The global data centers cooling market size is projected to reach USD 11.97 billion by 2028. The increasing industrialization across the world will create several growth opportunities for companies operating in this market. According to a report published by Fortune Business Insights, titled “Data Center Cooling“ Market Size, Share & Industry Analysis, By Product (Air Conditioners, Precision Air Conditioners, Chillers, Air Handling Unit, and Others), By Data Center Type (Large Scale DC, Medium Scale DC, and Small Scale DC), By Cooling Technique (Room Based Cooling, Rack Based Cooling, and Row Based Cooling), By Industry (BFSI, IT and Telecommunication, Manufacturing, Retail, Healthcare, and Others) and Regional Forecast, 2019-2028,” the market size was USD 6.27 billion in 2018 and will exhibit a CAGR of 8.5% during the forecast period, 2019-2028.
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Some of the leading companies that are operating in the global data centers cooling market are:
- ABB Ltd.
- Airedale Air Conditioning
- Asetek, Inc.
- Black Box Corporation
- Cormant, Inc.
- Device42, Inc.
- Emerson Electric Co.
- FNT GmbH
- Nortek Air Solutions, LLC
- Optimum path Inc.
- Schneider Electric
- Sunbird Software, Inc.
- Vertiv Group Corp.
Key Market Driver –
- Growth in 5G technology, penetration of big data and IoT market
- Increasing application areas of digital services sites and social media platforms
Key Market Restraint –
- Need to obtain authorization from concerned government authority for using modular data center systems and rising cyber-crimes involving risk in handling confidential company data risks
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Key Industry Developments
- November 2018: Huawei Technologies Co., Ltd. introduced an advanced cloud modular data center in South Africa, which would be available by the end of 2019. Similarly, in January 2019, the company opened a new data center switch that is powered and backed by an artificial intelligence (AI) chip. This advanced data center is developed with an aim to optimize the overall performance and reduce latency to near zero.
Fortune Business Insights provides a detailed evaluation of the global market by analyzing the factors driving the market. Besides this, it also discusses some of the economic trends prevailing in the energy and power industry. These trends are analyzed in the report to see an overall impact on the global market.
The integration of internet of things with the system is a major factor anticipated to fuel the demand in the market during the forecast period 2018-2028. Additionally, rising adoption of e-financial services is expected to boost the global market.
On the contrary, high cost associated with upgraded technology is a factor that may restrain the global market.
As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable the growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to rising adoption of sedentary lifestyle in nations such as India and China.
The report also offers insights on the key players operating in the global market
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Key segments within the market
1. By Product
- Air Conditioners
- Precision Air Conditioners
- Air Handling Unit
- Others (Air Economizers, Heat Rejection and Others)
2. By Data Center Type
- Large Scale DC
- Medium Scale DC
- Small Scale DC
3. By Cooling Technique
- Room-based Cooling
- Rack-based Cooling
- Row-based Cooling
4. By Industry
- Banking, Financial Services, and Insurance
- IT and Telecom
- Others (Government & Defense, Energy and Others)
5. By Region
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Scandinavia, and Rest of Europe)
- Asia-Pacific (Japan, China, India, Southeast Asia, and Rest of Asia-Pacific)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
- Latin America (Brazil, Mexico, and Rest of Latin America)
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Increasing Number of Product Launches Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Due to the huge potential held by the market, several companies are looking to better their existing portfolios. In August 2019, Schneider Electric announced the expansion of its data center solutions portfolio with the integration of enhanced and digitized versions of critical facility operations. These solutions are specifically designed large data center operators. With benefits such as increased operational efficiency, lower risk and maximum uptime, and efficient IT planning, the product is wet to witness huge demand in the coming years.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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