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Data Center Cooling Global Market Report 2024 Analysis, Trends, Growth, Research And Forecast 2033
Data Center Cooling Global Market Report
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According to The Business Research Company's, The data center cooling market size has grown rapidly in recent years. It will grow from $14.66 billion in 2023 to $17.09 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to rapid growth in data centers, high-density computing, energy efficiency concerns, regulatory compliance, globalization of data storage, increased heat load per rack.
The data center cooling market size is expected to see rapid growth in the next few years. It will grow to $31.93 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. The growth in the forecast period can be attributed to renewable energy integration, focus on water conservation, heat recovery systems, modular data center solutions, integration of immersive cooling. Major trends in the forecast period include liquid cooling solutions, free cooling techniques, AI-driven cooling management, high-density cooling systems, edge data center cooling solutions, and cooling-as-a-service models.
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Market Drivers and Trends:
Green initiatives for eco-friendly data center solutions are driving the growth of the data center cooling market. Data centers consume a lot of energy and hence are responding and are beginning to emerge as potent change agents, contributing significantly to the reduction of environmental impact. They're becoming more aware and strategic about how they run their facilities, from the energy they buy to how they cool the data center and everything in between. Commitments to novel green and renewable solutions, such as green electricity, water reclamation, zero water cooling systems, recycling, and waste management, are being used to build the most sustainable data centers. They don't have any outdated methods (such as fixed or underutilized servers) and make use of newer, more efficient technologies. According to Science Direct, the data center energy use might account for 2.13% of worldwide electricity supply by 2030. Moreover, in 2021, Microsoft implemented this technology in its Azure datacenters. A Microsoft Azure, eco-friendly data center is a one-of-a-kind physical structure with its power, cooling, and networking infrastructure that houses thousands of physical servers. Therefore, green initiatives for eco-friendly data center solutions are driving the data center cooling market growth.
Major companies operating in the data center cooling market are launching new products such as immersion cooling fluids to increase their profitability in the market. Immersion cooling fluids, also known as coolants or dielectric fluids, in data center cooling refer to specialized liquids used in immersion cooling systems to absorb and dissipate heat generated by electronic components, such as servers and other IT hardware. For instance, in October 2023, ExxonMobil Corporation, a US-based natural gas company launched data center immersion cooling fluids. ExxonMobil's data center cooling fluids, designed for energy efficiency and performance, offer a diverse portfolio of synthetic and non-synthetic options with varying thermal capacities. Tailored to lower viscosity for efficient heat removal, these fluids ensure compatibility with diverse materials, supporting long equipment life. The immersion cooling fluids is essential for liquid cooling in data centers, aims to enhance energy efficiency, reduce water consumption, and increase rack density, contributing to a claimed up to 40% reduction in the total cost of ownership for IT equipment.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Hitachi Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, Fujitsu Limited, ABB Group, Hewlett Packard Enterprise Company, Daikin Industries Ltd., Johnson Controls International plc, Eaton Corporation, Emerson Electric Co., Trane Technologies plc, Climaveneta Climate Technologies S.p.A., Vertiv Group Corporation, Alfa Laval AB, Rittal GmbH & Co. KG, Ebullient Inc., Munters Group AB, Black Box Corporation, Nortek Air Solutions LLC, Coolcentric Inc., Airedale International Air Conditioning Limited, Asetek Inc., Usystems Inc., Midas Green Technologies Inc., Liquid Cool Solutions LLC, Green Revolution Cooling Inc., Submer Technologies Inc., Delta Power Solutions, Adaptivcool Ltd., Interxion Holding NV
Data Center Cooling Market 2024 Key Insights:
• The data center cooling market size is expected to see rapid growth in the next few years. It will grow to $31.93 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%.
• Eco-Friendly Solutions In The Data Center Market
• Innovative Data Center Immersion Cooling Fluids For Enhanced Efficiency And Reduced Total Cost Of Ownership
• Asia-Pacific was the largest region in the data center cooling market in 2023
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