Global data center cooling market is projected to grow at a decent CAGR during the forecast period(2015 to 2021). Development of telecommunication infrastructure worldwide requires effective data storage facilities to manage and analyze enormous amount of data, resulting in setting up of new infrastructure, in turn bolstering the growth of global data center cooling market. Also, increased focus on IT centralization will catapult the demand for cooling solutions in the forthcoming years. Global data center cooling market is projected to grow at a decent CAGR during the forecast period(2015 to 2021).
Geographically, North America holds the largest share of global data center cooling market owing to technological developments and matured IT sector in the region. Rising number of technology-concentrated start-ups in North America also offers an opportunity for vendors of data center cooling solutions in the coming years. Stringent environmental regulations and energy efficiency standards in Europe will lead to market growth in the region during the forecast period. Asia Pacific is anticipated to witness the fastest regional market growth due to the high demand from China and expanding IT sector in emerging economies like India in the coming years.
Data Center Cooling Market By Enterprise Size
The requirements for small, medium and large enterprises may vary as the investments made by them towards the data centers are different in scope. Traditionally, large enterprises have been the major adopter of cooling solutions, as these enterprises owned and operated their own data centers. As the cost of ownership of data centers has declined over the years and cloud computing and virtualization has gained momentum, medium and small enterprises have also started investing in new data center space to take advantage of reduced operating costs while assisting them to gain competitive edge over the peers. Large enterprises segment accounted for 60% of the global data center cooling market in 2015 and will continue to dominate this market over the next five years. Small and Medium enterprises segment accounted for 15% and 25% respectively during the same year.
Small Enterprises segment of the global data center cooling market was estimated to be worth US$0.747 billion in 2015 and will grow at a compound annual growth rate of 13.78% over the forecast period to reach a total market size of US$1.620 billion by 2021. Surge in investment by small enterprises in the data centers is fuelling the market growth. Data center cooling solution providers are also coming up with new solutions to meet the requirements of small enterprises. The small enterprises have had few options to reduce their operating and capital expenditures. New and advanced solutions specially the evaporative cooling solutions are now increasingly deployed through customization offerings for smaller deployments and thereby helping these enterprises in meeting their IT infrastructure goals.
Data Center Cooling Market By Industry Verticals
Data Center Cooling market has been segmented by industry vertical as banking/financial services, manufacturing, communication and technology, energy, healthcare, central/local government, entertainment and media, education, and others. Communication and Technology contributed to the largest share which was 30% of global data center cooling market in 2015 owing to dramatic growth in the demand for compute, storage and communications capacity. Banking/Financial services also held 23% of the global share as bank and other financial institutions are using data centers to improve performance and scalability of critical back-end applications, including transactional and analytical workloads.
However, healthcare sector will witness the fastest growth of data center cooling market at the highest CAGR of 11.67% during the forecast period. This high growth is attributed to rising digital data due to technological advances coupled with increasing applications containing electronic protected health information (ePHI) in the healthcare sector. Central/Local Government sector will also witness a significant market growth at a CAGR of 11.56% over the forecast period in order to eliminate downtime and speed up troubleshooting with affordable integrated data protection and smart analytics to deliver efficiently the required public services.
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