The global Green Data Center Market Research is expected to grow from USD 37.9 billion in 2017 to USD 197.72 billion by 2023, with a CAGR of 32.9% during the forecast period.
Major drivers of the market include soaring costs of electricity, huge demand for energy storage and management, and unmet needs of energy-efficient data centers. Benefits of green data centers such as energy conservation, extending life of facilities, higher computing performance, and relaxed budget for growth can propel its adoption. Government initiatives to curtail carbon emissions, increasing interests of companies towards sustainable schemes, and future carbon offset plans are other major growth enablers of the market.
Establishment of green data centers in areas of cheap power sources can favor the market. Major companies such as Apple, Facebook, and Google have decided to shift their data centers to Nordic countries to counter soaring energy expenses. Improvements in products and use of new materials to assist in liquid cooling can lead to huge strides in the market and be open for valuable investments.
However, restrictions of movement caused by the COVID-19 pandemic can impede the market growth.
IBM Corporation, Fujitsu, HP Development Company, Huawei Technologies Co. Ltd., NEC Corporation of America, ABB Group, Hitachi, Schneider Electric, Cisco Systems, and Dell Corporation are key players of the global green data center market. Other prominent players include CenturyLink, Digital Realty Trust, Equinix, Inc., China Telecom, and NTT Communications.
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The global market for green data center is segmented on the basis of component, organization size, end-user, and vertical.
By components, the green data center market is segmented into hardware (servers, networking components, cooling equipment, power units,) and software.
By organization size, the green data center market is segmented into SMEs and large business enterprises.
By end-user, the market is segmented into cloud service providers and colocation providers.
By vertical, the green data market is segmented into banking, financial services, and insurance, IT &telecom, public sector, healthcare & life sciences, and others.
By region, the market is segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is currently dominating the green data center with the largest market share. The presence of key players and technological leaps are expected to drive the green data center market in the region. The increasing number of IoT devices, continuous exchange of information, and prevalence of solid state drives (SSDs) can influence the regional market. Additionally, the presence of IT and telecommunication, BFSI, and automation industries can spur the market as well. The increased mobile data traffic and storage demand in recent years has increased the demand for green data center construction.
APAC has the fastest growing market for the green data centers. Economic growth in Asian countries such as China and India are inviting global players in this region which leads to increased investments and accelerated deployment of data centers. Increasing ownership of mobile phones, huge consumption of internet, surge of connected devices, and tax breaks are estimated to drive the global green data center market.
Europe is expected to retain a major share of the global green data center market. This can be attributed to the cold climes in certain countries. Iceland is home to various data centers owing to the need for natural cooling and mining of Bitcoins. New-age technologies and the need to lower soaring energy costs can lead to the expansion of the market in the region till 2023.
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