Based on a report published by Grand View Research, Inc.; the global data center cooling market is projected to achieve a valuation of USD 17.78 billion by 2024. Emergence of big data and cloud computing in organizations is anticipated to drive the global market over the forecast period (2013 to 2024). Such advanced cooling techniques can maintain favorable environment inside data centers and promote smooth operations. In addition, growing requirement to remove heat produced by the information technology (IT) equipment present in data centers to prevent any damage to those equipment can influence demand for data center cooling systems.
High demand for cloud computing owing to growth of structured and unstructured data is anticipated to propel market growth. Rising adoption of data center cooling solutions to maintain environmental conditions essential for smooth operations of IT equipment can foster market expansion in near future. Increasing number of data centers demanding flawless functionality using efficient cooling systems for data centers can further propel the market for data center cooling. Rising power densities in data centers owing to growth in computing capabilities can fuel growth of the market during the forecast period.
The worldwide data center market can be segregated on the basis of product, application, and region. Based on product, the market can be classified into precision air conditioning, air conditioners, chillers, and air handling units. In 2015, the air conditioner segment dominated the market while accounting for around 30% of overall revenue generated. Minimal investment, low maintenance, and easy installation are estimated to support demand for air conditioners. Possibility to install these air conditioners in existing data centers is one of the major growth drivers for this segment in the past few years.
Full Research Report On Data Center Cooling Market Analysis:https://www.grandviewresearch.com/industry-analysis/data-center-cooling-market
U.S. data center cooling market size by product 2013 -2024 (USD Billion)
On the other hand, the precision air conditioners segment is expected to grow at a CAGR of over 10% in the next few years owing to low cost. In addition, improved air distribution and greater level of handling sensible heat can spur demand during the forecast period. In addition, they can handle humidity and temperature within a narrow range to offer environmental stability required by equipment in data centers. Thus, use of precision air conditioners can avoid expensive downtime of businesses due to equipment damage. Furthermore, air handling units and chillers segments are also expected to witness substantial growth in the next few years.
Based on application, the data center cooling market can be divided into retail, healthcare, telecom, BFSI, energy, and others. In the coming years, telecom industry is anticipated to witness significant expansion owing to emerging telecommunication infrastructure managing huge amount of data. The BFSI segment is expected to grow at nearly CAGR of 10% during the forecast period due to rising demand to protect crucial information and transactions in banking sector. Furthermore, proliferation of bring your own device (BYOD) phenomenon coupled with increasing number of colocation IT service providers with growing data generation can impel the use of data center cooling systems in IT sector.
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Global data center cooling market share by application, 2016 (%)
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, Middle East and Africa. In 2015, North America dominated the market while accounting for 40% of overall market share. In the coming years, the market is expected to grow at CAGR of around 9% due to the presence of a high number of data center service providers in the region. There can be 1600 data centers within North America.
In Asia Pacific, the market is estimated to grow at the fastest CAGR of around 15% during the forecast period. High demand from South East Asian countries can influence market growth. In addition, rising number of telecom subscribers using smartphones are projected to spur demand for data center cooling solutions in the region. In Middle East & Africa and Latin America, the market is predicted to grow at a substantial rate in the next few years.
Some of the leading companies in the worldwide data center cooling market are Schneider Electric; Emerson Network Power; Air Enterprises; Rittal GmbH & Co. KG; and Climaveneta. Most companies focus on R&D investments to offer new and innovative data center cooling systems. In addition, the companies are likely to follow inorganic growth strategies such as joint ventures and mergers & acquisitions to withstand competition.
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