Biggest Data Center Markets by Megawatts
In this update to my 2023 graphic on the world's biggest data markets, the most substantial change is the increase in electricity consumption overall. Using the 2024 report data from Cushman & Wakefield, we find the Virginia market nearly doubled. They are no longer calling this market "Northern Virginia"—it's just "Virginia," indicating that data center expansion has shot up over the last year in that area.
Similarly, the formerly labeled "Portland" market is now just "Oregon." As markets grow, the need for electricity grows with them. It's not surprising to learn that the primary driver of data center market expansion this year has been bandwidth-hungry AI.
While the US still dominates the market, Europe and Asia also continue to expand.
The data for this graphic was sourced by global commercial real estate company Cushman & Wakefield. Their methodology is aimed toward serving clients looking to invest in data center construction. C&W study global markets for data centers and use this information to advise on risks and rewards of building in certain markets. To that end, their data should be viewed through the lens of real estate development and not necessarily an overview of all possible markets currently in the world. Markets change and evolve. The electricity consumption of a market is one factor in their methodology to determine which markets are worth investing in.
Taken at face value, the megawatt map provides a general overview of how the markets stack up today but is not meant to be comprehensive.