The Data Center Renovation Market Is Expected To Grow At A 25% Rate With The Increasing Usage Of Online Services As Per The Business Research Company's Data Center Renovation Global Market Report 2022

Tuesday, September 27, 2022 at 3:30pm UTC

LONDON, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the data center renovation market, 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.

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The global data center renovation market size is expected to grow from $15.91 billion in 2021 to $20.32 billion in 2022 at a compound annual growth rate (CAGR) of 27.7%. The global data center renovation market size is expected to reach $49.80 billion in 2026 at a CAGR of 25.1%.

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.

Major players in the data center renovation market are Eaton Corporation, Schneider Electric, Cisco Systems Inc., APL Data Center, Black & Veatch Holding Company, Panduit Corporation, Dorsalys (Eiffage Énergie Systèmes'), IBM Corporation, Vertiv Group Corp., 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 is segmented by product into cooling, power, IT racks and enclosures, networking equipment, DCIM, others; by application into BFSI, IT and telecom, manufacturing, government, healthcare, others.

South America was the largest region in the data center renovation market in 2021. The regions covered in the global data center renovation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Data Center Renovation Global Market Report 2022 –Market Size, Trends, And Global Forecast 2022-2026   is one of a series of new reports from The Business Research Company that provide data center renovation market overviews, analyze and forecast market size and growth for the whole market, data center renovation market segments and geographies, data center renovation market trends, data center renovation market drivers, data center renovation market restraints, data center renovation market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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