The global data center cooling market is expected to reach USD 5.77 billion by 2022, according to a new study by Grand View Research, Inc. Rise in number of data centers on account of surge in demand across the IT & telecom, retail, BFSI, healthcare, and energy sectors is anticipated to be key factors driving growth. Big data and cloud computing proliferation are also expected to positively impact the industry demand over the forecast period.
Emergence of new data centers has been a key factor that drives the demand for these cooling systems. The need for efficient solutions is of paramount importance in order to ensure proper server functioning and eliminate system downtime. High data volumes combined with rise in number of enterprises moving towards cloud computing is also expected to drive growth over the forecast period. Technological advancements and the development of energy efficient systems are on rise as traditional cooling systems incur high operational cost owing to increased power consumption.
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Further key findings from the study suggest:
- Precision air conditioners segment witnessed high growth as well as captured more than 70% of the total share. The trend may continue throughout the forecast period as they are highly reliable and cost-effective.
- Managed services segment is anticipated to witness steady growth owing to high demand for OEM services. The segment accounted for more than 60% of the overall revenue in 2014.
- Chillers accounted for more than 80% of the overall data center cooling market share in 2014. The segment exhibits high penetration owing to availability of new innovative and cost effective solutions.
- Large enterprises contributed to over 60% of the revenue generation in 2014; growing demand across the small and medium size enterprise segment is estimated to positively impact global demand over the forecast period.
- IT & telecom industry is expected to witness high demand owing to the continuously evolving data center architecture, which in turn is estimated to drive the cooling market. The need to deliver mobile and cloud-based services along with the associated data explosion is anticipated to be the primary factor that drives growth across this sector.
- North America emerged as the highest revenue generator in 2014, and the trend is expected to continue over the next seven years. This growth can be attributed primarily to prevalence of several IT companies in the region. Further, Asia Pacific is also expected to witness rapid growth owing to the presence of several third party data center service providers in the region.
- The industry is consolidated in nature with the presence of few big players including IBM, Hewlett-Packard (HP), Schneider Electric, Emerson and Hitachi. Solution providers primarily focus on strategic alliance with local cooling product providers as a part of their marketing strategy.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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