The global data center power market space has been witnessing an unprecedented pace of growth courtesy- the surge in the number of data centers all over the world. The amount of data that is being generated and estimated to be generated in the immediate future can be rightly termed as gargantuan. This has, in turn, assisted the prominent data center operators to expand their services and augment their remuneration portfolio in a drastic way. While it is quite undeniable that the leading end-user of data center power industry has been the private sector, however, given the rising significance of e-governance across the globe, a plethora of government agencies have been compelled to get on the bandwagon of rapid digitization.
The data center power market growth can be attributed to the rising trend of virtualization and cloud computing. The growing need for cloud storage has resulted in a growing number of data centers globally, which are consuming a huge amount of energy.
Several businesses are focusing on the implementation and construction of green infrastructure facilities owing to the rise in the consumption of electricity and carbon emissions. Green data centers are helping businesses to ensure energy efficiency by reducing carbon footprint and electricity consumption. The usage of these facilities is growing within the larger businesses and SMBs for the collection, evaluation, processing, and distribution of a vast amount of data in an incessant way. Companies operating in the entertainment and IT & telecom sector are implementing and using power management solutions for their infrastructure, providing an impetus to the data center power market growth.
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The colocation data center power market accounted for a majority of the industry share in several Asian and European countries over the last few years. Companies are gradually shifting their IT infrastructure to the cloud with colocation providers offering a perfect solution for cloud providers and business servers owing to which a sharp increase in the construction activities is being witnessed. In addition, the colocation providers are offering companies uninterrupted maintenance and services, thereby enhancing their performance and productivity. The growing focus on the reduction of operational expenditure and capital by companies will drive the colocation data center power market over the forecast timespan.
In North America data center power market, factors including digitization and virtualization have led to the emergence of several cloud-based companies, which are playing a vital role in the regional growth. The growth is attributed to the presence of public cloud companies, such as Microsoft and Amazon, which are generating opportunities for construction of new data center coupled with the renovation of the legacy data centers. The U.S. was a major revenue generating country in 2016 as several providers were involved in powering the facilities for data center operation through renewable energy sources.
Major players operating in the data center power market include Schneider Electric S.A., Delta Electronics Inc, Emerson Corporation, General Electric Co., Mitsubishi Electric, ABB Ltd., Eaton Corporation, Siemens AG, and Ametek, Inc. Companies are looking to gain a market share in untapped regions with an enhanced product range.
With the tech cosmos depicting massive growth potential in the years ahead, it is anticipated that data center power market trends would undergo remarkable alterations, which would favorably influence the revenue graph of this business space. According to a comprehensive report collated by Global Market Insights, Inc., data center power market is forecast to surpass a valuation of USD 27 billion by 2024.
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