PUBLISHER: Grand View Research | PRODUCT CODE: 1493419
PUBLISHER: Grand View Research | PRODUCT CODE: 1493419
The global data center power market size is expected to reach USD 15.01 billion by 2030, exhibiting a CAGR of 8.1% from 2024 to 2030, according to a new study by Grand View Research, Inc. The factor driving the market growth is the shift in focus of end-users towards colocation and hyper-scale data centers. In addition, increasing establishment of such data facility centers is expected to increase demand for data center power equipment over the forecast period. COVID-19 has significantly impacted the data center power industry. The rapid growth in the datasets used & generated by several companies and individuals has increased data storage demand.
Data centers consume around 1-1.25% of global energy. Thus, many data center designers adopt management solutions and advanced power distribution to attain energy efficiency at lower Power Usage Effectiveness (PUE) ratios. This goal to reduce the PUE ratio is expected to further fuel the demand for intelligent and advanced data center power industry products over the forecast period.
An uninterrupted power supply (UPS) is the backbone of data centers and is deployed to ensure the smooth working of servers and other networking devices. Moreover, UPS's cost is significantly higher than any other data center power product. Furthermore, most data centers use smart UPS systems, battery monitoring devices, and intelligent power distribution systems (PDU) to reduce the PUE ratio. Thus, increasing penetration of these new devices is expected to boost the demand for UPS over the forecast period.
Many mega data centers in North America engage in procuring renewable energy sources for data center operations. Tier 1 and Tier 2 facilities are anticipated to witness the espousal of basic PDUs. However, the adoption of intelligent infrastructure with power monitoring ability is expected to grow due to rising concerns about power consumption, particularly in the U.S. However, the rise in complexity of data center design, high initial investment costs, and interoperability issues are expected to hinder the growth of the market for data center power.