Data Center Power Market to be worth more than USD 27 billion by 2024, growing at a CAGR of approximately 8%

Major players operating in the data center power market include Schneider Electric S.A., Delta Electronics Inc, Emerson Corporation, General Electric Co., Mitsubishi Electric, ABB Ltd., Eaton Corporation, Siemens AG, and Ametek, Inc. Companies are looking to gain a market share in untapped regions with an enhanced product range. The data center power market will achieve an enormous growth by maintaining the product efficiency and consistency. Suppliers are focusing on manufacturing power management solutions which help optimize the performance and are expected to thrive in the forecast timespan, with evolving needs of the operators.

Data Center Power Market is expected to exceed USD 27 billion by 2024. The growth can be attributed to the rising trend of virtualization and cloud computing. The growing need for cloud storage has resulted in a growing number of data centers globally, which are consuming a huge amount of energy. For instance, according to the U.S. Department of Energy, data centers in the U.S. accounted for around 2% of the overall energy consumption. To increase efficiency and Power Usage Efficiency (PUE) ratio, several designers are deploying innovative power management solutions, such as battery monitoring equipment, smart UPS, and intelligent rack PDUs, which are the key trends that will boost the data center power market demand.

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Several businesses are focusing on the implementation and construction of green infrastructure facilities owing to the rise in the consumption of electricity and carbon emissions. Green data centers are helping businesses to ensure energy efficiency by reducing carbon footprint and electricity consumption. The usage of these facilities is growing within the larger businesses and SMBs for the collection, evaluation, processing, and distribution of a vast amount of data in an incessant way. Companies operating in the entertainment and IT & telecom sector are implementing and using power management solutions for their infrastructure, providing an impetus to the data center power market growth.

The colocation data center power market accounted for a majority of the industry share in several Asian and European countries over the last few years. Companies are gradually shifting their IT infrastructure to the cloud with colocation providers offering a perfect solution for cloud providers and business servers owing to which a sharp increase in the construction activities is being witnessed. In addition, the colocation providers are offering companies uninterrupted maintenance and services, thereby enhancing their performance and productivity. The growing focus on the reduction of operational expenditure and capital by companies will drive the colocation data center power market over the forecast timespan.

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In North America data center power market, factors including digitization and virtualization have led to the emergence of several cloud-based companies, which are playing a vital role in the regional growth. The growth is attributed to the presence of public cloud companies, such as Microsoft and Amazon, which are generating opportunities for construction of new data center coupled with the renovation of the legacy data centers. The U.S. was a major revenue generating country in 2016 as several providers were involved in powering the facilities for data center operation through renewable energy sources.

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https://www.marketwatch.com/press-release/by-2024-consumer-electronics-market-revenue-to-reach-15-trillion-2018-09-09

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