Dublin, June 18, 2021 (GLOBE NEWSWIRE) -- The "Data Center Cooling Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The data center cooling market is expected to grow at a compound annual growth rate of 10.61% over the analyzed period to reach a market size of US$8,995.385 million in 2026 from US$4,440.740 million in 2019.
Data Center Cooling tools are used to control the temperature inside the data centers for better performance. Data Centers house a large number of data storage hardware devices that emit huge heat as a result of continuous operations. This heat generated surges the temperature inside the data centers, impacting both, machines and humans. Furthermore, excessive heat generation leads to severe damages and hazards capable of causing loss of life and revenue. Data center cooling devices such as air conditioners, chillers, cooling towers, and others facilitate ventilation and reduction of the internal temperature of data centers. Cooling devices also increase the efficiency of data centers and are economical in terms of cost. They also reduce potential chances of hazards and interference in work. Hence the prime reason supporting the growth of data centers cooling equipment is surging data centers across the globe. Rising global warming is resulting in changes in Earth's temperature, raising it, to be specific, and in turn, increasing the demand for cooling devices. However, the cost and effectiveness of these devices may hinder the market.
Mushrooming growth of data centers and rising adoption of cloud computing across various industry verticals will boost the market for the data center cooling industry.
The prime driver of growth in the Data Center Cooling market is the mushrooming growth of the data centers around the globe. Since data centers house a large number of data storing devices, a surge in demand for additional storage space has surged the construction of data centers in the past decade. Further, growing new channels of business, such as the virtual business model, is increasing the demand for the data center for storage purposes. Also, organizations today tend to outsource in-house server equipment, to save space within the organization and gain the benefits of security and other services through pooling funds, in a third-party data center, also known as data colocation. This market is anticipated to grow at an exponential rate of 13.84% per annum (Source: KSI Global Data Center Colocation Market Report) and increase the demand for new data centers considerably.
Based on industry verticals, the market for data center cooling devices is segmented into banking and financial services, manufacturing, healthcare, communication and telecommunication, energy, education, government, media and entertainment, and others. The banking and financial services segment of the market is anticipated to dominate the market during the forecasted period owing to the sensitive financial data the segment stores, which also requires utmost security from robbery and theft. Growth of IT, communication, and telecommunication will also employ considerable market growth along with technological up-gradation in the industry. The Healthcare sector is predicted to grow at an exponential rate owing to advancement in the sector for better economic development. Education and government fragments hold a significant share of the market with the growing adoption of technology and related devices and accessories.
Small and Medium Enterprises have huge growth potential owing to the rising employment of cloud computing technology.
Based on enterprise size, the data center cooling market is divided into small enterprise, medium enterprise, and large enterprise. Small and medium enterprises (SMEs) are expected to provide a huge market growth potential for both, data centers and data centers cooling equipment. With a special role in developing companies, SMEs play a crucial part in economic development and hence are receiving support from governments. This includes educating and training for better analyzing business opportunities and growth, providing financial support, and policy formation for an easier and economical business environment. Increasing adoption of cloud computing is another reason boosting the growth of data centers and hence, in turn, data center cooling equipment. Particularly among the SMEs for grabbing greater business opportunities. According to a report published by the World Bank, usage of cloud computing technology has surged significantly among SMEs with globally 17% SMEs using public cloud means while 11% of SMEs use the private cloud model. In India, home to 42.50 million SMEs, in 2018, 72% of SMEs use cloud computing for better business operations. This results in the pooling of a large quantum of data requiring storage centers with proper facilities.
The North American region is expected to have a noteworthy share of the market during the forecasted period.
By Geography, the market of the data center cooling industry is segmented into the North American region, the South American region, the Middle East and African region, the European region, and the Asia Pacific region. Based on the analysis, the North American region is predicted to dominate the market owing to its state-of-art infrastructure and technological advancement. Favorable government regulation, the presence of a large number of data suppliers and analysts, and the early employment of newly launched technology provide a suitable environment for market growth. However, the Asia Pacific region is anticipated to grow at the fastest rate due to surging SMEs and cloud computing technology adoption.
COVID-19 Pandemic Insights.
The analysis report on the data center cooling market covers the detailed impact of the coronavirus pandemic on the industry. The pandemic had a positive effect on the market owing to a spike in the demand for data centers. Nationwide lockdowns resulted in a physical shutdown in various industries. However, these industry verticals adopted virtual and digital modes for uninterrupted operations, especially among education, banking and finance, government, and others, increasing the database and quantum of data. The demand for additional storage space skyrocketed and so did the construction of new data centers. But the shutdown also limited the construction and development, limiting the market at a negligible but noteworthy level.
Key Topics Covered:
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. Data Center Cooling Market, by Solutions
5.2. Air Conditioners
5.5. Cooling Towers
6. Data Center Cooling Market, by Enterprise Size
7. Data Center Cooling Market, by End Users
7.2. Colocation Services Providers
7.3. Cloud Service Providers
8. Data Center Cooling Market, by Industry Vertical
8.2. Banking and Financial Services
8.5. Communication and Technology
8.9. Media and Entertainment
9. Data Center Cooling Market, by Geography
9.2. North Americas
9.2.1. North America Data Center Cooling Market Analysis, By Source
9.2.2. North America Data Center Cooling Market Analysis, By Enterprise Size
9.2.3. North America Data Center Cooling Market Analysis, By End Users
9.2.4. North America Data Center Cooling Market Analysis, By Industry Vertical
9.2.5. By Country
18.104.22.168. United States
9.3. South America
9.3.1. South America Data Center Cooling Market Analysis, By Source
9.3.2. South America Data Center Cooling Market Analysis, By Enterprise Size
9.3.3. South America Data Center Cooling Market Analysis, By End Users
9.3.4. South America Data Center Cooling Market Analysis, By Industry Vertical
9.3.5. By Country
9.4.1. Europe Data Center Cooling Market Analysis, By Source
9.4.2. Europe Data Center Cooling Market Analysis, By Enterprise Size
9.4.3. Europe Data Center Cooling Market Analysis, By End Users
9.4.4. Europe Data Center Cooling Market Analysis, By Industry Vertical
9.4.5. By Country
22.214.171.124. United Kingdom
9.5. The Middle East and Africa
9.5.1. The Middle East and Africa Data Center Cooling Market Analysis, By Source
9.5.2. The Middle East and Africa Data Center Cooling Market Analysis, By Enterprise Size
9.5.3. The Middle East and Africa Data Center Cooling Market Analysis, By End Users
9.5.4. The Middle East and Africa Data Center Cooling Market Analysis, By Industry Vertical
9.5.5. By Country
126.96.36.199. Saudi Arabia
188.8.131.52. South Africa
9.6. Asia Pacific
9.6.1. Asia Pacific Data Center Cooling Market Analysis, By Source
9.6.2. Asia Pacific Data Center Cooling Market Analysis, By Enterprise Size
9.6.3. Asia Pacific Data Center Cooling Market Analysis, By End Users
9.6.4. Asia Pacific Data Center Cooling Market Analysis, By Industry Vertical
9.6.5. By Country
184.108.40.206. South Korea
10. Competitive Environment and Analysis
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrative
10.3. Mergers, Acquisition, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. Company Profiles
11.1. Vertiv Group Corporation
11.2. Rittal GmbH & Co. KG
11.3. Hitachi Ltd.
11.4. STULZ GmbH
11.6. Fujitsu General
For more information about this report visit https://www.researchandmarkets.com/r/yeipzf
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