Global Data Center Renovation Market Insights Forecasts to 2030
- The Data Center Renovation market was valued at USD 16 billion in 2021.
- The market is growing at a CAGR of 19.73% from 2022 to 2030
- The global Data Center Renovation market is expected to reach USD 70.21 billion by 2030
- Asia Pacific is expected to grow the fastest during the forecast period
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The Global Data Renovation Market Size is expected to reach USD 70.21 billion by 2030, at a CAGR of 19.73% during the forecast period 2022 to 2030. The increasing number of expansion plans by data center market players are going to propel the market growth.
The market players are improving their old set ups with an aim to cater to the large customer base. In April 2020, the Neutrality Data Centers has made an announcement about the completion of a series of substantial infrastructure renovation and upgradation to its interconnected data center in Kansas. In addition, the organization has made an investment in power, cooling, and mechanical upgradation in increasing primary and secondary power generation. Apart from this, the company also created additional meet me rooms, new floor cage spaces, colocation cabinets, and uninterrupted power supply arrangements. Its upcoming expansion plans is anticipated to increase the demands for racks and enclosures, UPS, and cooling systems which will increase the market growth.
Global Data Center Renovation Market Report Coverage
|Market Size in 2021:||USD 16 Billion|
|Forecast Period 2022-2030 CAGR:||19.73%|
|2030 Value Projection:||USD 70.21 Billion|
|Historical Data for:||2019-2020|
|No. of Pages:||195|
|Tables, Charts & Figures:||120|
|Segments covered:||By Product, By Application|
|Companies Covered:||Vertiv Co., IBM Corporation, APL Data Center, Schneider Electric, Panduit Corporation, Black & Veatch Holding Company, Dorsalys|
|Growth Drivers:||The companies should rely on data centers in fulfilling their IT requirements because on-demand services are gaining popularity with each passing day.|
|Pitfalls & Challenges:||Cost, environmental, and workforce related problems could hamper the overall growth of the global data center renovation market.|
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This research report categorizes the market for data center renovation market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the data center renovation market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the data center renovation market.
The companies should rely on data centers in fulfilling their IT requirements because on-demand services are gaining popularity with each passing day. Not only this but also data centers have underwent tremendous change owing to the increasing demands made by the organizations for backup and recovery, data management, and productivity tools like email. Furthermore, the rising number of data centers which serve enterprise applications and provide data storage, backup and recovery, and administration services are also the secondary factors which drive the market growth.
Cost, environmental, and workforce related problems could hamper the overall growth of the global data center renovation market. This is because the environmental impacts are increasing which are caused due to climate change, biodiversity, pollution, and natural resources. Though there are a lot of challenges, they will provide many improvement opportunities which could create long lasting positive impact. Apart from this, the cost of renovation is extremely high which could impact the small and medium sized businesses from setting up a new center.
In 2021, Cooling Data Center Renovation Segment to witness the growth rate of more than 15%.
Based on product, the Data Center Renovation market is segmented into cooling, power, IT Racks & Enclosures, Networking Equipment, LV/ MV Distribution, DCIM. Among these, the cooling segment is anticipated to witness the market share of more than 15% over the predicted timeframe owing to the investment made in research and development. Apart from this, the increasing demand for advanced back-end IT systems is also attributed to the increasing dependency on the digital platforms for entertainment payment, and shopping purposes. All these factors have prompted the companies to develop their existing portfolios.
In 2021, BFSI segment to dominate the market with the overall revenue of around USD 1 billion.
On the basis of application, the Data Center Renovation Market is segmented into BFSI, Colocation, Energy, Government, Healthcare, Manufacturing, IT & Telecom. Among these, the BFSI segment is anticipated to dominate the market with the overall revenue of about USD 1 billion owing to the increasing digitization across the given sector. Apart from this, the surge in the usage of digital services like mobile wallets, online banking, and UPI payments are also encouraging the many companies to upgrade their existing structures for catering to the needs of the customers. In addition, the increasing focus on improving the customer experience will boost the demand for solutions like networking equipment, UPS, DCIM, and others for upgradation of the current data center facilities which will increase the segmental growth.
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North America emerged as the largest market for the global data center renovation market in 2021.
In 2021, North America holds the largest market share of 40% owing to the increasing concerns from government department with regards to the data center energy usage. According to the US Office of Energy Efficiency & Renewable Energy, data centers require about 10 to 50 times additional energy than regular commercial office building when it comes to the energy consumed per floor space. Apart from this, the significant electricity needs have also inspired the government officials to announce strict rules in reducing energy consumption.
List of Key Market Players
- Vertiv Co.
- IBM Corporation
- APL Data Center
- Schneider Electric
- Panduit Corporation
- Black & Veatch Holding Company
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In June 2021, Scheider Electric has introduced all in one liquid cooling module which is featured with a chassis level precision immersion cooling.
Data Center Renovation Market, By Product
- IT rack & enclosures
- Networking equipment
Data Center Renovation Market, By Application
- IT & Telecom
Data Center Renovation Market, Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
Rest of Middle East & Africa
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