The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Data Center Construction Market Size. The growth sectors of the Data Center Construction Market Size are identified with precision for a better growth perspective.
Market Research Future (MRFR), in its new research report, asserts that the global market is booming and poised to expand signficantly over the review period, registering a exponential market revenue of 31.91 billion and a moderate 9% CAGR in the forecast period.
FREE [email protected]
Drivers and Restraints
The IoT is using a web of numerou resources such as computing economics, data analytics, rising utilization of IP- Based networking, cloud computing, and others that need a proper flow of data owing to which the gowth in the data center construction market can be witnessed.
The data center construction market is also witnessing a considerable boost from data center facilities founded by companies such as Google, Microsoft, Amazon, and Facebook. The surge can be attributed to cloud computing, which has gained notable superiority in the past few years, and its evolution safeguards the outlook of the market. These factors involve data center construction which in the coming years can gain considerable momentum as suggested by MRFR in its report.
On the other hand, the initial cost is pretty high that can put a rein on the market. The construction of the site comprises labor cost, power cost, site acquisition, net taxes, construction cost, equipment cost, machinery cost, and labor availability that can put a huge tab on the leger — incurring such a substantial expense at the beginning of the project or as an accumulation in the midway limiting many companies from implementing such a plan.
Based on the design type, the market is segmented into electrical construction and mechanical construction. The electrical segment is the leading and the fastest-growing one with a predicted market value of USD 16.99 billion over the forecast period.
Based on the tier type, the market is sub-segmented into tier1, tier3, tier2, and tier4. Tier 4 has the edge over other segments and is poised the highest CAGR in the coming years as well. A moderate CAGR of 10.4% can ensure its position in the segment over the forecast period.
Vertical-wise segmentation of the market includes healthcare, BFSI, IT & telecommunication, oil and energy, media & entertainment, and the public sector. IT & telecom to lead the market from the front with an estimated CAGR of 10.8% during the forecast period.
The geographic analysis of the global market has been carried out in four major regions, including North America, the Asia Pacific, Europe, and the rest of the world (Latin America, the Middle East and Africa). North America, with its focus on innovative technologies and an insatiable thirst for implementing the latest technologies, has created a market that depends much on security, data storage, and quick operation. This has ensured the data center construction market’s expansion in the U.S. and Canada due to which the region can witness a growth of market share with a CAGR of 7.5% during the forecast period.
More [email protected]
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
Market Research Future
+1 646 845 9312
Email: [email protected]