PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1351546
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1351546
Global data center cooling market is poised to record 10% CAGR from 2023-2032.
The growing focus of data centers on exploring ways of integrating renewable energy sources into their operations for advancing sustainability will drive the market growth. To cite an instance, in October 2022, Fintech platform PhonePe launched its first green data centre in India by leveraging technologies and solutions from NTT and Dell Technologies. The rising number of clean energy investment funds for new development platforms will also influence the industry expansion.
The overall data center cooling industry is segmented based on component, cooling technique, data center size, application, and region.
In terms of component, the market share from the services segment may record appreciable CAGR from 2023-2032. The growing complexity of hardware solutions has made way for the higher need for managed and professional services. Data center cooling services provide proper service and maintenance of cooling systems to business operators whilst assisting them in optimizing and maintaining mission-critical applications.
The small data center size segment may account significant market revenue share by 2032. The growth can be attributed to the surging deployment of digital infrastructure across the rural areas of developing counties. The rising integration of edge computing networks is also making way for the higher demand for cutting-edge cooling systems in small data centers, subsequently driving the market development.
With respect to application, the industry size from the IT & telecom segment is expected to hit over 5% CAGR driven by the growing demand for digitalization and higher penetration of technologies, including big data, AI, and machine learning. As per BCG (Boston Consulting Group), 90% of telecom operators will complete or undergo digital transformations by 2025. Moreover, the incessant need for interconnection along with the higher availability of data from different sites will also add to the segment growth.
Regionally, APAC data center cooling market size is expected to observe over 15% growth rate through 2032 on account of the surge in digital transformation initiatives and higher internet penetration. The rapid growth of cloud computing and AI-infused machines in China is also driving the demand for robust IT infrastructure leading to increased volume of data generated, further contributing to the regional industry growth.
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