million and it is projected to touch $33,380.1 million by 2030. Moreover, the market is projected to advance at a CAGR of 6.1% from 2021 to 2030, owing to the huge requirement of entrepreneurs to drift to data centers from server rooms, the surge in smartphone penetration, the rise in social media usage, and the increase in the count of internet users.

In 2021, the tier III & tier IV category ruled the data center power market, holding approximately 90% of the total revenue share, and this trend will continue in the forecast period as well. This can be credited to its unique features, which include providing the N+1 and 2N redundancy, implying that the complete IT load can be assisted by the structure, simultaneously encompassing additional equipment for power backup, so that the execution is not hampered even if any part fails. The redundant systems ensure the smooth functioning of the performance during any failure.

Within the equipment type, the data center power market will witness a skyrocketing demand for UPS systems because of safeguarding critical components across a facility and maintaining continuity in the functioning of larger data centers. They comprise dual-bus capabilities and multiple configurations to confirm the working of critical systems during power blackouts and outbursts. To converge with the critical component’s power needs, the control system and modular creation of a completely redundant power can be sized by the UPS systems. For any changes in the power requirements, the simple inclusion of the capacity will work.

In 2021, North America held the largest revenue share in the data center power market. This is attributed to the significant spending on R&D activities in this region, which further pushes the formation of next-generation facilities, which are efficient in managing power and technologically advanced. Being home to many data center developers, the region will witness significant market growth. However, APAC will be the fastest-growing market in the forecast period because several regional countries, such as China, Japan, and India, have integrated edge computing locations. 

Hence, an escalating count of data centers, coupled with a dire requirement of entrepreneurs to drift to data centers from server rooms will drive the market.

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Tier III Data Center Dominate Data Center UPS Market with $3 Billion Revenue

The global data center UPS market produced $5,729.0 million in 2021, which is predicted to hit $10,096.5 million by 2030, growing at a 6.5% CAGR from 2021 to 2030. The market is being bolstered by the opening of new data centers, as the need for data storage is skyrocketing across all industries. The need for UPS systems is growing since they safeguard data centers from power spikes and outages. With high-density cloud computing systems, industries and businesses rely heavily on data centers, necessitating power supply continuity for effective data security.

The biggest end customer of data center UPS solutions is the IT industry. During the projected period, the segment is also predicted to increase at the fastest rate. Top IT firms rely on data analytics and cloud computing systems, and they have a high demand for data storage and security in data centers. Businesses use data center UPS systems to provide a continuous power supply to meet their business objectives. Amazon, Microsoft, and Google are a couple of the key companies in the data center UPS market that own over half of the data centers and contribute considerably to the market's growth.

North America held the biggest share of the revenue in the data center UPS market in 2021. This is due to the presence of key market companies including ABB Ltd., Eaton Corporation, and Schneider Electric, as well as the region's data center concentration, which is the highest in the world. On the other hand, the APAC market is expected to grow at the fastest rate in the future years. This is because of the region's growing investments, data center growth, and widespread acceptance of public and hybrid cloud by numerous sectors.

Governments are taking several steps to reduce their carbon impact. For example, The Carbon Neutral Government Program was created to help the public sector reduce emissions faster. As a result, businesses, manufacturing units, and IT companies are taking measures to move toward more efficient and environmentally friendly power backup systems, with green UPS systems leading the way in the data center UPS market, consuming less energy and producing a lower carbon footprint.

Hence, the market will grow significantly in the coming years, due to the growing count of new data centers and the heavy dependency of industries and businesses on data centers.

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