Data centers cooling market to rise at 8.5% CAGR by 2026

The global data centers cooling market size is projected to reach USD 11.97 billion by 2026. The increasing industrialization across the world will create several growth opportunities for companies operating in this market. According to a report published by Fortune Business Insights, the market size was USD 6.27 billion in 2018 and will exhibit a CAGR of 8.5 percent during the forecast period, 2019-2026.

Data centers are physical network drives that store large data for companies and related organizations. The constantly rising IT sector has provided a massive potential for the growth of the market in recent years. The huge investments in the development of existing systems as well as the emphasis on incorporating newer technologies will have a direct impact on the growth of the market. The benefits offered by data center cooling units have led to a wider product adoption. They help avoid data losses, and subsequently minimize financial losses. The increasing adoption of data centers by leading companies across the world will have a direct impact on the growth of the market.

The COVID-19 outbreak has spawned widespread economic distress and uncertainty, with many industries, markets, and businesses undergoing tremendous stress. However, together, the global community can tide over these challenging times, the report said.