| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 1.32 Billion |
| Market Size (2030) | USD 1.98 Billion |
| CAGR (2025 - 2030) | 8.39 % |
| Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Nordic Data Center Market Analysis
The Nordic Data Center Market size is estimated at USD 1.32 billion in 2025, and is expected to reach USD 1.98 billion by 2030, at a CAGR of 8.39% during the forecast period (2025-2030). In terms of market size, the market is expected to grow from 1.32 thousand megawatt in 2025 to 1.82 thousand megawatt by 2030, at a CAGR of 6.61% during the forecast period (2025-2030).
- The upcoming IT load capacity in the Nordic region is projected to cross 1822.4 MW by 2029, boosting the demand for data center racks. The data center market is expected to experience steady growth, driven by the increasing adoption of digital technologies, including internet use, social media engagement, mobile connections, online shopping, and digital payments, which are expected to lead to a higher demand for IT load capacity.
- The construction of raised floor area for data centers in the region is expected to reach 7.01K sq. ft by 2029 for under construction raised floor space. The market studied is expected to experience growth due to the rising investments in cloud computing and artificial intelligence, as well as the increasing demand for data centers from end users.
- The region’s total number of racks to be installed is expected to touch 3,504,69 units by 2029. Norway is expected to house the maximum number of racks by 2029.
- There are 132 colocation data center facilities in the Nordic region. Norway holds the highest share in the region, and the country is expected to exhibit the fastest growth. 5G deployment is increasing demand for data centers in the Nordic region.
Nordic Data Center Market Trends
Tier 3 Data Center Dominates the Market, while Tier 4 Growing the Fastest
- Over the forecasted years, demand for facilities in tiers 1 and 2 is expected to slowly decline. However, unexpected disruptions and prolonged outages are still likely to fuel growth. Although there is already sufficient retail colocation space in these prime locations, massive projects are driving demand to support the increasing smartphone users, social media presence, and the need for hyperscale cloud providers, who are seeking lower latency and greater efficiency.
- Most clients will eventually require more advanced data processing, storage, and analysis, leading them to transition to tier 3 and tier 4 facilities. In 2022, tier 3 data centers dominated the market due to their advantageous features. Most of these centers are situated in the Nordic region, which offers ample power and cooling resources and high redundancy. They boast an impressive uptime of 99.982%, equivalent to just 1.6 hours of downtime per year. The growing demand for edge and cloud connectivity is expected to expand tier 3 data centers further.
- The tier 4 type is expected to experience a CAGR of 15.99%. Many industrialized countries are adopting tier 4 certification for total fault tolerance and component redundancy. As of 2023, the Nordic region had 15 tier 4 data centers. The demand for tier 4 data centers is poised to surge in the coming years, driven by the increasing adoption of cloud-based services and the subsequent need for advanced facilities offering colocation space with cutting-edge technology.
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Sweden Accounted for Majority Share in terms of Volume in 2023
- Sweden's data center market is rapidly expanding, driven by its digital prowess, government support, and a rising appetite for cloud services.
- Sweden's government actively fosters a conducive business climate for data centers and AI startups through incentives and supportive policies. The nation's emphasis on internet adoption and AI, coupled with the target to achieve net-zero emissions by 2045, appeals to eco-conscious enterprises. Key initiatives, such as the Digital Transformation Infrastructure Plan and the issuance of green bonds, bolster this eco-friendly stance. Consequently, a notable 75% of Sweden's electricity, predominantly sourced from hydroelectric and nuclear power, is chosen by data center operators. This segment contributed significantly in terms of market share in 2023.
- In Sweden's data center market, prominent investors such as atNorth, Bahnof, Conapto, and Digital Realty, alongside local players like EcoDataCenter and Equinix, are shaping the landscape. In addition, construction contractors, such as Dornan, DPR Construction, and Granlund, serve as crucial partners to the market's leading operators, bridging global expertise with local insights.
- Stockholm, bolstered by its robust global ties and prime Nordic positioning, has cemented its status as a pivotal data center hub. Notably, cities such as Avesta and Östersund are witnessing a notable uptick in their data center presence. The capital has become a magnet for substantial investments, drawing interest from both local and international data center players. Concurrently, Stockholm is actively pursuing carbon neutrality and enacting eco-conscious policies across industries. Leading the charge, operators such as Conapto and Multigrid have already transitioned their Stockholm facilities to run entirely on renewable energy.
- Sweden's data center market sees a surge in investments, with newcomers like Evroc leading the charge. For instance, the Swedish startup Evroc recently secured an impressive EUR 13 million in a pre-seed funding round. To scale up to a whopping EUR 3 billion in just two years, aiming to establish and manage two significant data centers. This substantial injection of capital is poised to catalyze the growth of the Swedish data center market in the coming years.
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Nordic Data Center Industry Overview
The market is fragmented due to the presence of players like Stack Infrastructure Inc., atNorth, Verne Global, and EcoDataCenter, among others, which play a vital role in upscaling the capabilities of enterprises. Market orientation leads to a highly competitive environment. Increasingly, small and medium-sized businesses in the region are looking to manage their data, store information, and tap into the expertise of cloud services. This growing interest in storing data and media, as well as other forms of information, marks a significant expansion in the market. Furthermore, the steady growth of new data center establishments, mergers, and collaborations in the region is expected to drive up demand for data centers in the region.
- December 2023: atNorth unveiled plans to build a new 60 MW+ data center, FIN04 DC, in Finland, with the first phase slated to launch in the second half of 2025.
- October 2023: atNorth unveiled plans to build a data center facility, dubbed DEN01, in Copenhagen, Denmark, with a capacity of 30 megawatts. Its first phase is expected to be operational by the fourth quarter of 2024.
- March 2024: Ardian, an investment firm, acquired Verne Global, committing up to USD 1.2 billion to expand Verne's existing facilities and enter new markets in Iceland, Finland, Sweden, Norway, and potentially other Northern European locations.
Nordic Data Center Market Leaders
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Stack Infrastructure Inc.
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atNorth
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EcoDataCenter
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Green Mountain AS (Azrieli Group)
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Verne Holdings ehf
- *Disclaimer: Major Players sorted in no particular order
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Nordic Data Center Market News
- June 2024: Swedish data centre company EcoDataCenter has contracted Vertiv to deliver high-efficiency chilled water-cooling solutions for its upcoming facilities in Falun, Sweden. Set to be commissioned in early 2025, EcoDataCenter's two new data centre facilities in Falun will feature the installation of 96 Vertiv Liebert PCW chilled water cooling units, boasting a combined capacity of approximately 12 MW.
- September 2024: atNorth, a Nordic colocation firm, is set to construct a 250MW data center in Ølgod, Denmark. The new facility will cater to hyperscalers and businesses leveraging AI and high-performance computing. Additionally, atNorth is working on a 30MW site near Ballerup, Denmark, slated to debut in Q2 2025.
Nordic Data Center Industry Segmentation
A data center is a physical space, such as a room, building, or facility, that serves as a hub for deploying, operating, and delivering applications and services that rely on IT infrastructure.
The Nordic data center market is segmented by data center size (large, massive, medium, mega, and small), tier type (tier 1 and 2, tier 3, and tier 4), absorption (non-utilized and utilized), and country (Denmark, Norway, Sweden, Finland, and Iceland). The market sizes and forecasts are provided in terms of volume in megawatts (MW) for all the above segments.
| By Country | Denmark | |||
| Norway | ||||
| Sweden | ||||
| Finland | ||||
| Iceland | ||||
| By Data Center Size | Large | |||
| Massive | ||||
| Medium | ||||
| Mega | ||||
| Small | ||||
| By Tier Type | Tier 1 and 2 | |||
| Tier 3 | ||||
| Tier 4 | ||||
| By Absorption | Non-Utilized | |||
| Utilized | By Colocation Type | Hyperscale | ||
| Retail | ||||
| Wholesale | ||||
| By End User | BFSI | |||
| Cloud | ||||
| E-Commerce | ||||
| Government | ||||
| Manufacturing | ||||
| Media & Entertainment | ||||
| Telecom | ||||
| Other End-Users | ||||
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Nordic Data Center Market Research Faqs
How big is the Nordic Data Center Market?
The Nordic Data Center Market size is expected to reach USD 1.32 billion in 2025 and grow at a CAGR of 8.39% to reach USD 1.98 billion by 2030.
What is the current Nordic Data Center Market size?
In 2025, the Nordic Data Center Market size is expected to reach USD 1.32 billion.
Who are the key players in Nordic Data Center Market?
Stack Infrastructure Inc., atNorth, EcoDataCenter, Green Mountain AS (Azrieli Group) and Verne Holdings ehf are the major companies operating in the Nordic Data Center Market.
What years does this Nordic Data Center Market cover, and what was the market size in 2024?
In 2024, the Nordic Data Center Market size was estimated at USD 1.21 billion. The report covers the Nordic Data Center Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Nordic Data Center Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Nordic Data Center Industry Report
Statistics for the 2025 Nordic Data Center market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Nordic Data Center analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
