Estimated Growth Potential Of The Data Center Power Market 2024-2033

February 28, 2024 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The data center power market has exhibited robust growth, mirroring the increasing demand for data management solutions. From $23.17 billion in 2023, the market is poised to reach $24.75 billion in 2024, boasting a compound annual growth rate (CAGR) of 6.8%. This growth is underpinned by various factors:

Increasing data center demand
Rising data traffic
Data center consolidation initiatives
Focus on energy efficiency
Government regulations promoting energy efficiency
Green data center initiatives

Looking Ahead: Projected Expansion

The data center power market is forecasted to maintain its momentum in the coming years, with a projected value of $32.84 billion by 2028, exhibiting a CAGR of 7.3%. The anticipated growth drivers in the forecast period include:

Integration of energy storage solutions
Remote management and monitoring capabilities
Deployment of modular data centers
Focus on power quality and reliability
Regulatory support for sustainable practices
Demand for scalable power infrastructure

Emerging Trends and Innovations

As the market evolves, several trends and innovations are reshaping its landscape:

Advancements in power distribution and management systems
Adoption of hybrid and multi-cloud environments
Implementation of high-density computing and cooling solutions
Enhanced monitoring and analytics capabilities
Collaborative efforts driving innovation in the sector

Increase In Need To Store Data In The Cloud Drives The Growth Of Data Center Power Market

The surge in cloud storage adoption is a primary driver fueling the growth of the data center power market. As organizations increasingly rely on cloud services for data storage, the demand for robust data center infrastructure rises. Cloud services infrastructure spending witnessed a notable uptick in 2021, reflecting the growing reliance on cloud-based solutions for data management and storage.

Technological Innovations Reshaping The Data Center Power Market

Technological advancements play a pivotal role in shaping the data center power market landscape. Major industry players are investing in innovative solutions to remain competitive. For instance, Hitachi ABB Power Grids introduced its lifecycle management program technology, empowering users to track and optimize their installed assets efficiently. Such innovations drive operational optimization and enhance the overall efficiency of data center power systems.

American Tower’s Acquisition of CoreSite

In December 2021, American Tower Corporation made headlines with its acquisition of CoreSite, a prominent player in the data center industry. With this strategic move, American Tower aims to leverage CoreSite’s interconnected data center facilities and cloud on-ramps to drive consistent growth and explore emerging edge compute opportunities. This acquisition underscores the importance of strategic partnerships and expansion initiatives in the evolving data center landscape.

Segmentation and Regional Outlook

The data center power market is segmented across various dimensions:

Product: PDU, UPS, Busway, Other Products
Components: Solution, Services
Tier Standards: Tier I and II, Tier III, Tier IV
UPS Systems: <=500kVA, 500-1,000kVA, >1,000 kVA
End-Use: IT and Telecommunications, BFSI, Government, Energy, Healthcare, Retail, Other End-Users

Asia-Pacific emerged as the largest region in the data center power market in 2023. Moreover, Asia-Pacific is expected to witness the fastest growth in the forecast period, underscoring its significance as a key market region.

View More On The Data Center Power Market Report 2024 – https://www.thebusinessresearchcompany.com/report/data-center-power-global-market-report

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The Data Center Power Global Market Report 2024 provides comprehensive insights on the data center power market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the data center power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

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