Western Europe Electrical Equipment: Powering ahead: Datacentre GW growth matters more than technology mix through 2030

研报英文原文证据摘录

Western Europe Electrical Equipment: Powering ahead: Datacentre GW growth matters more than technology mix through 2030

Viewpoint |

18 Jun 2026 00:10:00 ET │ 32 pages

Western Europe Electrical Equipment

Powering ahead: Datacentre GW growth matters more than technology

mix through 2030

Martin Wilkie AC

CITI'S TAKE +44-207-986-4077

While electrical equipment stocks continue to be seen as key beneficiaries martin.wilkie@citi.com

of datacentre growth, there is increasing focus on the relative growth Avinash Mundhraoutlooks between stocks, most notably around potential exposure to future

architectures like 800v DC and optical switches. Given the range of +44-20-7986-6230

technologies supplied, the wide range of timing expectations, and the avinash.mundhra@citi.com

likelihood of multiple architectures even in 2030, we show that overall Vivek Midha, CFA

growth in datacentre GW is more important than technology mix. Relative +44-20-7500-0732to growth and returns, Schneider (Buy) looks most underpriced, and we

opened a positive short-term view on Buy-rated Legrand, where we see vivek.midha@citi.com

upside to 2026 guidance and expect a positive tone at the September CMD. Klas Bergelind

+44-20-7986-4018

Heat, efficiency, and latency are driving technology change — High watts per rack klas.bergelind@citi.com

need delivered either through higher amps (current) or higher volts; higher amps

means higher losses (and larger cables), meaning higher voltage is the practical route Siron Ng

to delivering the more watts per rack. An alternative barbell scenario would be high- siron.ng@citi.com

power centralized AI factories combined with a greater number of lower power

inference datacentres at the edge.

Will 800 volt be the 800 pound gorilla? — At our trip to datacentre world in March,