The Data Center Power Management Market Is Set To Grow Significantly With Increasing Data Traffic As Per The Business Research Company's Data Center Power Management Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Oct. 31, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Data Center Power Management Global Market Report 2023, the global data center power management market is on a trajectory of remarkable growth, projected to expand from $19.59 billion in 2022 to $20.79 billion in 2023, demonstrating a CAGR of 6.1%. This upward trend is set to continue, with expectations of reaching $27.94 billion in 2027 at a CAGR of 7.7%.
Driving Forces: The Surge in Data Traffic
Increasing data traffic stands out as a primary catalyst for the growth of the data center power management market. In a digital age, data centers are the backbone of digital services and must ensure dependability, accessibility, and energy efficiency. The surge in data traffic, exemplified by a 50% increase in global internet traffic in 2022, is equivalent to 4.8 zettabytes or 150,000 GB per second. The necessity to manage this deluge of data traffic is steering the demand for efficient power management solutions.
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Data Center Power Management Market Leaders
The data center power management market is characterized by a diverse set of key players. Companies such as Huawei Technologies Co. Ltd., Siemens AG, General Electric Company, Schneider Electric SE, ABB Ltd., and Hewlett Packard Enterprise.
Trend Spotlight: Product Innovation
One of the most prominent trends in the data center power management market is product innovation. Leading companies are relentlessly focused on the development of cutting-edge products to maintain their competitive edge. For instance, Eaton, a US-based power management company, launched the iCube 2.0 and the 9PX lithium-ion UPS power supply series. These products, distinguished by their ability to meet the demand for rapid and sustainable computing while ensuring energy efficiency, showcase the drive for innovation in this market.
Regional Dominance: Europe Leads the Way
In 2022, Europe emerged as the dominant region in the data center power management market. This growth is attributed to the rapid adoption of data center power management solutions in various industries. Europe's prominence highlights the global nature of this market and the diverse opportunities it presents.
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Data Center Power Management Market Segmentation
The global data center power management market is multifaceted and can be dissected based on several factors, including components, data center types, installation types, and industries
- Component: Hardware, DCIM (Data Center Infrastructure Management) Software, Services
- Data Center Type: Modular Data Centers, Colocation Data Centers, Cloud Data Centers, Edge Data Centers, Hyperscale Data Centers, Micro Mobile Data Centers
- Installation Type: New Installation, Retrofit or Upgrade
- Industry: Banking, Financial Services and Insurance (BFSI), Healthcare, Manufacturing, IT and Telecom, Media and Entertainment, Retail, Government, and Other Industries
As the data center power management market continues its upward trajectory, it is imperative for industry players to stay ahead of the curve. To make the most of this report, businesses should focus on harnessing product innovation, understanding regional trends, and identifying market segments that align with their expertise. By doing so, they can position themselves as leaders in this dynamic and rapidly growing data center power management market, ensuring a competitive edge in the data-driven world of tomorrow.
Data Center Power Management Global Market Report 2023 by The Business Research Company provides insights on the data center power management market size, data center power management market segments, data center power management market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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