Data Center Power Market Share, Industry Trends And Forecast 2024 To 2033

The Business Research Company recently released a comprehensive report on the Global Data Center Power Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The data center power market size has grown strongly in recent years. It will grow from $23.17 billion in 2023 to $24.75 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increasing data center demand, rising data traffic, data center consolidation initiatives, focus on energy efficiency, government regulations for energy efficiency, green data center initiatives.

The data center power market size is expected to see strong growth in the next few years. It will grow to $32.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to energy storage integration, remote management and monitoring, deployment of modular data centers, focus on power quality and reliability, regulatory support for sustainable practices, demand for scalable power infrastructure. Major trends in the forecast period include advanced power distribution and management systems, hybrid and multi-cloud environments, high-density computing and cooling solutions, enhanced monitoring and analytics, collaboration for innovation.

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Market Drivers and Trends:

Increase in digital transformation is expected to propel the growth of the data center power market going forward. Digital transformation is the process of leveraging digital technologies, strategies, and tools to fundamentally change how organizations operate, deliver value to their customers, and interact with their stakeholders. Data center power plays a pivotal role in the ongoing digital transformation by providing the essential backbone for modern technological advancements. As businesses embrace digital transformation initiatives, data centers become the nerve centers that facilitate the storage, processing, and management of vast amounts of data. The demand for robust and scalable power solutions is heightened as organizations leverage cloud computing, IoT devices, artificial intelligence, and other data-intensive technologies to drive innovation and efficiency. For instance, in November 2022, Zippia, a USA-based online recruitment services company published a report, according to which $1.5 trillion was spent on digital transformation globally in 2021 and global spending on digital transformation is expected to reach $6.8 trillion by 2023. Therefore, increase in digital transformation is driving the data center power market.

Technological advancement is key in the data center power market. Major companies operating in the data center power market are focusing on developing new technological solutions to sustain themselves in the market. For instance, in June 2021, Hitachi ABB Power Grids, a Switzerland-based company operating in data center power, announced its new lifecycle management program technology. It gives users the ability to map and track the installed assets they have to fulfill the most pressing operational and technological requirements and to deliver full lifecycle value for their assets. The grid automation shield program offers the most recent details on the product lifetime and related services necessary for operation optimization.

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Major Key Players of the Market:

ABB Ltd., Anord Mardix Inc., Cisco Technology Inc., Delta Electronics Inc., Eaton Corporation plc, Huawei Technologies Co Ltd., Schneider Electric SE, Siemens AG, Toshiba Corporation, ZincFive Inc., Cyber Power Systems, General Electric company, N1 Critical Technologies Inc., PDU Experts solutions, Socomec Group S.A., AEG Power Solutions, Alpha Technologies, Ametek Powervar, Black Box Corporation, Caterpillar Inc., Cummins Inc., Cyber*ex, Emerson Network Power, Fuji Electric Co. Ltd., Generac Power Systems, Hitec Power Protection, Legrand SA, Mitsubishi Electric Corporation, MTU Onsite Energy, Piller Power Systems, Power Innovations International Inc., Power-One Inc.

Data Center Power Market 2024 Key Insights:

• The data center power market size is expected to see strong growth in the next few years. It will grow to $32.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Increase In Need To Store Data In The Cloud Drives The Growth Of Data Center Power Market
• Technological Innovations Reshaping The Data Center Power Market
• Asia-Pacific was the largest region in the data center power market in 2023

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