The South Korea Data Center Power Market size is estimated at USD 0.83 billion in 2024, and is expected to reach USD 1.67 billion by 2029, growing at a CAGR of 13.83% during the forecast period (2024-2029).
The increasing demand for cloud computing among SMEs, government regulations for local data security, and growing investment by domestic players are some of the major factors driving the demand for data centers in the country.
The South Korean data center power market is highly concentrated, with the presence of multiple vendors. Players are adopting several strategies, such as mergers and acquisitions (M&A), collaborations, partnerships, etc. Various initiatives are being undertaken by governmental bodies as well as private data center construction, creating intense competition. Key players in the market include Schneider Electric SE, ABB Ltd, Rittal GmbH & Co. KG, Fujitsu Limited, and Legrand Group.
January 2024: Vertiv announced the plans to double its manufacturing capacity for busways, switchgear, and integrated modular solutions (IMS) by 2025. The expansion plans include increasing the utilization and footprint in the United Arab Emirates, Ireland, South Carolina (United States), Mexico, Slovakia, and Northern Ireland.
January 2024: Caterpillar Inc. partnered with Microsoft and Ballard Power Systems to test the use of large-format hydrogen fuel cells as a reliable and eco-friendly backup power source for multi-megawatt data centers. Hydrogen fuel cells are seen as a possible low-carbon alternative to diesel backup generators, which is expected to drive the growth of DC generators.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook