The North America Data Center Energy Storage Market would witness market growth of 8.3% CAGR during the forecast period (2024-2031).
The US market dominated the North America Data Center Energy Storage Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $688.9 million by 2031. The Canada market is experiencing a CAGR of 10.5% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 9.7% during (2024 - 2031).
This market has witnessed tremendous growth in recent years. This growth is primarily driven by the increasing demand for data storage due to the rise of cloud computing, the Internet of Things (IoT), big data, and artificial intelligence (AI). As the backbone of the modern digital economy, data centers consume enormous amounts of energy to ensure seamless operations, making energy management a critical aspect of their sustainability and operational efficiency.
Additionally, the application of energy storage in data centers is multifaceted. In this context, energy storage's primary objective is to provide a reliable and continuous power supply while optimizing energy consumption. Data centers require an uninterrupted power supply to ensure the availability of critical services. In a power failure, energy storage systems (ESS) are deployed to provide backup power.
Canada's entertainment industry, particularly the film, television, and video production sectors, has been experiencing significant growth. According to Statistics Canada, this sector generated $11.3 billion in operating revenue in 2021, a 20.2% increase from the previous year. Television productions accounted for most of this revenue, contributing 59.2% in 2021, while feature films represented 22.6%. Mexico's retail industry is another significant data center energy storage market driver. The retail sector in Mexico is substantial, with revenue estimated at USD 76 billion and over 47,000 retail stores nationwide. Walmart de Mexico dominates this market, holding 66.4% of all supermarket sales in 2021, according to the International Trade Administration (ITA). In conclusion, the rising entertainment industry in Canada and the expanding retail industry in Mexico significantly impact this market.
Free Valuable Insights: The Data Center Energy Storage Market is Predict to reach USD 2.6 Billion by 2031, at a CAGR of 8.8%
Based on Type, the market is segmented into Tier 3, Tier 4, Tier 2, and Tier 1. Based on Application, the market is segmented into BFSI, Manufacturing, Retail & E-commerce, Healthcare, Entertainment & Media, and Other Application. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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