Press release
Why to Invest in Data Center Rack Market Which Size Forecast to Reach USD 9.5 Billion by 2031
Rise in popularity of server virtualization & remote control, and increase in adoption of data center rack technology across enterprises to enhance the operation & productivity drive the global data center rack market. Stringent security requirement and increase in demand for more compact and scalable server types will present new growth opportunities for the global graphene electronics market in the coming years.
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The global data center rack market was valued at USD 3.9 billion in 2021, and is projected to reach USD 9.5 billion by 2031, growing at a CAGR of 9.7% from 2022 to 2031.
The data center rack market is segmented into component, rack type, data center size, industry vertical, rack height and region. By component, it is bifurcated into solution and service. By rack type, it is divided into cabinets/ enclosed racks and open frame rack. By data center size, the market is segregated into large data centers and small and mid-sized data centers. Basis of rack height, market is classified into below 42U, 43U up to 52U and above 52U. By industry vertical, the market is classified into BFSI, manufacturing, IT & telecom, retail, healthcare, media and entertainment and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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COVID-19 Scenario:
● The COVID-19 outbreak positively impacted the data center rack market, as data center rack technologies helped enterprises to address the extensive capacity demand data storage.
● Moreover, the pandemic was opportunistic for the data center rack market forecast, as organizations across the globe adopted data center rack to enable their business objective during work from home initiatives.
● On the other hand, the demand for data center rack services decreased in some nations. For instance, in the Middle East, the simultaneous effects of COVID-19 and significant drops in oil prices had a variety of economic consequences throughout the Gulf region. They significantly provoked the demand shock of a hydrocarbon industry, which reduced the demand for data center rack service in the region.
● However, surge in investments in data analytics, rise in adoption of AI and ML, advent of autonomous vehicles & drones, and rise in need for tracking real-time information are expected to boost the data center rack market trends in the post-pandemic.
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On the basis of rack type, the cabinets/enclosed racks segment contributed to the largest share of around two-thirds of the global data center rack market revenue, and is expected to retain its dominance by 2031. Also, the same segment would portray the fastest CAGR of 10.6% during the forecast period. This is due to the rise in prominence of data center racks and cabinets as essential components of the IT infrastructure of business.
In terms of rack height, the 42U and below segment contributed to the largest share of nearly three-fifths of the global data center rack market in 2021, and is expected to maintain progressive growth during the forecast period. It is compatible with a wide variety of servers and rack-mountable networking equipment, which drives the segment. However, the 43U up to 52U segment would portray the fastest CAGR of 12.0% during the forecast period. Due to rising space of organization, rack sizes have increased to accommodate a greater number of racks.
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By region, North America accounted for the highest share in 2021, holding nearly half of the global data center rack market revenue, and is projected to rule the roost by 2031. The rising investment in advanced technologies such as data center rack to improve business and costumer experience are anticipated to provide ample growth opportunities for the data center rack market in North America. The Asia-Pacific region, simultaneously, would portray the fastest CAGR of 12.6% during the forecast period. This is attributed to increase in penetration of digitalization and higher adoption of advanced technology that propel the growth of the market in this region.
The key players that operate in the data center rack market analysis are Black Box, Eaton Corporation, Great Lakes Data Racks & Cabinets, Oracle Corporation, Schneider Electric, Hewlett Packard Enterprise Development LP, Fujitsu, Dell Technologies Inc., Rittal GmbH & Co. KG, Samsung Electronics Co., Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the data center rack industry.
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