The Point for Europe

研报英文原文证据摘录

The Point for Europe

Point |

Wednesday, 08 July 2026

Top Call | Company | Industry | Key Rating and Target Price Changes

Top Call

Western Europe Electrical Equipment - Space datacentre implications for

electrical equipment

The opportunities and disruption from space-based datacentres has become an

increasing focus for electrical equipment investors. Space datacentres would be

most different from their terrestrial counterparts in power generation (100% solar),

grid interconnects (not required), and in cooling (significantly changed

architecture). We’d see most similarities in the rack level electrical requirements,

particularly in the 48v DC power supply, with additional opportunities in optical

networking. Orbital AI compute satellites are seen as early as 2028, potentially

then scaling significantly; our US research colleagues outline the growth potential

here; SpaceX goals for 100GW annual deployment could potentially increase the

annual addressable market size for select electrical equipment by ~5x by the early

2030s. We’d see Legrand as the biggest potential beneficiary (and least disrupted)

from space datacentres, with its rack level power management. Siemens is also a

major potential beneficiary as an existing...

Martin Wilkie | Vivek Midha, CFA

Western Europe Aerospace & Defense - Challenges and opportunities in the

European Space sector

The European space industry is undergoing a fundamental transition from its

legacy GEO-centric model toward high-growth LEO constellations, defense

applications, and sovereign communications. This shift is driven by a structural

decline in launch costs, which has commoditized space access, and the

productionisation of smaller satellites. We believe the most attractive