The Data Center Power Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Data Center Power Global Market Report 2024, The data center power market size has grown strongly in recent years. It will grow from $23.17 billion in 2023 to $24.75 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increasing data center demand, rising data traffic, data center consolidation initiatives, focus on energy efficiency, government regulations for energy efficiency, green data center initiatives..
The data center power market size is expected to see strong growth in the next few years. It will grow to $32.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to energy storage integration, remote management and monitoring, deployment of modular data centers, focus on power quality and reliability, regulatory support for sustainable practices, demand for scalable power infrastructure.. Major trends in the forecast period include advanced power distribution and management systems, hybrid and multi-cloud environments, high-density computing and cooling solutions, enhanced monitoring and analytics, collaboration for innovation..
The increase in need to store data in the cloud is driving the growth of the data center power market going forward. Cloud storage refers to a cloud computing model that will store data on the Internet through a cloud computing provider that will manage and operate data storage as a service. For an organization, a data center holds servers and/or data storage. This will include the hardware itself, the space in which it is housed, the power systems and backup systems, environmental controls, and anything else needed to keep those servers running. For instance, In June 2022, according to an article published by Cloudwards, a US-based reviews software and tools company data, In the first quarter of 2021, cloud services infrastructure spending increased to $41.8 billion on a global level than 2020, this was a 35% year-on-year growth and a 5% quarter-on-quarter rise. Therefore, the increasing need to store data in the cloud is driving the growth of the data center power market.
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The data center power market covered in this report is segmented –
1) By Product: PDU, UPS, Busway, Other Products
2) By Components: Solution, Services
3) By Tier Standards: Tier I and II, Tier III, Tier IV
4) By UPS Systems: <=500kVA, 500−1,000kVA, >1,000 kVA
5) By End-Use: IT and Telecommunications, BFSI, Government, Energy, Healthcare, Retail, Other End-Users
Technological advancement is key in the data center power market. Major companies operating in the data center power market are focusing on developing new technological solutions to sustain themselves in the market. For instance, in June 2021, Hitachi ABB Power Grids, a Switzerland-based company operating in data center power, announced its new lifecycle management program technology. It gives users the ability to map and track the installed assets they have to fulfill the most pressing operational and technological requirements and to deliver full lifecycle value for their assets. The grid automation shield program offers the most recent details on the product lifetime and related services necessary for operation optimization.
The data center power market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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