Data Center Power Market Growth by 2031 | AMR Unveils New In-depth Research on Singapore’s Spark Plug Market
With the increasing digitalization and technology adoption in the APAC countries, the demand for data center power solutions has been steadily rising.
PORTLAND, PORTLAND, OR, UNITED STATES, October 20, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Data Center Power Market,” The data center power market size was valued at $11.2 billion in 2021, and is estimated to reach $24 billion by 2031, growing at a CAGR of 8% from 2022 to 2031.
Data center has caused technology and services to grow at an unbelievable rate in the industry. Technologies such as cloud computing demand a lot of processing power, but they have advantages such as improved scalability, efficiency, and flexibility of business operations. As a result, many medium-sized businesses now use effective data centers, such as cloud web hosting and colocation data centers.
Additionally, since data centers are used more frequently, mega and cloud data centers are being adopted more frequently. Due to their peak power needs for data-intensive operations, these data centers have a high demand for uninterruptible power supply (UPS) and power distribution units (PDUs). Power management products assist in distributing power from the utility grid to data center racks and supply power during power outages.
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What are the Top Market Drivers?
According to the report, the data center power market is driven by a host of factors, some of which are noted below:
• Increasing adoption of advanced technologies such as cloud computing in numerous end-use industries.
• Growing use of data centers due to their superior benefits such as efficiency, enhanced scalability, and flexibility of business operations.
The high initial investment needed in the data center power market is a significant barrier for businesses. It is necessary to switch from outdated to modern data center components in order to implement modern power systems in data centers. This shit needs infrastructure upgrades, the installation of new hardware and software, and labor. High initial investment is necessary for this transition process.
Due to this requirement, the majority of businesses, including SMEs with limited capital, frequently cannot update their data center. Data center owners strive to reduce operational costs by maximizing savings. The cost of servers, racks, and Heating Ventilation and air conditioning (HVAC) systems in data centers, as well as power rates, all rise along with operational costs.
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Impact of Covid-19 on the Global Data center power industry
• The COVID-19 outbreak gave rise to a new business environment that will increase demand for cloud services and digitization, having a significant impact on the world global market for data center power.
• In the pandemic, the demand for online services such as gaming, streaming video, live events, and others increased tremendously. So, in order to meet the increased demand, technological innovating companies focus on the installation of a highly reliable data center to meet the demand.
• The pandemic outbreak has wreaked havoc on many other sectors of the economy but has had a favorable effect on the market for data center power. This is primarily due to the pandemic-era increase in the work-from-home culture and demand for software as a service (SaaS) in the pandemic era.
The global data center power market share is segmented based on product, end user, and region. By product, it is classified into PDU, UPS, Busway, and others. By end-user, it is classified into IT & telecommunications, BFSI, government, energy, healthcare, retail, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Over the forecasted years, the UPS sub-segment is expected to hold a significant market share. This can be attributed to the increasing adoption of cloud computing and the growing demand for reliable and secure data access. These factors have had a positive impact on this sub-segment during the analysis period. Additionally, the continuous supply of clean power, easy access to Software as a Service (SaaS), and high-performance solutions are anticipated to drive market growth during the analysis timeframe. As a result, companies operating in this market are implementing business expansion strategies and innovating their products to thrive in the global industry. These factors are projected to be the primary drivers of growth in the data center power market throughout the forecast period.
The key players profiled in the data center power market report include Vertiv Group Corp., ABB, General Electric, Schneider Electric, Anord Mardix, ZincFive, Inc., Siemens, Mitsubishi Electric Corporation, Cisco Systems, Inc., and Eaton.
The report offers a comprehensive analysis of the global data center power industry trends by thoroughly studying different aspects of the market, including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working toward the growth of the market. Furthermore, the report sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.
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