Data Center Cooling Market Projected to Have a Stable Growth for the Next Few Years
According to a new market research report ”Data Center Cooling Market by Solution (Air Conditioning, Chilling Unit, Cooling Tower, Economizer System, Liquid Cooling System, Control System, and Others), Service, Type of Cooling, Data Center Type, Industry, and Region - Global Forecast to 2021” , published by MarketsandMarkets™, The data center cooling market is estimated to grow from USD 7.12 Billion in 2016 to USD 14.28 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 14.95%.
The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, and product developments, adopted by major players to increase their share in the market. Some of the major technology vendors include Schneider Electric SE (France), Black Box Corporation (U.S.), Nortek Air Solutions, LLC (U.S.), Airedale International Air Conditioning Ltd. (U.K.), Rittal GmbH & Co. KG (Germany), STULZ GmbH (Germany), Vertiv Co. (U.S.), Asetek (Denmark), AdaptivCOOL (U.S.), and Coolcentric (U.S.).
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Global data center cooling market is expected to foresee traction in the coming years, with continuously growing demand for data centers deployment, up-gradation in the existing data centers, increasing availability of smart phones, rich internet connectivity, need for reducing operational expenses and technological advancements. In the present scenario, efficient data center cooling has become a critical considerable factor for attaining operational efficiency along with reduced expenditures. It is estimated that around 40% of total energy consumption in a data center is into cooling, constituting a major portion of operational expenditure. Because of these reasons, developing efficient data center cooling technologies has become essential for data center managers.
In reference to the industry verticals in the data center cooling space, major portion of market is expected to be contributed by the telecommunication and IT vertical, as substantial traction in the deployment of data centers is expected. Other than Telecom and IT, the Banking, Financial Services and Insurance (BFSI) vertical is also expected to experience significant rise in revenue. Apart from these two verticals, healthcare, manufacturing, retail etc verticals are also expected to foresee growth, as the transition from maintaining manual records to maintaining electronic records in all the verticals is clearly visible. The market for data center cooling is significantly impacted by various geographical regions, because of increasing data center deployments and availability of infrastructure. MarketsandMarkets expects the Asia-Pacific region to hold the largest portion of total data center cooling market. In spite of small contribution in revenues, the Latin American region is expected to foresee high growth in this market along with Middle East and Africa. MarketsandMarkets expects the data center cooling market to grow from $4.91 billion in 2013 to $8.07 billion by 2018, at a Compound Annual Growth Rate (CAGR) of 10.4%.