The 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. Data center construction incorporates a collection of processes which is used for constructing data centers. 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 Market
With the augmenting adoption rate of IoT devices across the globe, the global data center construction market is estimated to propel during the appraisal period. The increasing demand for energy-efficient data centers is also estimated to create growth opportunities for the market across the globe. Additionally, with the adoption of green strategies like the reuse of waste and evaporative cooling are contribute to the market growth. Data center construction also provides several benefits such as high-speed data transfer, low latency, and work in near real time. Such benefits are likely to influence the market growth to a great extent. Moreover, with the advancements in technology along with software applications, the market is estimated to expand in the coming years. The finance & banking sector is considered one of the largest generators of data. The banking and finance structures use data centers in order to store employee management transactions, customer records, and electronic banking services like remote banking. Banks across the globe are extensively deploying new data centers. For instance, the U.S. bank has recently announced that it has planned to build a data center worth USD 250 million, in Chaska. Such factors are anticipated to fuel the market growth during the assessment period.
On the flip side, the high initial cost associated with the data center construction is estimated to deter the market growth throughout the appraisal period.
Global Data Center Construction Market: Segmental Analysis
The global data center construction market has been segmented on the basis of design type, tier type, and verticals.
By mode of design type, the global data center construction market has been segmented into mechanical construction and electrical construction.
By mode of tier type, the global data center construction market has been segmented into tier 1, tier 2, tier 3, tier 4. Among these, the tier 4 data centers are extensively used with dual power and redundant instances of storage, power cooling equipment, and network links. Tier 4 is considered the most advanced tiers in which redundancy is applied across the data centers.
By mode of verticals, the global data center construction market has been segmented into IT & telecommunication, BFSI, oil & energy, media & entertainment, and public sector. Among these, the IT & telecommunication segment is anticipated to occupy the largest market share with the growing need for connectivity. Data centers also add more fiber optic interconnects and racks for the servers which will result in the increased demand for data centers in the telecom sector.
Geographically, the data center construction market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World.
Among all the regions, the North American region is considered to experience a significant market share owing to the sophisticated technology coupled with the augmenting demand for security, storage of data, and faster operation. Canada, the United States, and Mexico offer huge investments for research and development activities of big data and analytics which requires data centers to process and store the data. Such factors are estimated to trigger the demand for data center construction in this region.
Data Center Construction Market is Projected 9% CAGR during forecast period 2017 to 2023, Data…
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