The global data center cooling market size is expected to reach $56.1 billion by 2030, advancing at a CAGR of 17.2% from 2022 to 2030, according to a study conducted by Grand View Research, Inc. An increase in the number of data center facilities worldwide is favoring the rapid growth in this space. Additionally, a gradual shift towards cloud services is creating demand for eco-friendly cooling technology.
IT and telecom captured over 45% of the overall revenue share in 2021. 5G penetration and the pandemic brought about a rapid need for digital transformation among enterprises and is the key success factor for the segment's success over the last few years.
Raised floor containment, although ranking third among all containment types, is expected to gain traction in the future. The segment is projected to surpass a revenue demand of approximately $12.7 billion by 2030.
The worldwide market for data center cooling is expected to witness substantial growth owing to the need for enhanced cooling techniques to negate the scorching heat due to rising global temperatures.
The market is highly consolidated and characterized by stiff competition with the presence of major global players, who are focusing on introducing different data center cooling techniques in order to enhance their market presence.
Data center expansion is often associated with high CO2 emissions and increased energy usage. Furthermore, the data center cooling solutions are estimated to account for 35% of the total energy consumption in data center facilities. Therefore, vendors in this space are aiming to introduce sustainable cooling solutions while attempting to save over 70% of the cost associated with cooling. For example, Apple's North Carolina data center facility operates on sustainable power sources, and data center cooling is achieved through a free air-cooling technique, allowing the chillers to be off for almost 80% of the time.