Selbyville, Delaware , Oct. 30, 2023 (GLOBE NEWSWIRE) -- Data Center Power Management Market size is estimated to be valued at over USD 12.1 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The rising popularity of renewable energy sources for powering data centers will influence the market growth. In order to limit the reliance on fossil fuels while lowering the environmental impacts, several organizations, in recent years, are increasingly investing in solar, wind, and hydroelectric power generation. To cite an instance, the renewable energy sector in India is expected to attract $25 billion in investments in 2023. The growing prominence of power management solutions for seamlessly integrating renewable energy sources to ensure efficient utilization as well as monitoring of renewable power in data centers will also drive the industry expansion.
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Services segment to record significant revenue
Demand for data center power management market accounted for significant revenue in 2022 and is expected to reach USD 4.4 billion by the end of 2032. The surging levels of complexity in data center power management systems has compelled multiple organizations to seek expert advice and guidance to facilitate optimal power management strategies. The rising demand for seamless installation as well as integration of power management solutions within the existing data center infrastructure will also play crucial role in the market expansion.
Medium data centers to gain significant traction
Data center power management market value from the medium data center size segment may witness 5.7% CAGR from 2023-2032. The growth can be attributed to the rising investments in advanced power management solutions for achieving higher energy efficiency, reduced downtime risks and enhanced overall data center performance. The expanding digital ecosystem coupled with the surging data volumes generated by various industries is also driving the popularity of medium data centers. The growing obligation for enhancing data processing capabilities will influence the segment expansion.
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Europe to emerge as a lucrative market destination
Europe data center power management market size is poised to depict 6.8% CAGR from 2023-2032 due to the influx of stringent regulations and initiatives for promoting renewable energy sources. The robust focus on sustainability as well as energy efficiency has led to the higher deployment of advanced power management solutions in data centers. The rising number of investments in hyperscale data centers driven by the growing digital economy and expansion of colocation services will also contribute to the regional market growth. To cite an instance, in January 2023, leading hyperscale data center provider, Vantage Data Centers invested £500 million for the development of new 48MW campus to mark its entry into the London market.
Data Center Power Management Market Key Players
Few of the well-known data center power management companies include ABB Ltd., Cummins Inc., DataSpan, Delta Electronics, Inc., Eaton Corporation, General Electric Company, Hewlett Packard Enterprise, Huawei Technologies, Legrand SA, Panduit Corp., Schneider Electric SE, Siemens AG, Socomec Group, Sunbird, and Vertiv Co. These industry leaders are placing targeted efforts on investment and partnership strategies for scaled revenues and reinforced global presence. For instance, in April 2023, Cummins invested USD 1 billion for enhancing its U.S. manufacturing plants in North Carolina, Indiana, and New York to support the industry's first-ever fuel-agnostic engine platforms and power sector.
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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.
