The global data center power market has been witnessing a considerable rise in its market value, asserts a Report Ocean study. The report titled, “Global Data Center Power Market Size study, by components (Solution, Services), by end-user type (Enterprises, Colocation providers, Cloud providers, Hyperscale data centers), By data center sizes (Small and Medium-sized data center, Large data center), by verticals (BFSI, IT and Telecommunication, Media and Entertainment, Healthcare, Government and Defense, Retail, Manufacturing, Others) and Regional Forecasts 2020-2027,” offers an analysis of this market based on its past performance and future prospects.
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According to the research report, the global data center power market stood at US$17.9 bn in 2019. Researchers expect this market to rise at an exponential CAGR of 6.30% over the period of 2020-2027. The rapid increase in the data volume, produced or collected by individuals or organizations, has led to a rise in the demand for data storage, resulting in capacity increase or formation of new data centers. This, in turn, has boosted the demand for power in data centers, substantially. Moreover, the soaring popularity of the digital economy has increased the workload in data centers, expanding then in size and proportion. Since data centers are power-intensive systems, the need for power in them is likely to augment further in the years to come.
Apart from this, the mounting need for companies to curb operating expenses and growing demand for high-performance computing are also expected boost the market’s growth over the forecast period. However, the high initial investment may obstruct the market’s growth trajectory in the near future. Nonetheless, the focus on renovating data centers to increase efficacy is expected to create lucrative growth opportunities for the worldwide data center power market, states the research study.
Presence of Hyperscale Data Centers to Support North America Data Center Power Market
The research report also presents a regional assessment of the global data center power market. As per the study, North America is the leading the global data center power market. Thanks to the presence of ‘hyperscale’ data centers on a large-scale in this region, the North America data center power market is expected to retain its position during the period of the forecast.
Asia Pacific is also poised to showcase a high growth rate between 2020 and 2027. The increasing uptake of advanced technologies, such as cloud computing and IoT and surging number of telecom subscribers are projected to aid the Asia Pacific data center power market considerably over the next few years.
The leading participants in the global data center power market have taken up several strategies, such as product launches, partnerships and agreements, mergers and acquisitions, investments and funding, to gain competitive advantage over their peers. For instance, in March 2020, Schneider Electric rolled out their first Smart-UPS Lithium-ion UPS. It is most suited for local edge ecosystems and micro data centers. The company plans to target small regional companies through this product.
Impact of Covid 19 on Global Data Center Power Market
With the entire world fighting with the Coronavirus pandemic, the global data center power market has also been hit to some extent. The economic downfall has affected the frequency of new product launches in this market. However, key companies are quite hopeful that, with situation getting under-control, they would be able to bounce back with same power.
Key Findings:
- North America is expected to retain its top position over the forecast period.
- Enterprises have surfaced as the key end users in this market.
The global data center power market is segmented into:
By Components
- Solution
- Services
By End User
- Enterprises
- Colocation Providers
- Cloud Providers
- Hyperscale Data Centers
By Data Center Sizes
- Small and Medium-sized Data Center
- Large Data Center
By Verticals
- BFSI
- IT and Telecommunication
- Media and Entertainment
- Healthcare
- Government and Defense
- Retail
- Manufacturing
- Others
By Region
- North America
- Asia Pacific
- Europe
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Schneider Electric
- Vertiv
- ABB
- Eaton
- Delta Electronics
- Huawei
- Legrand
- Tripp Lite
- Toshiba
- Siemens
- Mitsubishi Electric
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