New York, United States , Feb. 01, 2023 (GLOBE NEWSWIRE) -- The Global Data Center Renovation Market Size to grow from USD 16 billion in 2021 to USD 70.21 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 19.73% during the forecast period. The growing number of expansion plans by key companies in the data centre industry will fuel market expansion. The increasing use of online services for payment, shopping, traveling, entertainment, and medical applications will increase overall data traffic across multiple sectors.
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Companies should rely on data centres to meet their IT needs because on-demand services are becoming more and more popular. Additionally, due to the growing demands made by businesses for backup and recovery, data management, and productivity tools like email, data centres have undergone significant transformation. Secondary factors that contribute to the market's expansion include the growing number of data centres that support enterprise applications and offer data storage, backup and recovery, and administrative services. The expansion of the global market for data centre renovations could be hampered by issues with costs, the environment, and the labour. This is due to the growing environmental effects brought on by pollution, climate change, biodiversity loss, and depletion of natural resources. Despite the numerous obstacles, they will present several chances for growth that could have a long-lasting good effect. In addition to this, the expensive cost of renovations may prevent small and medium-sized firms from opening additional centres.
Browse 55 market data Tables and 65 Figures spread through 195 Pages and in-depth TOC on “Global Data Center Renovation Market Size, Share, and COVID-19 Impact Analysis, By Product (Cooling, Power, IT Racks & Enclosures, Networking Equipment, LV/MV Distribution, DCIM), By Application (BFSI, Colocation, Energy, Government, Healthcare, Manufacturing, IT & Telecom), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”
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Cooling Data Center Renovation Segment to witness the growth rate of more than 15%.
Based on product, the Data Center Renovation market is segmented into cooling, power, IT Racks & Enclosures, Networking Equipment, LV/ MV Distribution, DCIM. Due to the investment made in research & development, the cooling segment is forecasted to have a market share of more than 15% over the anticipated timeframe. In addition, the growing reliance on digital platforms for entertainment payment and shopping is responsible for the rising demand for sophisticated back-end IT systems. All of these elements have encouraged the businesses to expand their current portfolios.
BFSI segment to dominate the market with the overall revenue of around USD 1 billion.
On the basis of application, the Data Center Renovation Market is segmented into BFSI, Colocation, Energy, Government, Healthcare, Manufacturing, IT & Telecom. Due to the growing digitization in the relevant industry, the BFSI segment is predicted to dominate the market with an estimated total revenue of USD $1 billion. In addition, the increased use of digital services like mobile wallets, online banking, and UPI payments is pushing many businesses to modernise their internal organisational structures in order to better serve their clientele. Additionally, the growing emphasis on enhancing the customer experience will enhance the demand for products like networking hardware, UPS, DCIM, and others for upgrading the current data centre facilities, which will accelerate segment growth.
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North America to register the largest market growth over the forecast period.
The Global Data Center Renovation Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Due to the growing concerns from government agencies over the energy usage of data centres, North America will have a 40% market share in 2021. When it comes to the amount of energy consumed per square foot, data centres demand between 10 and 50 times more energy than typical commercial office buildings, according to the US Office of Energy Efficiency & Renewable Energy. In addition to this, the substantial demand for electricity has prompted government officials to issue severe guidelines for lowering energy consumption.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major players in the data center renovation market are Eaton Corporation, Schneider Electric, Cisco Systems Inc., APL Data Center, Black & Veatch Holding Company, Panduit Corporation, Dorsalys (Eiffage Énergie Systèmes'), IBM Corporation, Vertiv Group Corp., Competitive analysis of other prominent players, Labotek, Gilford Corporation, ABB Ltd, Raritan Inc., Submer Technologies, Sunbird Software Inc., Vertiv Group Co. (Vertiv Holdings Co.), Vertiv Co., and Hewlett Packard Enterprise Company and Others.
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