Data Center Construction Market Forecast
Global Data Center Construction Market to Surpass USD 31.91 Bn by 2023
Market Research Future (MRFR) reports that the global data center construction is set to reach a valuation of USD 31.91 Bn by the years 2023. The market is projected to witness 9% CAGR during the forecast period (2018–2023). Factors such as emergence of cloud-computing, growing smartphone userbase, IoT boom among others is supporting the growth of the market. Increased focus of improve telecommunication networks coupled with demand for high-speed low latency data transfer has created a strong need for effective data management solutions. Such factors are driving the growth of global data center construction market.
Global Data Center Construction Market: Segmental Analysis
The segmental analysis of the market has been conducted based on vertical, tier type, design type, and region.
On the basis of vertical, key segments include healthcare, media & entertainment, public sector, BFSI, oil and energy and IT & telecommunication. Of these, the IT & telecommunication segment accounts for the lion’s share of the market in terms of value. This is accredited to the growing reliance of telecom companies on data center. The growing need for broadband connectivity has augmented fiber optic interconnects, which is fuelling the importance of data centers around the world.
On the basis of tier type, key segments include tier1, tier2, tier3, and tier4. The tier 4 segment is expected to remain highly attractive during the assessment period. Due to high-performance capabilities, tier 4 data centers are witnessing a fast uptake. Enterprises that have power cooling equipment, network links and dual power instances of storage used tier 4 data centers. Tier 4 data centers are currently the most advanced class of data centers. Enterprises are shifting towards tier 4 data as it offers end-to-end resistance.
On the basis of design type, key segmented into mechanical construction and electrical construction. The electrical construction segment covers racked Power Distribution Unit (PDU), uninterruptible power supply (UPS), transfer switches, generators and others.
Drivers and Restraints
The IoT is using a web of numerou resources such as computing economics, data analytics, rising utilization of IP- Based networking, cloud computing, and others that need a proper flow of data owing to which the gowth in the data center construction market can be witnessed.
The data center construction market is also witnessing a considerable boost from data center facilities founded by companies such as Google, Microsoft, Amazon, and Facebook. The surge can be attributed to cloud computing, which has gained notable superiority in the past few years, and its evolution safeguards the outlook of the market. These factors involve data center construction which in the coming years can gain considerable momentum as suggested by MRFR in its report.
On the other hand, the initial cost is pretty high that can put a rein on the market. The construction of the site comprises labor cost, power cost, site acquisition, net taxes, construction cost, equipment cost, machinery cost, and labor availability that can put a huge tab on the leger — incurring such a substantial expense at the beginning of the project or as an accumulation in the midway limiting many companies from implementing such a plan.
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Data Center Construction Market ForecastThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Data Center Construction Market Forecast.
The growth sectors of the Data Center Construction Market Forecast are identified with precision for a better growth perspective.The global data center construction market is estimated to demonstrate 9.04% CAGR during the forecast period (2018-2023) owing to the emergence of data center facilities, asserts Market Research Future (MRFR).
Data center can be referred to as a group of networked computer servers which are generally used by the organizations for processing, remote storage, and distribution of a large amount of data.
With the proliferation of internet of things (IoT) and cloud, a voluminous amount of data has been generated which is likely to dictate the changing design of the data centers.Drivers and Constraints Impacting the MarketWith the augmenting adoption rate of IoT devices across the globe, the global data center construction market is estimated to propel during the appraisal period.
Data center construction also provides several benefits such as high-speed data transfer, low latency, and work in near real time.
Moreover, with the advancements in technology along with software applications, the market is estimated to expand in the coming years.
Market OverviewThe data center is a combination of servers for distribution & collection and storage of data.
Data center construction is carried by keeping several points into consideration like storage, location, and others that play a major role in the efficiency of the data center.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/5809The demand for data centers with high efficiency is on high-rise, which has increased the usage of solar and wind energy.
The rapid rise in demand for large data storage facilities with cloud-based services has provided the major growth to this market and is growing at considerable speeds.
The companies are readily investing in research & development programs to unfold the new aspects, imposing an extra load on the market and will help the market gain accelerated speeds.Apart from the uses and features, the Data Center Construction Market faces challenges from high investment costs involved, which has restrained the global market growth.
This report offers a complete outlook on the opposition, opportunities, drivers & restraints, and other factors affecting the neighborhood and Data Center Construction Market Forecast.
The worldwide market is anticipated to sign in approximately 09 % annual growth in this era.Industry NewsThe global data center construction market is growing at considerable speeds due to a rise in demands for fast data processing units and a rapid rise in digitalization.
