Global Data Center Renovation Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope
Data center renovation refers to the collective set of processes used to physically construct a data center facility. It combines data center operational environment requirements with construction standards. A data center renovation project charter can help to establish a clear and defined project scope, decision rights, and executive sponsorship for the project, as well as identify any potential risks that could hinder project performance. The data center renovation is used for the purpose of storing, processing, and disseminating data and applications by the organizations’ shared IT operations and equipment.

Sizing and Forecast
The data center renovation market size has grown exponentially in recent years. It will grow from $24.4 billion in 2023 to $30.08 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%.  The growth in the historic period can be attributed to legacy infrastructure modernization, increasing data storage requirements, energy efficiency concerns, security and compliance upgrades.

The data center renovation market size is expected to see exponential growth in the next few years. It will grow to $74.66 billion in 2028 at a compound annual growth rate (CAGR) of 25.5%.  The growth in the forecast period can be attributed to edge computing integration, 5G implementation, sustainability and green computing, resilience and disaster recovery. Major trends in the forecast period include technological advancements, sustainability and green initiatives, modular and scalable designs, advanced cooling technologies.

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Segmentation & Regional Insights
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

South America was the largest region in the data center renovation market in 2023. North America was the second largest region of the data center renovation market. The regions covered in the data center renovation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
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. For instance, according to the report published by DataReportal, a Singapore-based business intelligence company, in April 2022, 5 billion people across the world use the internet, which is equivalent to 63% of the total world’s population. In addition, around 200 million people will be connected to the internet in the years 2021–2022. Therefore, the increase in usage of online services is driving the data center renovation market growth.

Key Industry Players
Major companies operating in the data center renovation market report are 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.

The data center renovation market report table of contents includes:
1. Executive Summary
2. Data Center Renovation Market Characteristics
3. Data Center Renovation Market Trends And Strategies
4. Data Center Renovation Market - Macro Economic Scenario
5. Global Data Center Renovation Market Size and Growth
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32. Global Data Center Renovation Market Competitive Benchmarking
33. Global Data Center Renovation Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Data Center Renovation Market
35. Data Center Renovation Market Future Outlook and Potential Analysis
36. Appendix