Global Multi-Industry: 800VDC Datacenters: Potential implications for Electricals' $/MW, market share; Scenario analysis

研报英文原文证据摘录

Global Multi-Industry: 800VDC Datacenters: Potential implications for Electricals' $/MW, market share; Scenario analysis

Equity Research

9 June 2026

Global Multi-Industry

800VDC Datacenters: Potential SIGNATURE

implications for Electricals' $/MW,

U.S. Multi-Industrymarket share; Scenario analysis

NEUTRAL

We see major upside risk to Street Electrical EPS ests. up to U.S. Multi-Industry

Julian Mitchell'28; for '29+, growth slows as $/MW declines & AI GW adds

plateau. Market share is likely to be lower in 800VDC for most +1julian.mitchell@barclays.com212 526 1661

Western Electricals. GEV, NVT look best placed, with FPS BCI, US

seemingly misunderstood. In Europe, we favor BEAN, SU. Jimmy Yunhao Jiang

+1 212 526 6042

jimmy.jiang@barclays.com

BCI, US

Haemaru Chung

+1 212 526 4758

THE 2026 EXTEL SURVEY IS NOW OPEN haemaru.chung@barclays.com

Support our industry-leading analysts with 5-Star Drew Smith

+1 212 526 1325 votes in this year’s Extel All-America Research

drew.smith@barclays.com

BCI, US Survey

European Capital Goods

Vote Now View Analysts George Featherstone, CFA

+44 (0)20 3555 8585

george.featherstone@barclays.com

Barclays, UK

We appreciate your 5-star vote in the 2026 Extel All-America Research Survey in the Electrical Vlad Sergievskii

Equipment & Multi-Industry category. View our analysts » Vote 5 Stars for Barclays » +44 (0)20 7116 1117

vlad.sergievskii@barclays.com

The emergence of 800VDC technology in Datacenters was starting to become a tiresome Barclays, UK

subject, such has been the degree of investor attention well in advance of its commercial

roll-out. However, we now seem to be on the cusp of commercial product launches, at

least for some Asian manufacturers, so it is worth doing more work on it. We think this