Data Center Cooling Market size worth $6.09 billion by 2023: Global Market Insights, Inc.
Data Center Cooling Market size is expected to be worth USD 6.09 billion by 2023; as per a new research report by Global Market Insights, Inc.
The number of data centers has been increasing, and has created need for efficient cooling so as to avoid downtime and ensure accurate functioning. High adoption of cloud computing across a myriad of industries coupled with need to curb carbon emission will drive the data center cooling market size. Proliferation of IT services and efforts to lower infrastructure costs are also projected to contribute to global data center cooling market growth over the forecast timeframe.
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Need for storage facilities and growing usage of BYOD are forecast to contribute to the data center cooling size. Large enterprises contributed over 60% of the global revenue in 2015 and are forecast to remain the largest segment over the next few years.
High capital expenditure and need for skilled personnel are among the major barriers to growth. Utilizing water or naturally cool air instead of mechanical refrigeration offers significant cost savings. Emergence of evaporative technology also offers significant growth avenues.
U.S. data center cooling market size will drive the North American regional industry to over USD 2.4 billion by 2023. Asia Pacific is forecast to witness high growth due to considerable demand from the IT sector.
Key participants contributing to data center cooling market share are Schneider Electric, Emerson, HP, IBM, Hitachi, etc. Developing energy efficient products and R&D investments represent major growth strategies. High investment coupled with the presence of a stringent regulatory scenario will increase entry barriers to the industry. Customers look towards product differentiation, and efficient after-sales and managed services as key buying criteria.
To access sample pages or view this report titled, “Data Center Cooling Market Size By Application (BFSI, Energy, Healthcare, Retail, IT & Telecom), By Product (Air Conditioners, Chillers), By Service (OEM, Managed Service), By Solution (Precision Air Conditioners, Precision Air Handling Units), By End-Use (Large Enterprises, Midsized Enterprises, Small Enterprises), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents, please click on the link below:
Key insights from the report include:
- The precision AHU market will grow at 11% CAGR estimations over the forecast timeframe to exceed USD 1.6 billion by 2023.
- Data center precision air conditioning market size will continue to dominate revenue in the coming years. They provide enhanced air filtration and humidity control, and are characterized by high air flow. Chillers represented majority of the data center cooling market share in 2015.
- Telecom & IT applications accounted for over 40% of the global share in 2015, with 11.8% CAGR expectations. High growth across the ITES sector is one of the major drivers in the segment. Other factors include high degree of flexibility for scalable network deployment and growing adoption of economical and environmentally efficient techniques.
- Growing digitization has led to cloud-based data management companies focusing increasingly on BFSI applications. This sector required low transaction turnaround time, high system availability, and periodic peak load.
- The OEM sector will grow faster than the global average over the coming years, with 11.6% CAGR from 2016 to 2023.