Data center power market is witnessing increasing demand from the IT & telecom industry, which can be attributed to the enormous volume of data generated by the businesses that require adequate storage and demand for improving service levels. To streamline operations, reduce costs, and enhance the performance companies operating in the IT & telecom industry are focusing on deployment of these facilities. In addition, the infrastructure development across several countries by major IT companies such as IBM, Google and Microsoft are providing an impetus to the data center power market growth.
In the recent times, 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.
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The rapidly rising energy costs has made the data center operators more inclined towards the greener facilities to improve the operational efficiency of the equipment, which will impact the sales of the equipment such as cabling, busways and intelligent PDUs over the forecast timespan. Players are manufacturing equipment with energy efficient technologies and are utilizing renewable and green energy for their products. In addition, data center power market service providers are implementing the adaptive control systems to minimize the energy consumption.
Increasing number of the facilities coupled with the rising investments by various business entities across the Nordic region will fuel the Europe data center power market growth. Several companies are focusing on making expansion in the region owing to the presence of abundant fossil fuels and the favorable temperature. Facility operators are investing in high amount in outsourcing the services to meet the ever-increasing capacity requirements. Growing demand of virtualization by businesses implementing and using cloud technology is expected to boost the deployment of power solutions in European countries.
Key companies in the data center power market comprise Schneider Electric SA, ABB Ltd., Toshiba Corporation, Emerson Network Power, Eaton Corporation, General Electric, Tripp Lite, and Belkin International among others. Manufacturers are looking to spread their business and presence to potential regions such as Asia Pacific, South America and MEA by establishing more number of data centers.
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With the tech cosmos depicting massive growth potential in the years ahead, it is anticipated that data center power industry 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 size is forecast to surpass a valuation of USD 27 billion by 2024.