Research

Global | 2024

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Data Centers
2024 Global Outlook
AI and the green energy transition will bring new challenges
and opportunities
Data Centers 2024 Global Outlook

Contents
Executive summary 3

01
Demand drivers 5
Digital economy 6
Generative AI 8

02
Data center design 9
Increasing rack density 9
Liquid cooling 12
Data center operations 13
Increasing power efficiency 13
Software-fueled efficiency improvements 14
Algorithms and CPU cycles 14

03
Power sourcing 15
Global power shortage 16
Sustainable energy 18
Low-carbon strategies to overcome
supply issues 20

04
Opportunities for sustainable growth 22

Key contacts 24

2
Data Centers 2024 Global Outlook Contents →

Executive summary

The democratization of Artificial Intelligence (AI) The impact on the data center industry is
stands to be the biggest transformation in the data immense. Power presents both an opportunity
center industry since the sector burst onto the and a threat to the sector and as a result we have
scene. The data center industry has experienced dedicated our outlook to this evolving dynamic.
explosive growth over the past decade, driven Our report explores in detail, what this means for
by ever-increasing demand for cloud services developers and operators in 2024 and beyond,
and the expanding use of web-enabled devices including case studies of ingenuity and innovation
globally. Now in 2024, AI and machine learning as the sector evolves.
is prompting a fundamental shift in data center
design, site selection and investment approach.

With power requirements for data centers

growing exponentially, we are seeing a scarcity
of data center colocation supply driven by
regional power limitations. Data center growth
is experiencing significant competition with
other high-power users including electric vehicle
infrastructure and advanced manufacturing. The
European Commission estimates that electricity
consumption will increase by 60% by 2030 while
power generation capacity needs huge investment
in order to meet renewable energy targets.

3
Data Centers 2024 Global Outlook Contents →

Demand drivers
The ever-growing digital economy and
democratization of AI will drive demand for more
and larger data centers. With many real estate
asset classes seeing a pullback for developers and
investors, data centers stands out as a promising
asset class in 2024.

Data center design

The highly specialized equipment needed to
support AI densities, particularly liquid cooling,
will transform traditional facility design. Data
center providers are rapidly changing designs to
support these new requirements.

Data center operations

In the quest to lower power usage effectiveness
(PUE), data center operators will seek new
software solutions and algorithms to propel
efficiency gains. For enterprise data center
operators, achieving better efficiency requires
specialized expertise.

Power sourcing
The urgent need for more power will lead data
center operators and even governments to
scramble to secure required utility, especially
sustainable sources of energy while spurring
innovation. AI is driving extreme scale for new
developments with requirements now ranging
from 300 megawatts (MW) to over 500MW. Site
selection criteria have changed dramatically with
a more prominent focus on power availability and
delivery timelines.

4
Data Centers 2024 Global Outlook Contents →

01 The continued transition to the cloud, growth

in the Internet of Things (IoT), growing data
sovereignty and residency regulations, and

Demand drivers the expanding amount of data that consumers

and businesses generate are fueling the rapid
development of data centers globally.

In the next five years, consumers and businesses

will generate twice as much data as all the data
created over the past 10 years. In response, total
storage capacity in data centers and endpoint
devices will grow from 10.1 zettabytes (ZB) in
2023 to 21.0 ZB in 2027, for a five-year compound
annual growth rate (CAGR) of 18.5%.1

1
Aug 2023, IDC #US49346223, Revelations in the Global StorageSphere
2023, John Rydning

5
Data Centers 2024 Global Outlook Contents →

The growing need for storage translates to growing Most new data centers built 10 years ago had a
demand for data center space, fueling rapid critical IT load capacity of less than 10MW. Today,
development. In the past decade, developers have it is not uncommon to hear developers announce
steadily increased the capacity of new colocation new builds of 100MW or more.
and hyperscale data centers. Structure Research
estimates that global colocation MW will grow at
15.2% CAGR over the next five years.

6
Global data center colocation market size by country in primary, secondary and emerging markets Contents →

(in MW of built-out critical IT load capacity)

London
Salt Lake City 912
176
Paris
Denver 387
Vancouver 108
26 Amsterdam
Dallas-Fort Worth Dublin
Northwest 227 488
737 Toronto
620 Chicago 506 Berlin
784 New Jersey 92
Las Vegas / Reno New York 410
180 152 Frankfurt
Boston Madrid
Northern California 160 660
693 Los Angeles 99 Tokyo
265 Northern Virginia Seoul 898
Phoenix Atlanta 3,640 545
698 390
Houston Hong Kong
Austin / San Antonio 109 Mumbai 576
433 Querétaro 392 Chennai
41 87
Kuala Lumpur
233

Campinas Singapore
410 1,000
Rio de Janiero
76 Johannesburg
Barueri Cape Town 121
221 Sydney
29 Melbourne 637
324

Primary markets have at least 600MW Secondary markets typically have Emerging markets will continue to
of supply and many of these markets are 100–600MW of supply and have grow as Edge deployments bring data
now pushing beyond the 1,000MW mark. recently become the focus of attention centers closer to the user and national
They will continue to see strong growth as as investors, lenders and developers data sovereignty laws mandate in-
colocation and hyperscalers consolidate seek new opportunities in less country storage.
their positions in safe metros that have crowded markets.
become sub-regional hubs.

Source: JLL, Structure Research

Data as of June 2023

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Data Centers 2024 Global Outlook Contents →

Generative AI poised to transform the Training and tuning application workloads for
data center market AI are not typically latency-sensitive. Therefore,
Generative AI will significantly disrupt the industry, developers building AI-specialized data centers
impacting not just the number of new data centers can be more flexible in site selection and
needed but also their design and location. strategically choose geographies with significant
available transmission power, low energy costs,
Bloomberg Intelligence projects the generative abundant sustainable energy sources and climates
AI market will grow to $1.3 trillion over the next that support free cooling.4
10 years from a market size of just $40 billion in
2022.2 Data center operators and developers that Given high demand and growing data
want to capitalize on this market opportunity must requirements, data center development is
recognize that AI-specialized data centers look positioned to continue at a rapid pace in 2024.
different than conventional facilities. However, as hyperscalers and other large
requirements sign commitments to space
Generative AI requires more densely clustered far in advance of delivery, those with smaller
and performance-intensive IT infrastructure than requirements will need to plan ahead to find the
the framework found in standard data centers, capacity they need.
producing much more heat. The power consumed
by generative AI workloads fluctuates more than
traditional IT workloads, creating challenges in
optimizing a facility’s overall efficiency. Key considerations
For investors, how will generative AI change
For example, the workload of an AI image the data center landscape, particularly the
generator application requires much more needs of each stage of model development?
power than a text generation application.
For enterprises and operators, are
Additionally, power requirements for the three
generative AI workloads best served
stages of generative AI — model creation,
in on-premise, colocation, or public
tuning and inference — vary significantly. Data
cloud environments?
center operators need to plan and allocate
power resources based on the type of data
being processed and the stage of generative AI
model development.3

2
Bloomberg, Generative AI to Become a $1.3 Trillion Market by 2032, Research Finds, June 2023
3
Jul 2023, IDC #US51013223, Generative AI: Implications for the Datacenter, Sean Graham and Peter Rutten
4
IDC #US51013223, 2023

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Data Centers 2024 Global Outlook Contents →

02 Increasing rack density

The rapid adoption of generative AI will continue
to drive the upward trajectory of rack power

Data center density. Average rack density has been slowly

climbing over the past few years and will see

design
significant jumps in the coming years.

Rack density refers to the amount of

computing equipment installed and
operated within a single server rack.
It is calculated by the rack’s power
requirements (in watts) divided
by the available space (measured
in rack units).

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Hyperscalers, which have been at the forefront data centers will need to adapt to accommodate
of adopting AI and high-performance computing the higher power densities required to support
(HPC), have the greatest need for high-density these advanced IT loads.
infrastructure. Currently, their large facilities have
an estimated average density of 36kW per rack, In addition to increasing computational needs,
which IDC estimates will grow at a 7.8% CAGR rising demand for hyperconverged infrastructure
in the coming years to approach 50kW by 2027. (HCI) is driving the upward trajectory of
Many AI cluster requirements are projected to hit power density.
80-100kW/rack.5
As demand for higher rack density grows,
Despite its exponential growth throughout innovations on the infrastructure side are enabling
2023, generative AI is still in its early stages of the industry to keep up. Promising sustainable
democratization for most organizations and end- energy solutions and the advent of contemporary
users. As this transformative technology reaches cooling solutions, especially immersion cooling,
more mainstream users, enterprise and colocation will help operators continue to increase density.

Figure 1
Average rack density is increasing, especially in hyperscale data centers
(Asia Pacific excluding Japan)6
60

50

40
kW/rack

30

20

10

0
2023 2024 2025 2026 2027

Enterprise & colocation data centers Hyperscale data centers

July 2023, IDC #AP50326223, Asia/Pacific (Excluding Japan) DC Deployment Model and Spend Forecast, 2H22: 2022–2027,
5, 6

Mikhail Jaura, William Lee, Wendy Lok, Cynthia Ho

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Data Centers 2024 Global Outlook Contents →

“The increasing trend of Hyper-

converged Infrastructure (HCI)
and modular equipment reflect
a strategic shift for enhanced
flexibility and scalability. This
industry-wide move aims to
swiftly adapt to evolving demand,
optimizing agility while staying
committed to sustainable
practices.

Caine Boesenberg
Group Account Director, Data Centers
Asia Pacific
JLL

11
Data Centers 2024 Global Outlook Contents →

Liquid cooling adoption ramps up computational power by shifting to liquid cooling.

Higher rack density exacerbates the cooling Providers have shown that liquid cooling boasts
demands within data centers because significant power reductions — as high as 90%
concentrated computing equipment generates — while improving computational capability and
substantial heat. Traditional methods, such as air- space requirements.
based cooling, may struggle to dissipate the heat
generated by densely packed racks. To maintain Liquid cooling is gradually becoming cost-
efficiency, data centers are adopting advanced competitive with conventional solutions, so
cooling technologies, such as liquid cooling or operators should face a lower cost barrier to
rear-door heat exchangers. entry in the near future. While data centers with
traditional rack densities will maintain air-cooled
Since cooling typically accounts for roughly setups, we will begin to see wider adoption of
40% of an average data center’s electricity use, liquid cooling in facilities with high rack densities.
operators can offset the energy needs of higher

“
Liquid cooling systems demonstrates a transformative step in
data center operational efficiency. Beyond processing power, the
industry’s focus on advanced heat management aligns with a
commitment to sustainable high-performance computing, departing
from conventional systems, not only for sustainability purposes but
also to acclimatize to the increasing need for HPC.

Andrew Green
Regional Practice Lead, Data Centers, APAC
JLL

12
Data Centers 2024 Global Outlook Contents →

Data center operations Software will fuel energy efficiency improvements

Efficiency on the rise Higher power densities in new and existing centers
Leading data center operators continue to make will be necessary to do more with the same
strides in increasing efficiency. Many cloud, physical space. Leading data center operators
hyperscale and colocation data centers run much will employ software for intelligent management,
more efficiently than the traditional enterprise monitoring and rack orchestration that will
data centers they are replacing. fuel efficiencies, lower operational costs and
require less staff.
In 2022, IT and data center managers reported an
average annual PUE ratio of 1.55 at their largest Software-defined power, which optimizes energy
data center. Data center operators aim to get their use, offers one opportunity. Half of IT and data
PUE ratio as close to 1 as possible. center managers believe software-defined
power will likely improve the efficiency of data
While efficiency gains have flattened in recent centers within the next five years, according to
years, leading operators continue to explore new a 2022 survey.7
solutions to improve PUE ratios incrementally.

Figure 2
What is the average annual PUE for your largest data center?
Data center average PUE worldwide 2007-2023
2.5
Average annual PUE

2.0

1.5

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Note: Worldwide; 2007 to 2022; 669 respondents; IT and data center managers.
Source: Uptime Institute; ID 1229367

7
Uptime Institute Global Data Center Survey 2022, page 28

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Data Centers 2024 Global Outlook Contents →

Algorithms hold potential to increase CPU cycles

While hardware improvements like renewable
energy and immersion cooling tend to generate
a lot of buzz, many leading data center operators
are also improving efficiency behind the
scenes by increasing the computational yield
from CPU cycles.

With the clock speed of CPU cycles hitting a

plateau in the last decade, data center operators
that want to improve computational power and
efficiency further will need to turn to instructions
or coding improvements such as parallel and
advanced algorithms.

For example, parallel or distributed computing

allows multiple servers to handle a heavy
processing workload, thus helping to alleviate
some rack density challenges. In addition, further
research and development can be conducted
on algorithms for quantum processing, enabling
wider usage of quantum computers (QPU) for AI
and machine learning.

Operators that invest in improving algorithms or Key considerations

software in the coming years stand to achieve For investors, how can you incorporate
greater efficiency gains than those focusing on new technologies into your data center
hardware alone. designs to make them more efficient,
particularly in relation to cooling and
energy management?

For enterprises and operators, will your

existing data center designs be sufficient for
supporting certain stages of Generative AI
model development?

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Data Centers 2024 Global Outlook Contents →

03 Intensifying data center power

requirements converge with the energy
transition to sustainable sources

Power The significant power demands of HPC and AI

systems put pressure on data centers’ energy
infrastructure, amplifying the challenges of

transmission and sourcing sufficient power capacity. Global

electricity use of data centers has remained flat

supply sourcing since 2015 while data center workloads have

more than doubled.8 This has largely been due
to rapid improvements to data center efficiency,
infrastructure and a trend towards larger
hyperscale data centers.

Despite this, smaller countries with expanding

data center markets are seeing substantial
increases in energy use, putting significant
pressure on generation and grid infrastructure.

8
IEA, Data Centers and Data Transmission Networks

15
Data Centers 2024 Global Outlook Contents →

EirGrid in Ireland estimates that electricity demand be necessary, as delivery timelines are two to
from data centers could more than double to 30% three years in the future. Users and developers
of all consumption in 2028. In Denmark, electricity will also increasingly seek sites in secondary
usage from data centers is forecast to grow from and tertiary markets due to timelines involved
1% to 15% of total consumption by 2030. in power procurement. Colocation operators
will also strive to operate more efficiently,
The data center industry’s explosive growth comes making use of the “stranded power”, or power
as companies are trying to navigate the challenges contractually guaranteed that isn’t used, in order
of the global energy transition from fossil to maximize capacity.
fuels to sustainable sources and aging energy
infrastructure. Antiquated grid networks were Load shedding disrupts grid reliability
not built to handle today’s power-intense data Data center operators in some markets now
flows on top of record deployments of electric must contend with load shedding, a practice
vehicle infrastructure, increases in advanced of intentionally shutting down power that has
manufacturing and urban areas’ growing historically been used primarily in developing
electricity demand. Timelines for sourcing power economies. In the past year, utilities in California
have increased two or threefold to produce the and Texas have deployed the practice during
large amounts of power required for data centers. periods of high demand. Meanwhile, Germany
is contemplating using load shedding in 2024 to
Grid infrastructure globally requires enormous
control the energy supply in high-demand areas.
investment. For example, one-third of Europe’s
grid infrastructure is over 40 years old, requiring an Although a temporary reduction of electricity
estimated €584 billion ($641 billion) of investment supply helps balance the power grid in times of
by 2030 to meet the European Union’s green goals. high demand or a shortage of generation capacity
In the United States, meeting energy transition and prevents large-scale disruption from a total
goals will require an estimated $2 trillion in order grid collapse or a blackout, load shedding can be
to upgrade the grid and feed more renewable particularly inconvenient for data center operators.
energy into the power supply. So far $13 billion Data centers rely on Uninterrupted Power Supply
has been allocated for modernizing the grid (UPS) to ensure the continuous operation of their
through the Bipartisan Infrastructure Law which servers, network equipment and critical systems.
also includes grants to expand capacity for wind Data centers have systems in place to protect
and solar power as well as microgrids that can against power disruptions such as redundant
function independently in the event of a blackout. power sources and backup generators. However,
frequent load shedding can place additional
Due to the significant investment required,
strain on these backup systems and result in
challenges in sourcing power will continue to
higher energy consumption, leading to higher
be a factor for developers and users seeking
operational costs and impacting environmental
data center capacity. Advanced planning will
sustainability efforts.
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Data Centers 2024 Global Outlook Contents →

Major markets address power burden of data centers

The cost and availability of power continue to hinder development in all global data center markets. The
following examples illustrate how select markets are addressing the challenge:

Ireland Singapore United States

The data center industry has As the rapid growth of In Northern Virginia, the power
come under immense scrutiny Singapore’s data center capacity used by data centers
in Ireland over the past few industry puts pressure on the doubled between 2018 and
years. In 2022, data centers country’s limited resources, 2022 to 2,767MW, according to
consumed 18% of the country’s the government enacted Dominion Energy, the state’s
electricity, up from 5% in 2015.9 a moratorium to halt data electric utility. While it has
center construction in certain historically matched demand,
In response, Ireland’s state
regions temporarily. During the Dominion has struggled in
grid authority, EirGrid, has
moratorium, the government recent years to keep up with the
stopped providing connections
carefully reviewed new data surge in power needs. Based
for facilities in Dublin. The de
center proposals in 2022 and on customer orders, the utility
facto moratorium means that
2023 to ensure they align with forecasts that capacity will
EirGrid will not supply any
the country’s sustainability double statewide by 2028.
new connections until at least
goals, examining factors such To address these constraints
2028 and will only consider
as energy efficiency, renewable and meet future demand,
applications on a case-by-case
energy usage and the utilization Dominion must construct major
basis. A handful of developers
of existing infrastructure. transmission infrastructure. To
are currently seeking
planning permission for new The government has indicated start, it has begun building two
developments, with Vantage that it is actively exploring ways 500-kilovolt transmission lines
and EdgeConnex appealing to meet the increasing demand in Northern Virginia to serve the
their rejected decisions and for data centers through data center market.
CyrusOne awaiting a verdict. innovative solutions, such
as floating data centers and
9
Central Statistics Office, Data Centers underground developments.
Metered Electricity Consumption 2022

17
Data Centers 2024 Global Outlook Contents →

The rise of sustainable power

Sustainability has emerged as one of the most
important issues for data centers today. With
data centers and data transmission networks
accounting for 1% of energy-related greenhouse
gas emissions, operators face increased pressure
to not only improve efficiency but also to source
sustainable power.10

The intense focus on sustainability means that

data center operators must tackle a dual challenge
in a power-constrained environment: ensure
a reliable electricity supply while minimizing
a facility’s environmental footprint. Several
examples from leading operators offer clues to
how the industry can solve this conundrum.

“
In addition to location and design considerations, data center
operators are starting to explore alternative power sourcing strategies
for onsite power generation including small modular reactors (SMRs),
hydrogen fuel cells and natural gas. With power grids becoming
effectively tapped out and transformers having lead times of over
three years, operators will need to innovate.

Andy Cvengros
Managing Director, U.S. Data Center Markets
JLL

10
IEA, Data Centers and Data Transmission Networks

18
Data Centers 2024 Global Outlook Contents →

Case study: Energiewende

Translated in English as ‘Energy Turnaround’, been a controversial decision in Germany, as it

Energiewende is the German name for the leaves the country in a difficult place to meet its
country’s transition to low-carbon, safe, reliable ambitious clean energy goals (65% of electricity
and renewable energy which involves phasing from ‘clean sources’ by 2030). The UK for example,
out nuclear power (the last three nuclear plants is expanding its nuclear energy generation with
were shut down in 2023). Coal-fired power plants the new Sizewell C project — estimated to cost
are aimed to be phased out by 2030 and there is between £20 billion ($25.6 billion) and £44 billion
increasing investment into solar and wind energy — which will generate 3.2 gigawatts (GW) of energy
generation. The scrapping of nuclear power has and powers six million homes.

19
Data Centers 2024 Global Outlook Contents →

Low-carbon strategies to overcome Power purchase agreements (PPAs)

supply issues Over the last couple of years, PPAs have enabled
cloud giants to make record levels of investment
Location
in renewable energy. Major cloud providers
Hyperscalers are looking to diversify their
already rank among the world’s largest buyers
geographical footprints and find readily available
of renewable energy. Amazon in 2023 invested
and scalable power by expanding into different
in more than 100 new solar and wind energy
secondary and tertiary markets like Atlanta, Salt
projects. The company now supports more than
Lake City, Reno, Denver, Columbus, and Charlotte.
400 renewable energy projects in 22 countries.14
Globally, Sweden and other Nordic countries offer
data centers a secure source of green electricity
as well as a colder climate that reduces the
need for cooling operations. It’s no surprise that
Google, Meta, and Amazon have all established
data centers in the Nordics over the past several What is a power purchase
years, and experts expect the region will see more
agreement (PPA)?
growth in the coming years.11
Through a PPA, a third-party developer
installs, owns, and operates an energy
Onsite power generation
system on a customer’s property. The
Rooftop solar may be the most prolific form of
customer then purchases the system’s
low-carbon, onsite power generation today, but
electric output for a predetermined period.
comes with the downside of high variability.
New solutions are emerging, like small modular
reactors (SMRs) — advanced nuclear reactors
with a power capacity of up to 300 MW. In the
U.S., the first approval for an SMR to supply a data
center was granted to NuScale in February 2023.
Microsoft is also exploring SMRs as part of its
energy strategy.

Hydrogen fuel cells are another emerging

technology to watch. Microsoft is testing this 11
Infrastructure Investor, The rise and rise of the Nordic
technology in the U.S. to replace diesel-based data center industry, June 26, 2023
backup generators.12 Meanwhile, Lumcloon Energy
12
Data center Dynamics, Preparing for the hydrogen grid,
September 13, 2023
in Ireland and South Korea-based SK Ecoplant 13
The Irish Times, Offaly firm signs South Korea data center
are partnering to build the first hydrogen fuel cell- deal, November 2, 2023
powered data center in Europe.13 14
IEA, Data Centers and Data Transmission Networks

20
Data Centers 2024 Global Outlook Contents →

As disclosure requirements grow for

environmental and carbon footprints, sustainable Key considerations
energy sources for data centers will be a key For investors, how much sustainable
requirement in selecting an operator or developer. energy is available in new data center
Users will become more knowledgeable in asking markets, and what are the opportunities to
questions about sustainability before signing invest in new sustainable energy projects to
a commitment, and developers will focus on serve under-supplied markets?
sustainability improvements to ensure a longer
lifespan for the deployment. For enterprises and operators,
what is the supply pipeline from new
sustainable energy sources in current
markets of operation?

“
Opportunity and threat are often two sides of the same coin. While
the global energy crisis presents an ongoing challenge to the data
center sector it also opens opportunities for sustainable growth.
Globally, there is a sizable energy infrastructure funding gap. By
partnering with renewable energy projects, companies, cloud
providers and data center operators, as the largest purchasers
of renewable energy, have the ability to transform and drive the
energy infrastructure sector. Through long-term PPAs that are
driving development of new renewable energy projects, investing in
advanced grid technologies that improve stability and optimization
to onsite power generation that can export power back to the grid
during periods of low demand.

Daniel Thorpe
Associate Director, EMEA Data Centers
JLL

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Data Centers 2024 Global Outlook Contents →

04
The growth of AI and intensifying focus on
sustainability present opportunities for data center
developers and operators to evolve their business

Opportunities models to meet the industry’s changing needs.

Over time, developers will build specialized data

for sustainable
centers for training and tuning AI models. In the
meantime, there will be significant opportunities
to redesign existing data centers to cope with

growth the increased power and cooling demands as

rack densities rise due to AI. Those who can meet
these demands while minimizing environmental
footprints will stand ready to benefit from meeting
the needs of our data-intense digital economy.

Key considerations
For investors, operators and enterprises
Has your organization sufficiently factored
in the transformative impact of Generative
AI into its strategic decision-making
around data centers?
22
Data Centers 2024 Global Outlook Contents →

“
Managing aging infrastructure with increased demand intensity, alongside new
ESG requirements and legislation, provide data centers with a uniquely challenging
environment in 2024. However, each is an opportunity to drive meaningful change
using a combination of data center expertise, platform tools and truly creative
innovation – we’re set for an extremely exciting year.

Catriona Shearer
EMEA Data Center Consulting Lead
JLL

23
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