Storage - Iceland

Iceland

Revenue in the Storage market is projected to reach US$11.70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.84%, resulting in a market volume of US$18.71m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$46.36 in 2024.
In global comparison, most revenue will be generated in the United States (US$23,930m in 2024).

Key regions: United Kingdom, Brazil, India, China, Indonesia

Market

Region

Region comparison

Currency

Analyst Opinion

The Storage market in Iceland has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Iceland are increasingly seeking storage solutions that are not only efficient and secure but also environmentally friendly. With a growing awareness of sustainability and the impact of climate change, there is a rising demand for storage options that utilize renewable energy sources and promote eco-friendly practices. This shift in customer preferences is driving innovation in the storage market towards more sustainable solutions.

Trends in the market: One notable trend in the Icelandic storage market is the adoption of advanced technology such as cloud storage and data centers. As businesses and individuals generate increasing amounts of data, the need for reliable and scalable storage solutions has grown. This has led to a rise in the establishment of data centers in Iceland, taking advantage of the country's cool climate for natural cooling and abundant renewable energy sources for power.

Local special circumstances: Iceland's unique geographical location and abundant renewable energy resources play a significant role in shaping the storage market in the country. The availability of geothermal and hydroelectric power at competitive prices makes Iceland an attractive destination for data centers and storage facilities looking to minimize their carbon footprint. Additionally, Iceland's cool climate provides natural cooling benefits for storage infrastructure, reducing the need for energy-intensive cooling systems.

Underlying macroeconomic factors: The stability of Iceland's economy and government policies supportive of renewable energy development have created a favorable environment for the growth of the storage market. The country's strategic focus on sustainability and innovation has attracted investments in the storage sector, driving technological advancements and infrastructure expansion. Additionally, Iceland's position as a data hub between Europe and North America has further fueled the demand for storage solutions, positioning the country as a key player in the global storage market.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on hardware-related expenses of businesses for setting up and maintaining an IT infrastructure.

Modeling approach / Market size:

Market sizes are determined through a top-down approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports and national statistical offices. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and level of digitization. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques, such as exponential trend smoothing and the S-curve function, is based on the behavior of the relevant market.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.