Sellbyville, DE -- (SBWire) -- 02/21/2019 --Data Center Power Market size is set to exceed USD 27 billion by 2024. Rising cost of energy and growing awareness of consumers to save electricity has led manufacturers to design intelligent power management products, which is helping reduce the power usage effectiveness (PUE) ratio and improve the energy consumption. The outdated facilities are being substituted with modern systems which consist of innovative management technologies.
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.
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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.
Emerging trend of utilizing colocation facilities by companies in comparison to the construction of new facilities can be credited to the requirement of huge capital investments. Factors such as capital expenditures associated with building newer facilities followed by need for updating large computing centers are compelling the colocation data center power market growth. In addition, growing popularity of using colocation among the cloud service providers and private companies is fueling the industry growth. However, complexity of data center designs and high initial investments required for these facilities may hamper the data center power market growth.
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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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Rising internet consumer base and flourishing telecommunication sector are boosting the data center power market demand.