Selbyville, Delaware, June 21, 2023 (GLOBE NEWSWIRE) -- Data Center Construction Market value will be worth over USD 400 billion by 2032, as per a recent study by Global Market Insights Inc.
As per the report, rapid urbanization coupled with rising demand for smart consumer electronics is paving the path for industry growth. Consumer electronics, such as smartphones, tablets, and laptops, generate vast amounts of data through various applications, social media platforms, and online services. This data needs to be stored, processed, and accessed quickly and reliably. Data centers provide the infrastructure and resources to handle the massive influx of data, including high-capacity storage systems, powerful servers, and robust networking equipment. The increasing data storage requirements will streamline industry growth through 2032.
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Medium-sized data centers to gain traction
Based on the data center, the data center construction market share from the medium segment will grow at over 8.5% CAGR from 2023 to 2032, claims the report. Given the low latency, localized data storage capability, and improved data governance with medium-sized data centers, they have gained widespread traction. These data centers often offer more personalized support compared to larger facilities. With fewer clients to manage, they can provide a higher level of attention and responsiveness to individual customer needs.
Expanding electrical infrastructure to propel industry growth
In terms of infrastructure, the report cites that the data center construction market revenue from the electrical infrastructure segment will reach over USD 90 billion by 2032. Surging power demands in data centers have increased the construction of electrical infrastructure. An efficient electrical infrastructure allows for easy scalability, enabling data centers to add more servers, storage systems, and networking equipment without exceeding the power capacity. By using energy-efficient power distribution units (PDUs), transformers, and electrical systems, data centers can efficiently reduce power wastage while minimizing operational costs.
Rising adoption of IoT in healthcare to shape industry landscape
With respect to end-use, data center construction market size from the healthcare segment will be more than USD 55 billion by 2032. Increasing adoption of emerging technologies such as AL, ML, and IoT for various applications such as diagnostics, personalized medicine, and healthcare automation is favoring segment growth. Data centers offer the essential infrastructure to support computational and storage requirements of these emerging technologies. They also provide a secure and controlled environment for storing sensitive patient data, including electronic health records (EHRs), medical images, and other critical healthcare information.
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Asia Pacific to dominate the data center construction industry
Asia Pacific data center construction market share will grow at more than 9% CAGR from 2023 to 2032. The flourishing e-commerce industry in the region is positively impacting data center infrastructure. According to IBEF, the e-commerce sector in India has the potential to reach USD 111 billion by 2024. Moreover, rising investments by the regional government in digitalization have further bolstered the need for data centers.
Data Center Construction Industry Players
Key players operating in the data center construction market include Apple iCloud, Baidu Cloud, Digital Realty, Facebook (Meta), IBM Cloud, Google Cloud Platform (GCP), Microsoft Azure, AT&T, INC., and Broadcom Ltd., among others.
Data Center Construction Industry News
In June 2023, IBM unveiled its plan to inaugurate its first-ever Europe-based quantum data center to increase access to advanced quantum computing for research institutions, organizations, and government agencies.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
