Data Center Renovation Market Overview 2023-2032 – Key Opportunities And Strategies

The Data Center Renovation Global Market Report 2023 by The Business Research Company, provides data center renovation market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Data Center Renovation Global Market Report 2023, the global data center renovation market size will grow from $20.17 billion in 2022 to $25.2 billion in 2023 at a compound annual growth rate (CAGR) of 25.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the data center renovation is expected to grow to $60.91 billion in 2027 at a CAGR of 24.7%.

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.

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The data center renovation market is segmented:

1) By Product: Cooling, Power, IT Racks and Enclosures, Networking equipment, DCIM, Other Products

2) By Organization Size: Small Size Organization, Medium Size Organization, Large Size Organization

3) By Application: BFSI, IT and Telecom, Manufacturing, Government, Healthcare, Other Applications

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.

The data center renovation market report table of contents includes: