Pune, India, July 18, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global data center cooling market size was valued at USD 13.51 billion in 2022 and is projected to grow from USD 14.85 billion in 2023 to USD 30.31 billion by 2030, exhibiting a CAGR of 10.7% during the forecast period. Rising Need to Increase Infra Budgets to Improve Business Growth to Boost Market Progress. Fortune Business Insights presents this information in their report titled "Global Data Center Cooling Market Forecast, 2023-2030."
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Data centers have gained significant traction in recent years as they are known to enhance an organization’s capability to store large volumes of data, thereby improving its efficiency. However, storing such massive quantities of data can overheat data centers as they consume a lot of electricity while doing so. Such high consumption of energy can not only increase companies’ financial burden but also cause several environmental concerns. These factors are expected to boost the data center cooling market growth during the forecast period.
Key Industry Development:
May 2023: The U.S. Department of Energy (DoE) announced funding of USD 40 million for over 10 projects to introduce energy-efficient and high-performance data center cooling solutions. Data centers, which are used to keep storage systems, computers, and database infrastructure, account for nearly 2.2% of the total electricity usage in the U.S. Whereas, data center cooling accounts for up to 41% of total data center energy consumption.
Key Takeaways
- Data center cooling market size in North America was USD 5.16 billion in 2022
- Growing Preference for Cloud Servers Boosted Market Growth during COVID-19
- High Cooling Capacity and Protection to Servers to Boost Demand for Data Center Cooling Solutions
- Need for Long-Term Cooling Solutions to Boost Product Adoption in IT & Telecom Industry
Discover the Leading Players Featured in the Report:
“Companies leading the global data center cooling market are Asetek, Inc. (U.S.), Rittal GmbH & Co. KG (Germany), Schneider Electric (France), Coolcentric (U.S.), Vertiv Group Corp. (U.S.), STULZ GMBH (Germany), Hitachi, Ltd. (Japan), Nortek (Italy), LiquidStack Holding B.V. (U.S.), Munters (India)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 10.7% |
| 2030 Value Projection | USD 30.31 Billion |
| Base Year | 2022 |
| Data Center Cooling Market Size in 2022 | USD 13.51 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments Covered | Product, Data Center Type, Cooling Technique, Industry and Geography |
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Drivers and Restraints:
Rising Need to Increase Infra Budgets to Improve Business Growth to Boost Market Progress
Use of advanced technologies, such as IoT and Industry 4.0 has encouraged companies to increase their infrastructure spending. This factor will boost the adoption of innovative data center cooling techniques to optimize the consumption of electricity. This will make data centers more energy efficient.
Rules and regulations with respect to data protection may hamper market growth.
Segmentation
By Product
- Air Conditioners
- Precision Air Conditioners
- Liquid Cooling
- Air Handling Unit
- Others (Air Economizers, Heat Rejection, Chillers)
By Data Center Type
- Large Scale
- Medium Scale
- Small Scale
By Cooling Technique
- Room-based Cooling
- Rack-based Cooling
- Row-based Cooling
By Industry
- BFSI
- IT and Telecom
- Manufacturing
- Retail
- Healthcare
- Energy and Utilities
- Others (Government & Defense, Education)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America Market to Gain Momentum with Growing Establishment of Data Centers
North America accounted for the largest market share in 2022 as the region is known to have a large network of data centers. The U.S. has the highest number of data centers and the country has increased its investments in creating a robust IT infrastructure. These initiatives are estimated to augment the regional market growth.
The Asia Pacific market will also show notable growth as data center operators across the region are focusing on enhancing consumer experience in terms of internet speed and latency.
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Competitive Landscape:
Companies to Engage in Strategic Partnerships to Expand Product Portfolio
The market players are signing partnership and acquisition agreements to boost their customer base. They are also increasing their investments in advanced technologies to create new products to cater to the unique demands of their end-users.
FAQs
How big is the data center cooling market?
The data center cooling market size was USD 13.51 billion in 2022. It is expected to reach USD 30.31 billion by 2030.
How fast is the data center cooling market growing?
The data center cooling market will exhibit a CAGR of 10.7% during the forecast period, 2023-2030.
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