The explosive rise of artificial intelligence (AI) and cloud computing has ignited an unparalleled demand for data centers over the past year. While these facilities were already gaining traction before the AI revolution, largely fueled by the booming bitcoin mining industry, the tech industry's swift pivot to AI has accelerated the construction and usage of data centers to new heights.
With demand for data centers showing no signs of slowing, projections indicate that the global data center market is poised to hit a whopping $416.1 billion by 2024 and climb to $624.1 billion by 2029, demonstrating a steady compound annual growth rate (CAGR) of 8.5% spanning 2024 to 2029.
