> **来源：[研报客](https://pc.yanbaoke.cn)** # ASIA PACIFIC DATA CENTRE H2 2025 UPDATE Summary ## Core Content Overview The Asia Pacific data centre market continued its strong growth trajectory in H2 2025, driven by rising demand for AI and cloud infrastructure. The market added 1,557MW of operational capacity and 5,033MW of development pipeline, with vacancy rates declining from 12.4% in H2 2024 to 10.9% in H2 2025. This indicates a robust absorption of new supply by hyperscalers and enterprises. The report highlights key primary and secondary markets, as well as the Asia Pacific Data Centre Market Maturity Index, which evaluates 30 markets based on 15 parameters including operational capacity, vacancy rates, operator presence, and sustainability efforts. --- ## Main Markets and Key Insights ### **Primary Markets (Top 10 by Operational Capacity)** - **Tokyo**: Maintains its status as a core regional hub with over 1GW of operational capacity. Total development pipeline increased by 8% to 1.93GW. Vacancy dropped to 5.6%, driven by strong hyperscale and AI demand. The Japanese government introduced the Watt-Bit Collaboration Initiative to reduce pressure on the Tokyo grid. - **Singapore**: Remained subdued due to regulatory constraints but signaled a shift toward sustainability and green data centres. DC-CFA2 opened the door to 200MW of new capacity under stricter sustainability criteria. A 700MW low-carbon data centre park on Jurong Island is planned. - **Sydney**: Solidified its position as Australia's leading digital infrastructure hub, with a 17% increase in development pipeline to 1.3GW. Vacancy tightened to 3.0%, and AI infrastructure is becoming a key theme. Major projects like the IC3 Super West facility and collaboration with OpenAI are underway. - **Mumbai**: India's dominant data centre market, accounting for 50% of the country's operational capacity and 43% of the development pipeline. Operational capacity rose by 42% to 768MW, with the TBR corridor representing 72% of the city's capacity and 76% of its pipeline. - **China**: Retained its position as the largest market, with 39% (4.6GW) of total operational capacity. The market is expected to reach 5GW by the end of 2028. - **Johor**: Surpassed Tokyo and Beijing to become the largest market in the region, adding 337MW of new operational capacity. It is on track to surpass 1GW by the end of 2026. - **Seoul**: Emerged as the largest market in the Established category, with strong growth in both operational and development capacities. - **Jakarta**: Continued its expansion, with a significant share of the development pipeline. - **Hong Kong**: Experienced limited development activity in H2 2025, but the government's data centre tender in Sandy Ridge signals a commitment to regional innovation and data hub positioning. The city's operational capacity reached 581MW. - **Bangkok**: Maintained a steady growth trajectory, with 1,400MW of operational capacity and a 12.8% vacancy rate. ### **Secondary Markets (Top 6 by Operational Capacity)** - **Delhi**: A developing market with growing interest from U.S. hyperscalers. - **Taipei**: Re-classified as an Emerging market, with ongoing assessment for opportunistic investments. - **Auckland**: Also re-classified, showing potential for future growth. - **Manila**: Part of the Emerging group, with continued focus on connectivity and AI-ready infrastructure. - **Ho Chi Minh City**: Expected to benefit from subsea cable projects and improved regional connectivity. - **Perth**: Part of the Emerging group, with a modest share of the development pipeline. --- ## Key Trends and Developments - **AI and Cloud Dominance**: AI and cloud investment remained central, with a shift from early-stage ambition to large-scale execution and capital consolidation. - **Sustainability Focus**: Markets are increasingly prioritising green and energy-efficient data centres, especially in Singapore and Japan. - **Operator Focus on Power and Density**: Hyperscalers and operators are investing in high-density designs and liquid cooling technologies to support next-gen workloads. - **Government Policy Alignment**: Governments across the region are aligning with private-sector investment, promoting digital infrastructure and AI readiness. - **Capital Market Activity**: Resilient, with disciplined funding strategies and increased M&A activity around AI-ready and hyperscale-capable assets. - **Regional Diversification**: Geopolitical and regulatory considerations are encouraging more diversified deployment strategies. --- ## Market Maturity Index The Asia Pacific Data Centre Maturity Index categorises 30 markets into four groups: 1. **Powerhouse Markets**: - Includes Johor, Tokyo, Beijing, Mumbai, Sydney, Shanghai, and Melbourne. - These markets account for 55% of operational capacity and 49% of the development pipeline. - Johor has emerged as the largest market due to its rapid expansion and high growth potential. 2. **Established Markets**: - Includes Seoul, Jakarta, Singapore, Hong Kong, Bangkok, Kuala Lumpur, and Osaka. - These markets are the fastest-growing, contributing 22% of operational capacity and 28% of the development pipeline. - Vacancy rates for this group dropped to 12.8% in H2 2025. 3. **Developing Markets**: - Includes Hyderabad, Chennai, Guangzhou, Delhi, Taipei, Pune, and Auckland. - These markets host several U.S. hyperscalers and are expected to grow with increased investment and AI adoption. 4. **Emerging Markets**: - Includes Canberra, Bengaluru, Manila, Busan, Batam, Ho Chi Minh City, Hanoi, and Perth. - These markets showed modest progress and remain at an early development stage. - Subsea cable projects are expected to catalyse growth in the coming years. --- ## Key Indicators for H2 2025 - **# of Data Centres**: 50 - **Operators**: 26 - **In Operation**: 1,043MW - **Under Construction**: 20MW - **Planned**: 237MW - **Colocation Vacancy**: 3.0% --- ## Future Outlook - The Asia Pacific data centre market is expected to continue its expansion in 2026, driven by AI workloads, cloud expansion, and enterprise digitalisation. - Emerging technologies like advanced AI compute and automation are beginning to influence infrastructure requirements. - Australia, India, and Japan are projected to become 2GW markets, with China expected to reach 5GW by the end of 2028. - The region's data centre sector is becoming a core infrastructure asset class, supported by long-term capital and strategic investments.