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Data Center Renovation Market Report 2024 - Data Center Renovation Market Size, Share And Demand
Data Center Renovation Market
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Major companies operating in the data center renovation market are launching vertical data center to increase their profitability in the market. A vertical data center, in the context of data center renovation, refers to a design or architectural approach that maximizes the efficient use of vertical space within a data center facility. For instance, in May 2023, Scala Data Centers, a Brazil based data center provider launched 6MW IT SGRUTB05 data center, the second largest vertical facility in Latin America. SGRUTB05 boasts a 6,700 sqm built area, standing 35.5 meters tall with five floors, three dedicated to high-density data halls housing around 400 racks and a total power of nearly 9MW. Scala's One Scala Template methodology, executed by a CoE comprising over 200 experts, streamlined the design, project, construction, and commissioning processes for the data center, catering to Hyperscale market demands. SGRUTB05, operates exclusively on renewable energy, boasts a PUE under 1.4, zero WUE, and adheres to LEED and ANSI/TIA-942-B eco-friendly data center standards.
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Major Key Players of the Market:
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.
Data Center Renovation Market 2024 Key Insights:
• 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 Rise Of Data Center Renovation In The Online Services Era
• Scala Data Centers Unveils Latin America's Second Largest Vertical Data Center
• South America was the largest region in the data center renovation 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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