Market Trends in Data Centers

Rapid development of new-generation information technologies (IT) such as cloud computing, big data, Internet of Things (IoT), and artificial intelligence (AI) has led to explosive growth in data usage. Driven by this wave, IT investments in data centers are also showing rapid growth and the construction of data centers has become an unstoppable trend. In 2022, the global data center market scale reached US$ 263.34 billion and is expected to grow to US$ 602.76 billion by 2030, as reported by Prescient & Strategic Intelligence. The rapid development of the global data center industry has also driven the growth of data center cooling, which became significantly important due to the greater amount of data processed, the impact of extreme weather, etc. The global data center cooling market was worth US$ 17.82 billion in 2021 and is expected to surge to US$ 44.52 billion by 2027, according to ‘Data Center Cooling Market – A Global and Regional Analysis’ published by BIS Research in 2022.