The prominent factors thriving the global data center power market are robust adoption of cloud solutions, generation of a huge amount of data, and an increase in the number of data centers. In 2021, the market stood at $19,555.1 million and it is projected to touch $33,380.1 million by 2030. Moreover, the market is projected to advance at a CAGR of 6.1% from 2021 to 2030, owing to the huge requirement of entrepreneurs to drift to data centers from server rooms, the surge in smartphone penetration, the rise in social media usage, and the increase in the count of internet users.
In 2021, the tier III & tier IV category ruled the data center power market, holding approximately 90% of the total revenue share, and this trend will continue in the forecast period as well. This can be credited to its unique features, which include providing the N+1 and 2N redundancy, implying that the complete IT load can be assisted by the structure, simultaneously encompassing additional equipment for power backup, so that the execution is not hampered even if any part fails. The redundant systems ensure the smooth functioning of the performance during any failure.