Northbrook, IL 60062 -- (SBWire) -- 05/03/2023 --According to report by MarketsandMarkets, the global Data Center Power Market size is expected to grow from USD 19.1 billion in 2020 to USD 26.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period.
The key factors driving the data center power market include growing construction of new data centers due to the rising demand for data storage by organizations across the globe; The unprecedented rise in power consumption by the data centers has increased operational and power costs, and it has become a challenge for end users to manage and conserve power in the data centers. Thus, data center managers and IT professionals focus on the implementation of highly efficient data center power solutions for business continuity.
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The Data Center Power Market comprises major solution providers, such as Schneider Electric (France), Vertiv (US), ABB (Switzerland), Eaton (Ireland), Delta Electronics (Taiwan), Huawei (China), Legrand (France), Tripp Lite (US), Toshiba (Japan), Siemens (Germany), Mitsubishi Electric (Japan), Cisco (US), Kehua Tech (China), Socomec (France), Rittal (Germany), Cyber Power Systems (Germany), PDU Experts (UK), and Anord Mardix (Ireland, UK and US). Some startups includes Raman Power Technologies (UK), N1 Critical Technologies (US), Critical Power (US), bXterra Power Technology (US), ZincFive (US), ZRGP (China) and Hardy Racks (India).
Enterprises segment to hold the largest market size during the forecast period
Enterprises with a broad customer base and using high-end cloud computing services are adopting data center power systems. Data centers are now seen as a key business parameter and not as external facilities for the storage of information and business operation models. They have become critical for the functioning of big business enterprises. Any interruption in data center operations can virtually bring down any business to its knees, if an efficient data center power system is not adopted.
Support and maintenance segment to grow at the highest CAGR during the forecast period
Support and maintenance services help data center managers to overcome the complexities in setting up efficient power facilities. These services are provided by companies that help in offering optimized data center power facilities. It is difficult for enterprises to attain data center efficiency without the adoption of efficient power solutions and services. The data center infrastructure is complicated; thus, appropriate measures regarding energy efficiency need to be analyzed and taken into account before implementation.
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North America to account for the largest market size during the forecast period
North America houses some of the major data center power vendors, such as Cisco, Vertiv, Tripp Lite and Cyber Power Systems. These players have their headquarters, direct sales offices, and large number of data centers in the region to cater to the North American client base. The data center power market in North America witnesses tremendous growth due to the rise in the adoption of cloud computing and economic growth. The enterprises in this region are adopting measures for minimizing operational costs and increasing Return on Investment (RoI) by focusing on energy efficient data centers that meet government regulations on environmental norms. The Multi-Tenant Data Center (MTDC) in North America experiences high growth due to the heavy demand from both private companies and governments.
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Data Center Power Market Recent Developments, Driving Growth and Industry Report
This research report categorizes the data center power market based on component, end-user type, data center size, vertical, and region.