As per the report, the global green data center market generated $49.7 billion in 2021, and is projected to reach $303.9 billion by 2031, growing at a CAGR of 20.1% from 2022 to 2031.
Rise in penetration of high-end cloud computing in companies, surge in the need for scalability, and increase in expenditure on green data center technology drive the global green data center market. However, rise in demand for managed services and an increase in concerns regarding data privacy hinder market growth. On the contrary, rise in demand for multi-cloud and network upgrades to support 5G would open new opportunities in the future.
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By component, the solution segment held the lion’s share in 2021, accounting for nearly three-fifths of the global green data center market, as green data center solutions are effective and environmentally friendly in terms of data storage and energy consumption. However, the services segment is projected to portray the highest CAGR of 21.2% during the forecast period, due to surge in adoption of professional services for integration and deployment of green data center solutions.
By industry vertical, the media and entertainment segment is anticipated is estimated to register the highest CAGR of 24.0% from 2022 to 2031. This is due to increase in storage demand and increase in data traffic in the media & entertainment industry. However, the BFSI segment held the lion’s share in 2021, contributing to more than one-fifth of the global green data center market, due to need for sustainable data management.
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By enterprise size, the large enterprises segment dominated the market in terms of revenue generation in 2021, accounting for more than half of the global green data center market. This is due to adoption of green data center by large enterprises for efficient and cost-effective energy. However, the small and medium-sized enterprise segment is projected to register the highest CAGR of 21.3% during the forecast period, due to rapid innovation and technological investments by SMEs.
By region, the global green data center market across North America held the largest share in 2021, accounting for nearly two-fifths of the market, due to infrastructure development and technology adoption in countries such as the U.S. and Canada. However, the market across Asia-Pacific is anticipated to register the highest CAGR of 24.7% during the forecast period, due to rise in digital and economic transformation in the region.
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- The Covid-19 outbreak significantly affected the market. Manufacturing and production facilities across the globe were shut during the pandemic. This negatively impacted the global economy and created challenges for businesses and communities.
- Several countries suffered major losses in terms of business and revenue due to lack of raw materials and disruption of the supply chain.
- In addition, the pandemic enforced the industry to make short-term decisions that have long-term implications. Thus, the negative impact on the market is expected to continue for a short period.
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