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Data Center Construction Market Size, Share, Segmentation And Trends Forecast To 2033
Data Center Construction Market Share
According to The Business Research Company's, the data center construction market size has grown strongly in recent years. It will grow from $250.4 billion in 2023 to $270.07 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to growing demand for data storage and processing, rising investments in digital infrastructure, globalization, demand for colocation data centers.
The data center construction market size is expected to see strong growth in the next few years. It will grow to $364.67 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to growth of the digital economy, expanding global data center, shift to cloud computing, growing demand for edge data centers, 5g rollout. Major trends in the forecast period include sustainability and green design, modular data centers, security and compliance, data center-as-a-service.
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Market Drivers and Trends:
The surge in data usage in cloud computing is expected to propel the growth of the data center construction market in the coming future. Data usage refers to the amount of data uploaded or downloaded using data on a device. This necessitates the construction of a data center building business to build more data center spaces. For instance, in November 2022, according to a legal technology survey report conducted by the American Bar Association, a US-based association of lawyers and law students, the overall cloud data usage climbed significantly from 60% in 2021 to 70% in 2022, with solo cloud users increasing from 52% to 84% in a year. Therefore, the surge in data usage in cloud computing is driving the data center construction market.
Major players operating in the data center construction market are concentrating on the technological advancement of products by implementing innovations such as Universal Data Hall Design (UDHD) to improve their market share. Universal Data Hall Design (UDHD) ) is a data center design that includes typical colocation components while emphasizing flexibility and scalability. UDHD has a slab floor with perimeter cooling, making it suited for large full-hall high-performance computing (HPC) applications deployments. For instance, in August 2023, DataBank Holdings Ltd., a US-based provider of information management services, launched Universal Data Hall Design (UDHD), a new innovative approach for high-density data center construction to support high-performance computing (HPC). Universal Data Hall Design (UDHD) allows HPC by giving enterprises the flexibility to handle whatever deployment their workloads need.
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Major Key Players of the Market:
Google LLC, Amazon Web Services Inc., Microsoft Azure, The International Business Machines Corporation, Schneider Electric SE, Meta Platforms Inc., NTT Ltd., Turner Construction Co, STO Building Group Inc., Equinix Inc., DPR Construction Inc., Iron Mountain Inc., Digital Realty Trust Inc., Stantec Inc., SAS Institute Inc., Zayo Group Holdings Inc., Gensler, CyrusOne LLC, Hensel Phelps Construction Co., Cyxtera Technologies LLC, Fortis Construction Inc., QTS Realty Trust Inc., HITT Contracting Inc., TierPoint LLC, Sabey Data Center Properties LLC, Flexential Corp., Holder Construction Group LLC, Cologix Inc., Alfa Tech Consulting Engineers Inc., ipSpace.net AG.
Data Center Construction Market 2024 Key Insights:
• The data center construction market is expected to grow to $364.67 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Growing Demand For Cloud Services Drives Data Center Construction Market Growth
• Leading Data Center Construction Companies Embrace Universal Data Hall Design (UDHD) To Enhance Technological Capabilities
• North America was the largest region in the data center construction market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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