The green data center market is anticipated to reach $300 billion by 2031 due to the rise in advanced technologies and the need to make data center operations more sustainable, according to Allied Market Research, a global market research firm.
The market for green data centers is examined in the report by industry, organization size, and component. The research indicates that the market will increase in value from 2021’s $49.7 billion to $303.9 billion by 2031, growing at a CAGR of 20%.
In 2021, large corporations dominated the industry and generated more than half of the revenue from green data centers. Small and medium-sized firms will see their market share expand by more than 21% annually through 2031 as a result of increased technology investments.
The largest market growth is anticipated in the media and entertainment industry, particularly given the rising demand for storage and data. Due to the demand for long-term data management, the financial sector held one-fifth of the market share in 2021.
According to the report, over the course of the forecast, hardware for green data centers will account for 35% of the global market. A spike in the usage of professional services for the integration and deployment of green data center platforms, however, is predicted to give the services segment the highest CAGR throughout the forecast period, at 21.2%.
The largest market share belongs to North America, which will account for about two-fifths of the market in 2021. Asia-Pacific on the other hand will experience the strongest growth throughout the forecast period, with a CAGR of almost 25%.
Furthermore, the market is being driven by the growth of high-end cloud computing businesses and an increase in spending on green data center technology, according to the report. Demand will be kept high due to the rising number of network upgrades to enable technologies like 5G.
Data centers are operations that use a lot of energy and water. Thus, making data centers sustainable has become a priority for businesses due to the growing demand for them to meet operational and technological needs in a range of industries.
Numerous organizations have valued data center initiatives. Tech giants including Meta, Google, and Microsoft have placed greater emphasis in the development of efficient and sustainable data centers.
