New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Data Center Renovation Global Market Report 2023" - https://www.reportlinker.com/p06323874/?utm_source=GNW
, Competitive analysis of other prominent players, Labotek, Gilford Corporation, ABB Ltd., Raritan Inc., Submer Technologies, Sunbird Software Inc., Vertiv Group Co. (Vertiv Holdings Co.), Vertiv Co., and Hewlett Packard Enterprise Company.
The global data center renovation market grew from $20.17 billion in 2022 to $25.2 billion in 2023 at a compound annual growth rate (CAGR) of 25.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The data center renovation market is expected to grow to $60.91 billion in 2027 at a CAGR of 24.7%.
The data center renovation market consists of revenues earned by entities by providing data center renovation for colocation center, enterprise and cloud.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Data center renovation refers to the collective set of processes used to physically construct a data center facility.It combines data center operational environment requirements with construction standards.
A data center renovation project charter can help to establish a clear and defined project scope, decision rights, and executive sponsorship for the project, as well as identify any potential risks that could hinder project performance. The data center renovation is used for the purpose of storing, processing, and disseminating data and applications by the organizations’ shared IT operations and equipment.
South America was the largest region in the data center renovation market in 2022.North America was the second largest region of the data center renovation market.
The regions covered in the data center renovation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in the data center renovation market are cooling, power, IT racks and enclosures, networking equipment, DCIM, and others.Cooling refers to supplementing or replacing traditional mechanical cooling with alternative equipment or methods that are enabled by higher operating temperatures.
This could foster a better flow of air within hot and cold aisle containment models and produce steady cooling results. The data center renovation is used by small, medium, and large size organizations in various applications including BFSI, IT and telecom, manufacturing, government, healthcare, and others.
Increasing usage of online services is expected to propel the growth of the data center renovation market going forward.The increasing use of online services for payment, shopping, traveling, entertainment, and medical applications will increase overall data traffic across multiple sectors.
This factor will encourage the data center renovation market leaders to modernize their back-end IT infrastructure to handle the ongoing market changes.For instance, according to the report published by DataReportal, a Singapore-based business intelligence company, in April 2022, 5 billion people across the world use the internet, which is equivalent to 63% of the total world’s population.
In addition, around 200 million people will be connected to the internet in the years 2021–2022. Therefore, the increase in usage of online services is driving the growth of the data center renovation market.
Surging investments in research and development activities is the key trend gaining popularity in the data center renovation market.The key market players in the industry are focusing on investing in the research and development of various technologies and processes for renovating data centers to sustain their position in the market.
For instance, in August 2020, Delta Electronics, a Taiwan-based electronics manufacturing company that provides data center services, invested around 6-7% of its sales revenue in India for research and development to enhance its business. Similarly, in May 2020, according to an article published by Business Standard, an Indian English-language daily edition newspaper, Intel, a US-based technology company, announced an investment of about USD 700 million for research and development activities focusing on innovative data center technologies.
For instance, in April 2022, D9 Technologies, a US-based company that provides specialized IT consultation services, acquired Volta Data Centres for a deal amount of $58.5 million. This acquisition helps D9 Technologies build an integrated platform for data center renovation. Volta Data Centres is a UK-based company that provides independent data center operations.
The countries covered in the data center renovation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The data center renovation market research report is one of a series of new reports that provides data center renovation market statistics, including data center renovation industry global market size, regional shares, competitors with a data center renovation market share, detailed data center renovation market segments, market trends and opportunities, and any further data you may need to thrive in the data center renovation industry. This data center renovation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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