Dublin, Feb. 14, 2022 (GLOBE NEWSWIRE) -- The "Data Center Cooling Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Offering, Component, Cooling Type, Data Center Type, and Industry Vertical (BFSI, Manufacturing, IT & Telecom, Media & Entertainment, Retail, Government & Defense, Healthcare, Energy, and Others" report has been added to ResearchAndMarkets.com's offering.
The market is expected to grow from US$ 10,217.0 million in 2021 to US$ 25,552.2 million by 2028; it is estimated to grow at a CAGR of 14.0% from 2021 to 2028.
With the exponential increase in the internet consumption, the development of high-end software & application systems and the increase in the number of interconnected devices in public & private network steers an ever-increasing volume of data. The need to store and process this large volume of data has encouraged the companies to adopt advanced storage and processing solutions thus driving the data center.
With the rising adoption, data center has increasingly become a crucial aspect of the modern economy, from the servers that operate in SMEs to the organization data center that support large business corporations and the plantations that run cloud computing services that are hosted by the technology giants including Amazon, Facebook, Google and others.
In the wake of globally snowballing digital economy and a data center industry, which is challenged continually with staying ahead of customers' IT roadmaps, different end-users have emerged to distinguish themselves with varying data center requirements.
Rising penetration of connected devices and easy access to internet coupled with decreasing cost of internet services has resulted in up surged demand for data storage worldwide. This is due to increasing demand for big data analytics and cloud-based services, such as online contents including movies, apps, videos and social media.
The proportion of data center traffic generated by cloud was around 1.2 zettabytes of data, according to Cisco Systems, and this comprised of 46% of the total traffic. This has resulted in cloud-based companies to deploy more IT space in their data centers. Several industries are exploring the cloud offerings and discovering the benefits of data center services to support their needs related to cloud.
These developments are directly affecting the increase in Internet of Things (IoT) and data needs of the companies, thereby resulting in the construction of large number of data centers across the globe.
The data center cooling market is segmented on the basis of offering, cooling type, data center type, industry vertical, component, and geography.
- Based on type, the market is segmented into solutions and services. In 2021, solutions segment accounted for the largest market share. In terms of cooling type, the market is bifurcated into room based cooling, rack based cooling, and row based cooling. In 2021, room based cooling segment accounted for a larger share in the market.
- Based on data center type, the market is segmented into enterprise data center, colocation data center, wholesale data center, and hyper scale data center. In 2021, colocation data center segment accounted for a larger share in the market.
- Based on industry vertical, the market is segmented into BFSI, manufacturing, IT & telecom, media & entertainment, retail, government & defense, healthcare, energy, and others. In 2021, IT & telecom segment accounted for the largest market share.
- Based on component, the market is segmented into air handling units, chillers, cooling towers, air conditioning units, humidifiers, heat exchangers and others. In 2021, air conditioning units segment accounted for a larger share in the market.
- In 2021, the North America segment accounted for the significant share in the global market.
Key Market Dynamics
Market Drivers
- Rapid growth in the number of data centers across the world
- Increase in data traffic leading to increase in the demand for effective cooling solutions
- Escalating Demand for Cost-Effective Data Center Solutions
Market Restraints
- High Initial Costs
Opportunities
- Proliferation of liquid cooling technology
Future Trends
- Integration of advanced technologies and environmentally friendly systems
Companies Mentioned
- Asetek, Inc
- Fujitsu Limited
- Hitachi, Ltd
- Nortek Air Solutions, LLC
- Rittal GmbH & CO. KG
- Schneider Electric SE
- Stulz GmbH
- Trane Technologies plc
- Vertiv Group Corporation
- Black Box Corporation
- Carrier Global Corporation
- Aspe Systems, LLC
For more information about this report visit https://www.researchandmarkets.com/r/ve72uy
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