Data Center Power Market Growth & Trends
The global data center power market size is expected to reach USD 15.0 billion by 2030, expanding at a CAGR of 7.9% from 2022 to 2030, according to a study conducted by Grand View Research, Inc. The market is majorly driven by the shift in focus of end-users towards hyper-scale and colocation data centers. Rising establishments of such data center facilities are anticipated to result in an increasing demand for data center power equipment during the forecast period. The data center power industry has been significantly impacted by the COVID-19 pandemic. The rapid advancement in the datasets utilized & generated by various companies and individuals has resulted in a rise in data storage demand.
Globally, data centers consume around 3% of the total energy generated. Thus, various data center designers are currently adopting advanced power distribution and management solutions to attain energy efficiency at lower power usage effectiveness (PUE) ratios. This goal to reduce the PUE ratio is expected to further fuel the demand for intelligent and advanced data center power products during the forecast period.
An uninterrupted power supply (UPS) is the backbone of data centers and is deployed for the smooth working of servers and other networking devices. Moreover, the cost of UPS is significantly higher than any other data center power product. Furthermore, most data centers use smart UPS systems, battery monitoring devices, and intelligent power distribution systems (PDU) to reduce the PUE ratio. Thus, increasing penetration of these new devices is expected to boost the demand for UPS during the forecast period.
Many mega data centers in North America engage in procuring renewable energy sources for data center operations. Tier 1 and Tier 2 facilities are anticipated to witness the espousal of basic PDUs. However, the adoption of intelligent infrastructure with power monitoring ability is expected to witness growth owing to rising concerns about power consumption, particularly in the U.S. However, the rise in complexity of data center design, high initial investment costs, and interoperability issues are expected to hinder the growth of the data center power market.
Data Center Power Market Report Highlights
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