Data Center Cooling Market to be worth more than USD 20 billion by 2024, growing at a CAGR of approximately 12%

Key players participating in the data center cooling market comprise Schneider Electric, Nortek Air Solutions, LLC, Rittal GmbH & Co. KG, Black Box Corporation, Airedale International Air Conditioning Ltd., and AdaptivCOOL. The industry is highly competitive in nature due to the presence of various established companies using technologically advanced cooling approaches. These companies are also working on enhancing the current range of products and new product development to remain prominent in the data center cooling market.

Data Center Cooling Market was over USD 8 billion in 2016 growing at a CAGR of over 12% over the forecast timeline. This growth is accredited to the rising sum of data centers worldwide to manage the enormous amount of data generated from various industries. The cooling equipment helps in removing excessive heat from the facility which is generated by the different IT equipment delivering a functionable environment. The penetration of advanced cooling technologies such as liquid cooling solutions and hot/cold aisles will also offer opportunities to the industry. Furthermore, the increase in the unpredictable scaling capacities of the facility also demand an efficient cooling infrastructure which will boost the data center cooling market demand.

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The high costs associated with the equipment and services such as management & maintenance required for the upkeep of the equipment will hinder data center cooling market over future. Although, the industry participants are delivering equipment with competitive prices to gain prominence. The usage of unreliable power sources connected to the equipment and power flows due to faulty installations of the them also pose a growth challenge.

The services segment is expected to witness growth in the data center cooling market due to the demand from the customers to efficiently manage the facility and gain insights for better management. The maintenance service providers help in minimizing the maintenance of the underutilized equipment so that the Power Usage Effectiveness (PUE) can be lowered. They also carry out the inspection under the raised floor as most of the cooling equipment is kept there. This makes the operators more aware of any kind of potential issues such as rodent, water droppings, any loose floor foundations and openings in the surrounding walls. Moreover, these services are needed for the efficient management of the equipment and reduce the costs associated with equipment repair or failure. Efficient monitoring and management of tools can directly affect the data availability which makes the data center operators more inclined towards such services.

The colocation application segment is predicted to grow substantially in the data center cooling market due to high demand for scalability, price transparency and edge connectivity benefits offered by the facility. In addition, the ability to offer scaling of the capacity easily and lower the network latency will also fuel the industry demand. The BFSI application segment will grow at a significant rate in the data center cooling market due to the rising inclination of the consumers for online banking services resulting in rise in enormous amount of data to be managed, fueling the demand for more number of data center. The trend toward on-demand services and infrastructure consolidation will also fuel the demand. The wide scale adoption of smart devices and consumer demand to protect the financial assets and information property is anticipated to drive the demand for data center cooling market to increase efficiency and cost effectiveness of the infrastructure.

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The data center cooling market in Asia Pacific will observe high growth accredited to rising number of data centers in the region due to the increasing demand for digitalization due to the convenience offered. The facilities help in supporting the digitalization trend as it significantly reduces the carbon emissions and overall energy consumption. Many key players such as Equinix are investing to construct these facilities due to the long term economic prospects and the increasing penetration of the internet in the region. In addition, the flourishing telecommunication industry and the demand for the availability of critical data will fuel the data center cooling market growth in the region.

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https://www.marketwatch.com/press-release/ip-camera-market-to-grow-at-20-cagr-could-hit-20-billion-by-2024-2018-09-11

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