Market Research Future (MRFR) expects the data center cooling market 2020 to record a CAGR of 14% between 2018 and 2023 (evaluation period). We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak.
Key Boosters and Main Barriers
Data centers are observing high demand with the growing need for technologies that facilitate remote working during the lockdown period since the COVID-19 outbreak. The evolvement of the business environment in light of SARS-CoV-2 has accelerated the growth of digitization as well as cloud services, with more and more companies trying to enhance their digital infrastructure to cope with the changing working methods. With companies learning new techniques in terms of work from home as well as data accessibility has led to higher need for services and space in data centers, a trend that MRFR believes can gather more momentum as time passes.
Since the advent of the novel coronavirus, there has been a dramatic surge in the use of over the top/OTT platforms like Hotstar and Netflix, which needs a scalable and robust infrastructure on account of the increasing data traffic. This can mean great benefits for the Data Center Cooling Market as the demand for data centers is mounting exponentially across the globe. The pandemic has also reiterated the importance of digital payments and e-commerce among people with the growing demand for essential items. The widespread use of Big Data, in addition to the rising preference for data localization has boosted the demand for data centers even before the Covid-19 hit the global economy.
Apart from this, the environmental regulations imposed by governments with regard to emission along with the high efficiency of data center operations also favors the data center cooling market. These kinds of regulations have had a great impact on the sales of eco-friendly data center cooling solutions. All these factors are boosting the uptake of cooling solutions as data centers continue to observe accelerated demand. Besides, various renowned market firms are launching new models and products with better features and characteristics that can appeal to a higher number of end-users, which ultimately results in market expansion.
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The Prominent players in the Data Center Cooling Market are- Fujitsu, Ltd. (Japan), Asetek A/S (Denmark), The Mitsubishi Group (Japan), Schneider Electric SE (France), Rittal GmbH & Co. KG (Germany), Hitachi, Ltd. (Japan), 4energy (U.K.), 3M (U.S.), Degree Controls (U.S.), Wakefield-Vette, Inc. (U.S.), HP Development Company, L.P. (U.S.), The Heico Companies LLC (U.S.), , Vertiv Co. (U.S.), IT Aire , Inc. (U.S.), Cloudsite Intelligent Data Centers (U.S.) among others.
The data center cooling industry has been considered for component, cooling type, service type, organization size as well as vertical.
The main components studied in the market research include air handling units, precision air conditioning, economizer, chillers, server cooling, and more.
The various cooling types covered in the market study are liquid as well as air.
The key service types considered in the report are professional services along with managed services.
The ranges covered in the report, depending on the organization size, are SMEs/small & medium enterprises as well as large enterprises.
The key verticals taken in account include government, IT & telecommunication, healthcare, energy, BFSI, and others.
The MRFR report has detailed the key regions in which the data center cooling market is expected to grow, namely Europe, North America, APAC/Asia Pacific, and RoW/rest of the world.
With the biggest share in the data center cooling market, North America is presently the global leader, with strong backing from the huge number of leading firms present in the region. The high number of technological innovations and the substantial spending on research and development/R&D activities by private companies to facilitate the development of data center cooling are also cited to be important growth boosters in the market here.
The APAC market could most likely advance at the fastest rate during the appraisal period, as the number of smartphone users and the demand for IoT based devices has grown exponentially in the past couple of years. Likewise, the high sales of wearable devices across India, Japan, South Korea and China has led to generation of a massive volume of data, which requires a higher number of data centers. This factor has been quite favorable for the data center cooling market in the region. The striking growth of industries such as consumer electronics, retail and BFSI, has also been a major influencer in the regional market.
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