Data Center Power Market Trends, Growth, Type and Application, Manufacturers, Regions and Forecast
The global data center power market is predicted to grow at a 10% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis. Data center power, simply put, is a power solution for managing the PUE (power usage effectiveness) and increasing the efficiency of data centers. Owing to its alluring features and benefits, it has wide applications in retail, healthcare, power and energy, government, BFSI, IT and telecommunication, and others.
Various factors are propelling the global data center power supply market share. According to the recent MRFR report, such factors include increasing construction of new data centers owing to the burgeoning demand for data storage via organizations worldwide, burgeoning rise in power consumption by data centers, and rising implementation of data center power solutions by IT professionals and data center managers for business continuity. Additional factors adding to the market growth include growing urbanization, an increasing number of data centers, rapidly developing IT infrastructure, growing use of OTT content services, rising need for high power ratings, shift towards intelligent power managing products, development and increasing use of modular data centers, and increasing power consumption of data centers worldwide.
On the flip side, high initial investments, complexity in data center designs, increasing raw material cost and skilled labor, a slowdown in the semiconductor industry, and the current COVID-19 impact are factors that may limit the global data center power market growth over the forecast period.
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Based on the region, the data center power market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & Rest of the World (RoW). Of these, North America is predicted to command the largest share in the market over the forecast period. The presence of technologically advanced enterprises, burgeoning demand for standardized and secure cloud data storage, and the presence of top industry players are adding to the global data center power market growth in the region. The US holds the utmost share in the market.
The global data center power market in the APAC region is predicted to have healthy growth over the forecast period. The growing use of cloud services, implementation of advanced technology in automotive, BFSI, and IT, and growing e-commerce companies are adding to the global data center power market growth over the forecast period.
The global data center power market in Europe is predicted to have sound growth over the forecast period, and in the RoW is predicted to have steady growth over the forecast period.
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