NEW YORK, Nov. 10, 2016 /PRNewswire/ -- The global data center cooling market is expected to reach USD 17.78 billion by 2024, according to a new study by Grand View Research, Inc. The rise in the number of data centers on account of the surge in demand for cooling solutions across the IT & telecom, retail, BFSI, healthcare, and energy sectors is the key factor expected to catapult the data center cooling market. Big data and cloud computing proliferation are also projected to impact the industry demand positively over the forecast period.
The emergence of new data centers has played a pivotal role in driving the demand for cooling solutions. Further, the need for efficient solutions is of paramount importance to ensure proper server functioning and to eliminate system downtime. High data volume combined with the rise in the number of enterprises moving towards cloud computing is also expected to impel market growth over the forecast period. Technological advancements and the development of energy-efficient systems are rising as traditional cooling systems incur high operational costs owing to the increased power consumption.
Further Key Findings from the Study Suggest:
In 2015, precision air conditioners accounted for over 20% of the overall data center cooling market. These products offer benefits including continuous operation, precise humidity control and better air distribution while automatically controlling individual AC loads for efficient cooling.
The continuous operation of chillers is vital to the functioning of data centers due to the extensive heat produced by many servers functioning close to one another. The segment captured over 10% of the market in 2015; however, chillers consume more energy than other products and are expected to witness a moderate growth over the forecast period.
The telecom segment accounted for over 20% of the overall revenue share. The telecom providers are expected to invest heavily over the next eight years due to a rise in the number of Internet subscribers and the growing need for wireless communication. The telecom growth is primarily data-driven, which subsequently will instigate the demand for the data center infrastructure development.
The rise in the data center densities is a primary factor expected to drive the need for efficient cooling technologies. The North American market captured over 35% of the overall revenue in 2015; however, over the forecast period, the region is anticipated to witness a moderate growth in comparison to the other regions. Asia Pacific led by Southeast Asian countries is projected to witness a robust growth on account of the growing data center infrastructure.
The industry is consolidated in nature with the presence of few big players including Asetek, KyotoCooling, Climaveneta (Mitsubishi Electric), Air Enterprises, Rittal GmbH & Co. KG, and Schneider Electric. The cooling solution providers primarily focus on a strategic alliance with local cooling product providers as a part of their marketing strategy.
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