Commercial, Energy Efficiency, Industrial  -  July 27, 2016

Data center cooling center market forecast to hit $17.8B by 2024 as demand surges

Driven by increasing demand for energy efficient cooling solutions for a growing number of data centers across the commercial and industrial sector, a new study has forecast big growth in the market. 

According to the Grand View Research Inc. study, the global data center market is expected to reach $17.78 billion by 2024 as demand surges from the IT and telecom; retail; banking, financial services and insurance; healthcare and energy sectors.  Big data and cloud computing proliferation are also projected to impact the industry demand positively over the forecast period, the study found. 

Grand View Research said in a news release announcing the study that the emergence of new data centers has played a pivotal role in driving the demand for cooling solutions. Further, the need for efficient solutions is of paramount importance to ensure proper server functioning and to eliminate system downtime.

The organization added:

High data volume combined with the rise in the number of enterprises moving towards cloud computing is also expected to impel market growth over the forecast period. Technological advancements and the development of energy-efficient systems are rising as traditional cooling systems incur high operational costs owing to the increased power consumption.

A sample of the study can be accessed through Grand View's website. 

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