US Electrical Equipment & Multi-Industry "EE/MI Morning Note - Data Center..."

Research evidence excerpt

US Electrical Equipment & Multi-Industry "EE/MI Morning Note - Data Center..."

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US Electrical Equipment & Multi-Industry Equities

AmericasEE/MI Morning Note - Data Center Outlook,

Transport refrigeration, Jobs Industrial, Diversified

Amit Mehrotra

Analyst

amit.mehrotra@ubs.com

Data Center Outlook Update- Yesterday, the European Industrials team (led by Andre +1-201-352 1410

Kukhnin) published a data center market outlook note, raising their forecasts for data

Neal Burk

center equipment market growth and digging deeper into 800VDC. Their key

takeaways are below. Upgrading market outlook. Digging deeper into 800VDC... neal.burk@ubs.com

+1-212-713 4066 We build out further our work on 800VDC power architecture transition with an

introduction of an 800VDC Primer and a dedicated Expert Call (23 July at 2pm Pratap Singh

UKT, register here) Analyst

pratap-za.singh@ubs.com

Raise our forecasts for Data Centre Equipment market growth +1-212-821 3112

Build out further valuation and positioning tracking across the AI/Data Centre Zachary Walljasper

ecosystem Associate Analyst

zachary.walljasper@ubs.com

Offer our views on latest news flow including Meta's push to sell excess AI +1-212-713 9829

compute capacity, Google's liquid-to-air cooling sidecar, and France's data centre

build-out progress.

Raising market outlook for DC Equipment space: We now forecast the Data

Centre Equipment market (€m/revenue terms) to grow 25% in 2026, 20% in

2027 and 10-15% in 2028-2030 vs previously 20-25% in 2026, 15-20% in 2027

and 10-15% in 2028-30. The key drivers for the upgrade are 1/ Strong Q1 orders

performance across the key players and consistently positive commentary on Q2