The global airflow management market is set to boom between 2017 and 2023, according to new research by MarketsandMarkets.
Growing at a CAGR of 9.24%, the market is expected to expand in value from USD 475.2 million which it sits at now, to $807.3 million by 2023.
Main drivers of growth in the airflow management market include the increasing number of data centers worldwide and improving cooling efficiency and thermal management in data centers.
The market for containment is expected to grow at the highest CAGR between 2017 and 2023.
According to MarketsandMarkets, containment can prevent the mixing of hot air and cold air as well as eliminate hot spots and enhance energy savings in data centers, with the benefits of these solutions driving the growth of the market.
The report defines the BFSI industry as banks, insurance companies, stockbrokers, and insurance companies.
The research finds that growing demand for cloud services and data storage in the banking sector has contributed to the increased adoption of airflow management solutions in the BFSI industry.
The airflow management market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2017 and 2023, the findings indicate.
The rising investments in technological advancements, growing data center infrastructure, and increasing focus on commercial and IT and telecom industries is expected to drive the market.
The report finds that commercial, IT and telecom, and government and defense are the major industries driving the growth of the airflow management market in APAC.
The report profiles a number of key players in the ecosystem of the global airflow management market, including India’s Unitile.