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Data Center Renovation Market 2024 Industry Insights, Business Growth, Trends And Forecast To 2033 | Major Players Are APL Data Center, IBM Corporation, Cisco Systems Inc., Schneider Electric SE, Hewlett Packard Enterprise Company.
Data Center Renovation Market
The Business Research Company presents an extensive market research report on the Data Center Renovation Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The data center renovation market size has grown exponentially in recent years. It will grow from $24.4 billion in 2023 to $30.08 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The growth in the historic period can be attributed to legacy infrastructure modernization, increasing data storage requirements, energy efficiency concerns, security and compliance upgrades.
The data center renovation market size is expected to see exponential growth in the next few years. It will grow to $74.66 billion in 2028 at a compound annual growth rate (CAGR) of 25.5%. The growth in the forecast period can be attributed to edge computing integration, 5G implementation, sustainability and green computing, resilience and disaster recovery. Major trends in the forecast period include technological advancements, sustainability and green initiatives, modular and scalable designs, advanced cooling technologies.
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Key Market Players:
Major companies operating in the data center renovation market report are APL Data Center, IBM Corporation, Cisco Systems Inc., Schneider Electric SE, Hewlett Packard Enterprise Company, ABB Ltd., Eiffage Énergie SAS, Eaton Corporation plc, Turner Construction Co., AECOM, Gilbane Building Company Inc., JE Dunn Construction Group Inc., Hensel Phelps Construction Co. Inc., DPR Construction Inc., HITT Contracting Inc., Black & Veatch Holding Company, SAS Institute Inc., MA Mortenson Company Inc., Panduit Corporation, CyrusOne Inc., Nabholz Corporation, Fortis Construction Inc., Clune Construction Company, L.P., Cap Ingelec SAS, Raritan Inc., Submer Technologies, Sunbird Software Inc., Gilford Corporation, Fujitsu Limited, NTT Global Data Centers Corp., Vertiv Holdings Co.
Market Drivers:
Increasing usage of online services is expected to propel the growth of the data center renovation market going forward. The increasing use of online services for payment, shopping, traveling, entertainment, and medical applications will increase overall data traffic across multiple sectors. This factor will encourage the data center renovation market leaders to modernize their back-end IT infrastructure to handle the ongoing market changes. For instance, according to the report published by DataReportal, a Singapore-based business intelligence company, in April 2022, 5 billion people across the world use the internet, which is equivalent to 63% of the total world's population. In addition, around 200 million people will be connected to the internet in the years 2021-2022. Therefore, the increase in usage of online services is driving the data center renovation market growth.
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https://www.thebusinessresearchcompany.com/report/data-center-renovation-global-market-report
The data center renovation market covered in this report is segmented -
1) By Product: Cooling, Power, IT Racks and Enclosures, Networking equipment, DCIM, Other Products
2) By Organization Size: Small Size Organization, Medium Size Organization, Large Size Organization
3) By Application: BFSI, IT and Telecom, Manufacturing, Government, Healthcare, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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