The data center renovation market size has experienced exponential growth in recent years, increasing from $24.4 billion in 2023 to $30.08 billion in 2024, with a compound annual growth rate (CAGR) of 23.3%. This expansion is attributed to the modernization of legacy infrastructure, growing data storage needs, energy efficiency concerns, and upgrades for security and compliance. Forecasts suggest that this growth will continue, with the market expected to reach $74.66 billion in 2028, reflecting a CAGR of 25.5%. This anticipated growth is driven by the integration of edge computing, implementation of 5G technology, sustainability initiatives favoring green computing, and enhancements in resilience and disaster recovery. Noteworthy trends for the forecast period include technological advancements, sustainability initiatives, modular and scalable designs, and advanced cooling technologies.
Major Driver In The Data Center Renovation Market
The increasing reliance on online services is anticipated to drive the expansion of the data center renovation market. As online services for payments, shopping, travel, entertainment, and medical applications gain prominence, there is a corresponding surge in data traffic across various sectors. To adapt to these market dynamics, leaders in the data center renovation market are expected to modernize their back-end IT infrastructure. According to a report by DataReportal in April 2022, 5 billion people worldwide, equivalent to 63% of the total population, use the internet. This widespread usage, coupled with an additional 200 million people connecting to the internet in the years 2021–2022, propels the growth of the data center renovation market. The market size for data center renovation is expected to witness significant growth in 2028.
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Data Center Renovation Market Competitive Landscape
APL Data Center, IBM Corporation, Cisco Systems Inc., Schneider Electric SE, Hewlett Packard Enterprise Company, ABB Ltd., Eiffage Énergie SAS, Eaton Corporation plc, Turner Construction Co., AECOM, Gilbane Building Company Inc., JE Dunn Construction Group Inc., Hensel Phelps Construction Co. Inc., DPR Construction Inc., HITT Contracting Inc., Black & Veatch Holding Company, SAS Institute Inc., MA Mortenson Company Inc., Panduit Corporation, CyrusOne Inc., Nabholz Corporation, Fortis Construction Inc., Clune Construction Company, L.P., Cap Ingelec SAS, Raritan Inc., Submer Technologies, Sunbird Software Inc., Gilford Corporation, Fujitsu Limited, NTT Global Data Centers Corp., Vertiv Holdings Co.
Data Center Renovation Market Segmentation
The data center renovation market covered in this report 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
By Geography:The regions covered in the data center renovation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
South America was the largest region in the data center renovation market in 2023.
The Data Center Renovation Global Market Report 2024 furnishes information about the global data center renovation market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
