Increase in adoption of data center rack technology across enterprises to enhance operation & productivity and propel growth of the market
PORTLAND, OR, UNITED STATES, September 13, 2024: /EINPresswire.com/ — Allied Market Research published a new report titled, “The Global Data Center Rack Market Size Reach USD 9.5 Billion by 2031, Growing at 9.7% CAGR.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to be taken to gain a competitive advantage.
The global data center rack market was valued at $3.9 billion in 2021 and is projected to reach $9.5 billion by 2031, growing at a CAGR of 9.7% from 2022 to 2031.
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The rise in popularity of server virtualization and remote control and the increase in adoption of data center rack technology across enterprises to enhance the operation and productivity drive the global data center rack market. However, improper power management, UPS battery failures, and data security restrict the market growth. On the other hand, stringent security requirements and an increase in demand for more compact and scalable server types will present new growth opportunities for the global graphene electronics market in the coming years.
The data center rack market is segmented into component, rack type, data center size, industry vertical, rack height, and region. By component, it is bifurcated into solution and service. By rack type, it is divided into cabinets, enclosed racks, and open-frame racks. By data center size, the market is segregated into large data centers and small and mid-sized data centers. Based on rack height, the market is classified into below 42U, 43U up to 52U, and above 52U. By industry vertical, the market is classified into BFSI, manufacturing, IT & telecom, retail, healthcare, media & entertainment, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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COVID-19 Scenario:
● The COVID-19 outbreak positively impacted the data center rack market, as data center rack technologies helped enterprises address the extensive capacity demand for data storage.
● Moreover, the pandemic was opportunistic for the data center rack market forecast, as organizations across the globe adopted data center racks to enable their business objectives during work-from-home initiatives.
● On the other hand, the demand for data center rack services decreased in some nations. For instance, in the Middle East, the simultaneous effects of COVID-19 and significant drops in oil prices had a variety of economic consequences throughout the Gulf region. They significantly provoked the demand shock of a hydrocarbon industry, which reduced the demand for data center rack service in the region.
● However, surge in investments in data analytics, rise in adoption of AI and ML, advent of autonomous vehicles and drones, and rise in need for tracking real-time information are expected to boost the data center rack market trends in the post-pandemic.
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On the basis of rack type, the cabinets/enclosed racks segment contributed to the largest share of around two-thirds of the global data center rack market revenue and is expected to retain its dominance by 2031. Also, the same segment would portray the fastest CAGR of 10.6% during the forecast period. This is due to the rise in prominence of data center racks and cabinets as essential components of the IT infrastructure of businesses.
In terms of rack height, the 42U and below segment contributed to the largest share of nearly three-fifths of the global data center rack market in 2021 and is expected to maintain progressive growth during the forecast period. It is compatible with a wide variety of servers and rack-mountable networking equipment, which drives the segment. However, the 43U up to 52U segment would portray the fastest CAGR of 12.0% during the forecast period. Due to the rising space of the organization, rack sizes have increased to accommodate a greater number of racks.
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By region, North America accounted for the highest share in 2021, holding nearly half of the global data center rack market revenue, and is projected to rule the roost by 2031. The rising investment in advanced technologies such as data center racks to improve business and customer experience is anticipated to provide ample growth opportunities for the data center rack market in North America. The Asia-Pacific region, simultaneously, would portray the fastest CAGR of 12.6% during the forecast period. This is attributed to the increase in penetration of digitalization and higher adoption of advanced technology that propel the growth of the market in this region.
The key players that operate in the data center rack market analysis are Black Box, Eaton Corporation, Great Lakes Data Racks & Cabinets, Oracle Corporation, Schneider Electric, Hewlett Packard Enterprise Development LP, Fujitsu, Dell Technologies Inc., Rittal GmbH & Co. KG, and Samsung Electronics Co., Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the data center rack industry.
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