2025年下半年亚太数据中心市场更新报告

信息技术 2026-02-12 戴德梁行苏吃吃

Development Pipeline: Expanded by 5,033MW in 2025, reaching 19,371MW (3,677MW under construction, 15,694MW in planning).
Operational Capacity: Rose to 13,763MW, adding 1,557MW in 2025.
Vacancy: Declined from 12.4% (H2 2024) to 10.9% (H2 2025), indicating strong demand absorption.
Key Markets: Chinese Mainland remains the largest market (39% of total operational capacity), followed by India (1.5 GW), Johor (337MW added in H2 2025), and Tokyo (1.93 GW pipeline).

AI and Cloud Investment: Shift from early-stage ambition to large-scale execution and capital consolidation.
Hyperscale Development: Progressing from planning to construction in key markets.
Operator Focus: Increased emphasis on power availability, sustainability, and high-density design.
Capital Markets: Resilient activity with disciplined investment strategies, prioritizing scale and AI-driven demand visibility.
M&A Activity: Concentrated around platform consolidation and strategic acquisitions.
Cloud Service Provider Expansion: Accelerated new region, zone, and AI-focused capacity deployments.

Market Categories:
- Powerhouse: Johor, Tokyo, Beijing, Mumbai, Sydney, Shanghai, Melbourne (55% of operational capacity, 49% of development pipeline).
- Established: Seoul, Jakarta, Singapore, Hong Kong, Bangkok, Kuala Lumpur, Osaka (fastest-growing category, 28% of development pipeline).
- Developing: Hyderabad, Chennai, Guangzhou, Delhi, Taipei, Pune, Auckland (five markets host U.S.-based hyperscalers).
- Emerging: Canberra, Bengaluru, Manila, Busan, Batam, Ho Chi Minh City, Hanoi, Perth, Brisbane (modest progress, 4% of operational capacity).
Key Insights:
- Johor has surpassed Tokyo and Beijing to become the largest market in the region.
- Established markets are accelerating growth, contributing a higher share of the development pipeline.
- Powerhouse markets remain mature and preferred data centre hubs.

Tokyo: Strong growth, vacancy compressed to 5.6%, focus on liquid cooling and high-density deployments.
Singapore: Subdued development due to regulatory constraints, but new policies and projects aim to boost capacity.
Sydney: Strong growth, vacancy tightened to 3.0%, significant investment in AI infrastructure.
Mumbai: Dominant market in India, low vacancy (around 6%), future growth driven by international cloud providers.
Hong Kong, China: Muted development, but improving economic conditions and government initiatives support future growth.
Johor: Rapid scale-up, overtaken Japan to become a 2GW market, facing power and water infrastructure constraints.
Seoul: Sharp growth trajectory, decentralised development, significant investment from AWS and hyperscalers.
Jakarta: Measured but positive pace, improving absorption, hyperscale investment continues to drive growth.
Bangkok: Surge in future development activity, strong government support and connectivity enhancements.

Delhi NCR: Substantial growth, strong absorption, transitioning to a hyperscale-driven ecosystem.
Taipei: Modest growth, improved demand absorption, hyperscale and AI-led investment signals continue to build.
Auckland: Expansion supported by new capacity, but development pipeline contracted, AWS launched new cloud region.
Manila: Modest growth despite absorption challenges, incremental capacity additions.
Ho Chi Minh City: Limited expansion, but market fundamentals strengthened, significant investments announced.
Perth: Early stage of development, growing future supply pipeline, SubCo’s SMAP subsea cable enhances connectivity.