In a new report, analysis firm Persistence Market Research said the US market will grow at a CAGR of 3.4 per cent through 2024 and will continue to dominate the global market.
Key drivers for growth include growing demand for green data centres and low natural gas prices.
The institutional and commercial data centre market segments, which together hold almost 90 per cent of the total market share, are predicted to maintain their lead. The institutional segment is projected to pass the 50 per cent mark by the end of 2024 to reach a value of $149m, while the commercial segment, with a 35 per cent revenue share, is set to remain in second place.
University laboratories will account for over a third of the total market share by 2024, the report said, while internet service providers (ISPs) will hold a quarter of the market. Colocation facilities and so-called server farms are predicted to maintain steady growth.
Sales of CHP systems for data centres will be highest in the states of California, New York, Washington, Texas and Massachusetts, the report said. New installations will account for over 80 per cent of all systems through 2024, as the high costs and complexities of retrofits hamper growth in that segment.
Key market players include GE and Caterpillar, which are set to hold their positions at the top, as well as Veolia Energy North America and Dresser-Rand.