Data Center Power Management Market Trends and Developments 2024

"The Business Research Company recently released a comprehensive report on the Global Data Center Power Management 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 management market size has grown strongly in recent years. It will grow from $20.79 billion in 2023 to $22.65 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to growing data center capacity demands, increasing adoption of cloud computing, rising awareness of energy efficiency, expansion of the digital economy, government regulations promoting energy conservation.

The data center power management market size is expected to see strong growth in the next few years. It will grow to $30.4 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to continued growth of cloud services, rising demand for edge computing, increasing complexity in data center infrastructure, focus on renewable energy sources, escalating importance of data security. Major trends in the forecast period include adoption of modular data center designs, increased use of liquid cooling solutions, integration of ai and machine learning for power management, emphasis on sustainable and green data centers, development of energy-efficient hardware components.

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Market Drivers and Trends:

Increasing data traffic is expected to boost the growth of the data center power management market going forward. Data traffic refers to the movement of digital data packets across a computer network or the internet. Power management is necessary for data centers to manage the data traffic and guarantee the dependability and accessibility of data center services while lowering energy usage and costs. For instance, in 2021, according to the World Bank, a US-based financial institution, the total global internet traffic increased by about 50% 2022 from 2020 levels, reaching 4.8 zettabytes, equal to 150,000 GB per second. Therefore, increasing data traffic is driving the growth of the data center power management market.

Product innovation is the key trend gaining popularity in the data center power management market. Major companies operating in the data center power management market are focusing on developing new products to sustain their position in the market. For instance, in June 2021, Eaton, a US-based power management company, launched the iCube 2.0 and the 9PX lithium-ion UPS power supply series. The unique feature of iCube 2.0 and 9PX Lithium-ion UPS is the ability to satisfy the demand for quick and sustainable computing capability while ensuring energy efficiency. The Eaton Intelligent Power Manager, included with the 9PX Li-ion UPS, enables advanced load-shedding capabilities to power crucial operational loads for extended periods and allows deep integration with VMware and HyperV virtual environments. This software enhances infrastructure resilience against unfavorable power and environmental events through disaster recovery automation.

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Major Key Players of the Market:

Huawei Technologies Co. Ltd., Siemens AG, General Electric Company, Schneider Electric SE, ABB Ltd., Hewlett Packard Enterprise, Cummins Inc., Eaton Corporation, Emerson Electric Co., Legrand SA, Kohler Co., Vertiv Group Corp., Generac Power Systems Inc., Aggreko Ltd., Delta Electronics Inc., Panduit Corp., Socomec, Cyber Power Systems Inc., Toshiba Electronic Devices & Storage Corporation, DataSpan Holdings, Server Technology Inc., Chatsworth Products Inc., ZPE Systems Inc., Sunbird Software Inc., Enlogic, Raritan Inc.

Data Center Power Management Market 2024 Key Insights:

• The data center power management market size is expected to see strong growth in the next few years. It will grow to $30.4 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Surge In Data Traffic Fuels Expansion Of The Data Center Power Management Market
• Innovating Power Solution In Data Center Power Management
• Europe was the largest region in the data center power management market in 2023

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