Press release
Data Center Renovation Global Market Expected to Witness $74.66 Billion with Impressive Growth at a 25.5% CAGR By 2028 | IBM Corporation, Cisco Systems Inc., CyrusOne Inc., ABB Ltd., AECOM
Data Center Renovation Global Market
The Business Research Company offers in-depth market insights through Data Center Renovation Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - The Rise Of Data Center Renovation In The Online Services Era
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.
Competitive Landscape:
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.
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Top Trend - Unveiling Huawei's Cutting-Edge Data Center Facility Technology
Major companies operating in the data center renovation market are launching next-generation data center facility providing new power supply system to increase their profitability in the market. An enhanced power system in the context of next-generation data center facility renovation encompasses the integration of advanced technologies and practices to ensure a reliable, efficient, and sustainable power supply. For instance, in May 2022, Huawei Technologies Co. Ltd., a China-based information and communications technology provider launched PowerPOD 3.0. Huawei's Next-Generation Data Center Facility focuses on sustainability, simplification, autonomous operation, and reliability, reaffirming the company's commitment to low-carbon, smart data centers. The innovative PowerPOD 3.0, a new power supply system, reduces footprint by 40%, slashes energy consumption by 70%, accelerates delivery from 2 months to 2 weeks, and improves reliability with a 38% lower SLA fault rate. The facility adopts metrics like PUE, CUE, WUE, and GUE to measure sustainability beyond just power usage effectiveness. Huawei's advancements aim to shape more efficient and eco-friendly data center operations.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Data Center Renovation Market Characteristics
3. Data Center Renovation Market Trends And Strategies
4. Data Center Renovation Market - Macro Economic Scenario
5. Data Center Renovation Market Size And Growth
…..
27. Data Center Renovation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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