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Data Center Power, Cooling and Energy Storage: Global Market 2027-2037

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  • Published: November 2026
  • Pages: 834
  • Tables: 595
  • Figures: 73

 

The data center has become an energy facility. AI training and inference clusters are pushing rack densities from 10–15 kW toward 130 kW today, about 600 kW with NVIDIA’s Kyber generation and more than 1 MW in the early 2030s. That shift breaks the AC distribution, air cooling and lead-acid backup designs the industry has relied on for three decades. Installed data center IT capacity of about 90 GW in 2025 rises to around 170 GW in 2030 and 285 GW in 2037. Electricity use rises from about 490 TWh to more than 1,500 TWh, with AI and accelerated computing accounting for more than two-thirds of demand by the end of the period.

Three constraints now shape the market:

  • Power availability. Interconnection queues for large loads in the main US hubs stretch to five to seven years, and capacity prices have reached record levels.
  • Equipment supply. Gas-turbine slots are sold out to around 2030, and large transformers and high-voltage breakers carry lead times of two to three years.
  • Density. Only liquid cooling and higher-voltage DC power can serve the latest accelerator racks.

 

Each constraint is creating a new equipment market. Generation is moving behind the meter as operators install gas turbines, reciprocating engines and solid-oxide fuel cells for prime and bridge power. They are also signing nuclear restart, uprate and small modular reactor agreements. Inside the facility, 800 VDC and ±400 VDC distribution with solid-state transformer front ends is replacing AC UPS and 54 V busbars in AI halls. Energy storage is changing role, from VRLA backup to lithium-ion and sodium-ion UPS, rack-level battery backup units, supercapacitors that smooth synchronous GPU load swings, grid-interactive BESS and long-duration storage. Cooling is shifting decisively to direct-to-chip liquid cooling, with immersion for the highest densities and chiller-less, warm-water heat rejection with heat reuse.

Data Center Power, Cooling and Energy Storage: Global Market 2027–2037 sizes and forecasts the full physical stack between the electricity grid and the semiconductor die, in one integrated, bottom-up model. It covers utility interconnection, onsite and backup generation, low-voltage and 800 VDC distribution, UPS and rack power conversion, every form of energy storage used at or for data centers, and thermal management from heat-rejection plant to the thermal interface material on the chip.

The report forecasts revenues for 17 equipment segments across power, energy storage and cooling, by six regions and four data center types, from 2025 to 2037. The forecasts are reconciled with Future Markets’ companion reports on sustainable data centers, 800V/1500V power architectures, battery storage, power management ICs, thermal management and advanced nuclear. Analysis is current to October 2026, drawing on Q3 2026 supplier results, hyperscaler capital-expenditure guidance, grid and capacity-market data and more than 200 company disclosures. It contains 595 tables and 73 figures, plus bear, base and bull scenarios, and comes with an Excel data workbook.

Report contents include:

  • Executive summary with market size, segment and regional forecasts, key drivers and restraints, and ten predictions for 2027–2037.
  • Data center capacity, AI build-out, hyperscaler capex, gigawatt campuses, accelerator TDP and rack-density roadmaps.
  • Power demand, interconnection queues, capacity markets, large-load tariffs, FERC/ERCOT/EU/Ireland rules, PPAs and demand flexibility.
  • Onsite and backup generation: gas turbines, reciprocating engines, fuel cells, bridge power, nuclear restarts, SMRs, microreactors and fusion, geothermal, solar-plus-storage, hydrogen and carbon capture, with deal registers and player tables.
  • Electrical distribution and conversion: MV/HV equipment, LV distribution, UPS, rack power, 800 VDC/±400 VDC ecosystems, solid-state transformers, DC protection, board-level power delivery and SiC/GaN power semiconductors.
  • Energy storage: UPS batteries, BBUs and supercapacitors, AI load smoothing, grid-interactive and behind-the-meter BESS, long-duration and thermal storage, supply chain and US/EU policy.
  • Cooling and thermal management: air, rear-door, direct-to-chip single- and two-phase, CDUs, immersion and dielectric fluids, PFAS, heat rejection, heat reuse, TIMs and microfluidics.
  • Integrated architectures, prefabrication, sustainability metrics, regulation and critical-materials supply chains.
  • Global market forecasts 2027–2037 by segment, region, data center type and scenario, with reconciliation against third-party estimates.
  • Competitive landscape, value chain, market-share estimates, and M&A and venture funding 2023–2026.
  • In-depth profiles of 262 companies. Each profile contains  including 3M, Aalo Atomics, AAON, ABB, AcBel Polytech, Accelsius, Advanced Energy Industries, Æsir Technologies, Aggreko, Akash Systems, Alfa Laval, Alpha and Omega Semiconductor, Alsym Energy, Amber Semiconductor (AmberSemi), Ampace Technology, Amperesand, Amphenol, Analog Devices, Antora Energy, Apheros, APR Energy, Arieca, Asia Vital Components (AVC), Asperitas, Atom Power, Auras Technology, Baker Hughes, Ballard Power Systems, Baltimore Aircoil Company, Bender, Bergen Engines, Bloom Energy, Boston Materials, Boyd Thermal, Brenmiller Energy (BrenX), BWX Technologies, BYD, Caldera, Calibrant Energy, Cambridge GaN Devices, Carbice, Carrier Global, Caterpillar, CATL, Ceres Power, Chemours, Chilldyne, Coherent, Commonwealth Fusion Systems, Constellation Energy, Cooler Master, CoolIT Systems, Corintis, CPC (Colder Products Company), Crusoe, Cummins, Daikin Applied, Danfoss, DCX Liquid Cooling Systems, Deep Fission, Delta Electronics, Dexerials, DG Matrix, Doosan, Dow, Eaton, Ecolab, Efficient Power Conversion (EPC), Element Six, Empower Semiconductor, Enchanted Rock, Energy Dome, Energy Vault, EnergyNest, EnerSys, Engineered Fluids, Envicool, Eos Energy Enterprises, ESS Tech, EVAPCO, EVE Energy, Exide Technologies, Exowatt, Fabric8Labs, Ferric, Ferveret, Fervo Energy, FläktGroup, Flex, Fluence Energy, Form Energy, Fourth Power, Frore Systems, FuelCell Energy, Fuji Electric, Fujipoly, GE Hitachi Nuclear Energy, GE Vernova, Generac, Glaciem Cooling Technologies and more.....Each of the 262 company profiles includes a key-facts panel (such as founding year, headquarters, ownership, revenue or funding, CEO and data center focus), a short “why this profile matters” summary, a company description, an overview of products and technology for data center power, cooling or energy storage, dated 2025–2026 developments (orders, launches, partnerships, acquisitions, funding and deployments), a supporting table (product portfolio, funding history, key projects or acquisitions), a Future Markets strategic assessment and the company website.

 

 

 

1  EXECUTIVE SUMMARY       29

  • 1.1  The Data Center Has Become an Energy Facility          29
  • 1.2  Market Size and Forecast             29
  • 1.3  Market by Segment           30
  • 1.4  Market by Region               31
  • 1.5  Key Market Drivers and Restraints          32
  • 1.6  Technology Transitions at a Glance        33
  • 1.7  Power: From Grid Customer to Power Producer            33
  • 1.8  Energy Storage: From Backup to Grid Asset     34
  • 1.9  Cooling: The Shift to Liquid         34
  • 1.10  Competitive Landscape Summary     34
  • 1.11  Future Markets View: Predictions for 2027–2037             35

 

2  DATA CENTER MARKET CONTEXT: CAPACITY, AI BUILD-OUT AND RACK DENSITY    36

  • 2.1  Data Center Typology and Infrastructure Profiles         36
  • 2.2  Global Installed Capacity and Regional Footprint        37
  • 2.3  Hyperscaler and AI-Lab Capital Expenditure   39
    • 2.3.1  Scale and trajectory of hyperscale capex      39
    • 2.3.2  How much of the dollar reaches power, cooling and storage           40
    • 2.3.3  AI labs and contracted compute         40
    • 2.3.4  Chinese hyperscalers 41
  • 2.4  Flagship Gigawatt Campuses and How They Are Powered     41
  • 2.5  Accelerator TDP and Rack-Density Roadmap 43
    • 2.5.1  Silicon power is the root driver              43
    • 2.5.2  From chip to rack: the scale-up domain        44
    • 2.5.3  The rack-density roadmap to 2037    45
  • 2.6  Synchronous AI Load Behaviour and Its Consequences          46
    • 2.6.1  A new load shape          46
    • 2.6.2  Mitigation is creating new equipment categories     46
  • 2.7  Facility Cost Structure and Equipment Content per Megawatt            47
    • 2.7.1  Capex per megawatt    47
    • 2.7.2  Equipment content per megawatt in the master model       47
  • 2.8  How AI Reshapes the Power-Cooling-Storage Stack  48
  • 2.9  Forecast of Capacity, Electricity and Rack Density 2025–2037          49
    • 2.9.1  Base-case physical metrics   49
    • 2.9.2  Additions, AI electricity and the liquid-cooled build               50
    • 2.9.3  Scenario sensitivity      51

 

3  POWER DEMAND, GRID CONSTRAINTS AND ENERGY SOURCING      52

  • 3.1  Electricity Demand Outlook       52
    • 3.1.1  Global and regional base case             52
    • 3.1.2  How the base case compares with external forecasts         53
  • 3.2  Data Centers' Share of National and Regional Electricity        54
  • 3.3  Interconnection Queues and Lead Times          55
    • 3.3.1  The queue problem      55
    • 3.3.2  Queues are inflated, but the constraint is real           56
  • 3.4  Transmission, Transformer and Switchgear Bottlenecks         56
  • 3.5  Capacity Markets, Tariffs and Large-Load Rules           58
    • 3.5.1  PJM capacity prices      58
    • 3.5.2  US federal action: FERC co-location and large-load interconnection         59
    • 3.5.3  State rules and large-load tariffs         59
    • 3.5.4  Europe  59
    • 3.5.5  Asia        60
  • 3.6  Energy Procurement Strategies 61
    • 3.6.1  The procurement toolkit           61
    • 3.6.2  Nuclear: restarts, uprates and new build      61
    • 3.6.3  Renewables, storage and 24/7 clean energy               63
  • 3.7  Demand Flexibility and Grid-Interactive Data Centers              63
    • 3.7.1  Why flexibility has become valuable 63
    • 3.7.2  Programs and deals     63
    • 3.7.3  How flexibility monetizes storage and onsite power               64
  • 3.8  Power-First Siting and Bring-Your-Own-Power 65
    • 3.8.1  From "where are the users" to "where is the power"               65
    • 3.8.2  The emissions and reliability trade-off            66
  • 3.9  Implications for Power, Cooling and Storage Equipment Demand    66

 

4  ONSITE, BEHIND-THE-METER AND BACKUP POWER GENERATION    68

  • 4.1  Why Generation Is Moving Behind the Meter    68
    • 4.1.1  The power gap and speed-to-power  68
    • 4.1.2  Bridge-to-grid versus permanent island         69
    • 4.1.3  Who is building onsite power 69
  • 4.2  Onsite Power Architectures        70
  • 4.3  Backup Generation: Diesel Gensets and Their Successors   71
    • 4.3.1  Market structure and suppliers            71
    • 4.3.2  Emissions rules and run-hour limits 71
    • 4.3.3  HVO and gas gensets 72
    • 4.3.4  Fewer gensets with BESS         72
  • 4.4  Gas Turbines         73
    • 4.4.1  Turbine classes and data center roles             73
    • 4.4.2  Backlogs, lead times and pricing        74
    • 4.4.3  Data center turbine deployments       75
  • 4.5  Reciprocating Engines   75
    • 4.5.1  Why engines are winning share at AI campuses       75
    • 4.5.2  Ramp rates and AI load-following      76
  • 4.6  Fuel Cells                76
    • 4.6.1  Solid oxide fuel cells as primary power           76
    • 4.6.2  PEM, carbonate and other fuel cell technologies     77
  • 4.7  Mobile and Bridge Power Providers        77
  • 4.8  Campus Case Studies    78
  • 4.9  Nuclear Power for Data Centers               79
    • 4.9.1  Restarts, uprates and PPAs with existing plants       80
    • 4.9.2  Large reactors and AP1000 new build             81
    • 4.9.3  SMRs and microreactors          82
    • 4.9.4  Fusion offtakes               86
    • 4.9.5  Fuel and supply chain 86
    • 4.9.6  Regulatory timelines   87
    • 4.9.7  Hyperscaler and data center nuclear agreements  88
    • 4.9.8  Competitive landscape and positioning        90
    • 4.9.9  A realistic delivery-timeline assessment       91
  • 4.10  Geothermal, Solar-Plus-Storage and Hydrogen          92
    • 4.10.1  Geothermal    93
    • 4.10.2  Geothermal technology pathways   93
    • 4.10.3  Geothermal players and data center deals               94
    • 4.10.4  Solar-plus-storage microgrids           95
    • 4.10.5  Power-first campuses and solar-storage players   96
    • 4.10.6  Hydrogen         97
    • 4.10.7  Hydrogen and fuel-cell players          98
    • 4.10.8  Firm clean supply agreements beyond nuclear      99
    • 4.10.9  Competitive positioning        100
  • 4.11  Carbon Capture on Gas for Data Centers       101
    • 4.11.1  Capture technologies for gas-fired data center power       102
    • 4.11.2  Announced gas-plus-CCS projects for data centers           103
    • 4.11.3  45Q economics           105
    • 4.11.4  Storage, transport and pipeline players       106
    • 4.11.5  Capture technology suppliers            106
    • 4.11.6  Competitive positioning and players to watch         107
  • 4.12  Levelized Cost and Emissions of Onsite Options      108
  • 4.13  Regulatory and Permitting Landscape              109
    • 4.13.1  United States 109
    • 4.13.2  Europe and Asia-Pacific        110
  • 4.14  Forecasts             110
    • 4.14.1  Market overview          110
    • 4.14.2  Onsite prime and bridge power by technology        111
    • 4.14.3  Onsite generation capacity added per year               112
    • 4.14.4  Onsite prime and bridge power by region   113
    • 4.14.5  Backup generation by fuel    113
    • 4.14.6  Adjacent market: SMR capacity serving data centers         114
    • 4.14.7  Forecast sensitivities               115

 

5  ELECTRICAL DISTRIBUTION AND POWER CONVERSION           117

  • 5.1  The Data Center Power Chain From Grid to GPU          117
    • 5.1.1  Stages, voltages and equipment         117
    • 5.1.2  Efficiency by architecture         118
    • 5.1.3  Why rack density forces a change of voltage               119
  • 5.2  Medium- and High-Voltage Grid Connection   120
    • 5.2.1  Substations and campus architecture            120
    • 5.2.2  Power and distribution transformers                120
    • 5.2.3  MV switchgear: AIS, GIS and the SF6 phase-out       121
    • 5.2.4  Supplier landscape and capacity response 121
  • 5.3  Low-Voltage Distribution              123
    • 5.3.1  Switchboards, busway and remote power panels   123
    • 5.3.2  Rack feeds and AI-rack power cabling            123
  • 5.4  UPS Systems        124
    • 5.4.1  Topologies and operating modes        124
    • 5.4.2  Modular, MW-class and medium-voltage UPS           125
    • 5.4.3  Lithium-ion integration              125
    • 5.4.4  UPS vendor landscape              125
    • 5.4.5  Grid-interactive UPS    126
  • 5.5  Rack Power Conversion 127
    • 5.5.1  Power supply units: from 3 kW to 12 kW and beyond            127
    • 5.5.2  ORv3 power shelves and 48/54 V busbars   127
    • 5.5.3  Battery backup units   128
    • 5.5.4  Efficiency standards: 80 PLUS and EU Lot 9                128
  • 5.6  800 VDC and ±400 VDC Distribution    128
    • 5.6.1  The NVIDIA 800 VDC architecture and partner ecosystem 128
    • 5.6.2  OCP Mt Diablo and the hyperscaler approaches     130
    • 5.6.3  China's 240/336 V HVDC path              131
    • 5.6.4  Supplier landscape for 800 VDC distribution             132
    • 5.6.5  Sidecar power racks and row power centers               133
    • 5.6.6  Power-rack and sidecar vendors         134
    • 5.6.7  DC busway, connectors and interconnect    136
    • 5.6.8  Staged adoption and content per megawatt                137
    • 5.6.9  DC protection: solid-state and hybrid breakers         139
    • 5.6.10  Safety, codes and standards              141
    • 5.6.11  SST players for the 800 VDC front end          141
    • 5.6.12  Competitive positioning and players to watch         142
  • 5.7  Solid-State Transformers             145
    • 5.7.1  MV-to-800 VDC conversion    145
    • 5.7.2  Readiness          145
  • 5.8  Board-Level Power Delivery        146
    • 5.8.1  From 48 V to 12 V to the core 146
    • 5.8.2  Vertical power delivery and integrated regulators    146
  • 5.9  Power Semiconductors in Data Center Power                147
    • 5.9.1  SiC, GaN and silicon content by stage            147
    • 5.9.2  Supplier landscape by technology     148
    • 5.9.3  Silicon carbide suppliers          148
    • 5.9.4  Gallium nitride suppliers          151
    • 5.9.5  Power ICs, controllers and VRM suppliers    152
    • 5.9.6  Gate drivers, isolators and sensing   153
    • 5.9.7  Capacity, data center revenue and design wins        153
    • 5.9.8  M&A and partnerships               154
    • 5.9.9  Competitive positioning and players to watch           155
  • 5.10  Power Quality, Monitoring and EPMS 156
    • 5.10.1  Power quality in AI halls         156
    • 5.10.2  Monitoring, EPMS and DCIM               156
  • 5.11  Market Forecasts for Electrical Distribution and Power Conversion             157
    • 5.11.1  The five electrical segments                157
    • 5.11.2  MV/HV grid connection           158
    • 5.11.3  LV distribution              158
    • 5.11.4  UPS systems 158
    • 5.11.5  800 VDC distribution by content block         159
    • 5.11.6  IT power conversion  160

 

6  ENERGY STORAGE FOR DATA CENTERS 162

  • 6.1  Roles of Storage in the Data Center       162
  • 6.2  AI Power Dynamics and Load Smoothing          163
    • 6.2.1  Synchronous training creates a new load shape      163
    • 6.2.2  NVIDIA GB300 power smoothing: storage moves into the power supply  164
    • 6.2.3  Grid-operator concerns and new requirements        165
  • 6.3  UPS and Static Batteries               166
    • 6.3.1  From VRLA to lithium-ion         166
    • 6.3.2  Lithium-ion chemistries: LFP, NMC and LTO               167
    • 6.3.3  Sodium-ion: from start-up to CATL    167
    • 6.3.4  Nickel-zinc and other non-flammable options          168
    • 6.3.5  Safety codes and the fire question    168
  • 6.4  Rack-Level Storage: BBUs, Supercapacitors and Sidecars    169
    • 6.4.1  Open Rack BBUs at 48–54 V   169
    • 6.4.2  The capacity question: how much storage per rack               170
    • 6.4.3  Supercapacitors and hybrid capacitors         170
    • 6.4.4  Storage in 800 VDC sidecars  171
  • 6.5  Grid-Interactive and Behind-the-Meter BESS  171
    • 6.5.1  Use cases          172
    • 6.5.2  Projects and deals, 2024–2026           173
    • 6.5.3  Economics: prices, revenue stacking and capacity value  175
    • 6.5.4  Interconnection enablement and flexibility 176
    • 6.5.5  Player landscape           176
    • 6.5.6  Cell suppliers   177
    • 6.5.7  System integrators       178
    • 6.5.8  Integrator market share in data center BESS               180
    • 6.5.9  UPS incumbents' BESS and grid-interactive offers  181
    • 6.5.10  Data center specialist developers and flexibility players  182
    • 6.5.11  Software, analytics and controls      183
    • 6.5.12  Competitive positioning        183
    • 6.5.13  Players to watch          184
  • 6.6  Long-Duration and Thermal Energy Storage     185
    • 6.6.1  Why data centers are buying multi-day storage        185
    • 6.6.2  Technology landscape: cost, duration and maturity               186
    • 6.6.3  Hyperscaler and data center LDES deals      187
    • 6.6.4  Electrochemical long-duration players           189
    • 6.6.5  Thermo-mechanical players  190
    • 6.6.6  Heat-side thermal battery players      191
    • 6.6.7  Thermal storage: cooling-side and heat-side              191
    • 6.6.8  Competitive positioning           192
    • 6.6.9  Players to watch             193
  • 6.7  Chemistry and Technology Comparison            194
  • 6.8  Supply Chain and Policy               194
    • 6.8.1  United States: OBBBA, tax credits and FEOC             194
    • 6.8.2  US LFP and alternative-chemistry build-out               195
    • 6.8.3  Europe and China         196
    • 6.8.4  Critical materials           196
  • 6.9  Forecasts 2027–2037     197
    • 6.9.1  Energy storage market by segment    197
    • 6.9.2  UPS battery chemistry mix      197
    • 6.9.3  Rack BBUs, supercapacitors and power smoothing              198
    • 6.9.4  Data center BESS deployments by region     199
    • 6.9.5  BESS value by application       201
    • 6.9.6  Long-duration and thermal storage   201
    • 6.9.7  Regional outlook for energy storage  201

 

7  COOLING AND THERMAL MANAGEMENT             203

  • 7.1  Heat Load Trajectory and Density Thresholds 203
    • 7.1.1  Accelerator thermal design power     203
    • 7.1.2  Rack density and the cooling ladder 204
  • 7.2  Facility Cooling Architectures and Energy         206
    • 7.2.1  Architectures   206
    • 7.2.2  PUE, WUE and the energy cost of cooling     207
  • 7.3  Air Cooling             207
    • 7.3.1  Equipment and configurations             207
    • 7.3.2  Limits of air       208
  • 7.4  Rear-Door Heat Exchangers and Hybrid Air-Liquid      209
  • 7.5  Direct-to-Chip Liquid Cooling   209
    • 7.5.1  Single-phase cold plates          210
    • 7.5.2  Two-phase direct-to-chip         211
    • 7.5.3  Coolant chemistry        211
    • 7.5.4  Manifolds, quick disconnects and leak detection    212
    • 7.5.5  Direct-to-chip value chain and supplier landscape               213
    • 7.5.6  NVIDIA qualification and procurement           214
    • 7.5.7  ODM and server supply chain               216
    • 7.5.8  Cold plate makers        216
    • 7.5.9  Two-phase direct-to-chip suppliers  218
    • 7.5.10  CDU suppliers for direct-to-chip      219
    • 7.5.11  Manifold and quick disconnect suppliers  220
    • 7.5.12  Coolant and fluid-services suppliers            221
    • 7.5.13  Supplier revenue and share estimates         221
    • 7.5.14  Competitive positioning        223
  • 7.6  Coolant Distribution Units           224
  • 7.7  Immersion Cooling           226
    • 7.7.1  Single-phase immersion          226
    • 7.7.2  Two-phase immersion               227
    • 7.7.3  Dielectric fluids              227
    • 7.7.4  PFAS restrictions and regulatory timeline     228
    • 7.7.5  Warranty, OEM and ODM support      229
    • 7.7.6  Immersion supplier landscape            230
    • 7.7.7  Immersion deployments and qualification projects               233
    • 7.7.8  Funding, M&A and market structure 233
    • 7.7.9  Competitive positioning and players to watch           235
  • 7.8  Heat Rejection     236
    • 7.8.1  Equipment         236
    • 7.8.2  Warm-water and chillerless designs 238
    • 7.8.3  Water use and restrictions      238
  • 7.9  Heat Reuse            239
  • 7.10  Chip and Package-Level Thermal         240
    • 7.10.1  Thermal interface materials and lids             240
    • 7.10.2  Direct-to-silicon and microfluidic cooling 241
    • 7.10.3  HBM cooling  241
  • 7.11  Emerging Cooling Technologies             242
  • 7.12  Vendor Landscape and M&A   243
    • 7.12.1  Consolidation, 2023–2026  243
    • 7.12.2  Competitive structure             244
  • 7.13  Cooling Market Forecasts         245
    • 7.13.1  Forecast by segment                245
    • 7.13.2  Liquid cooling share 245
    • 7.13.3  Direct-to-chip sub-segments             246
    • 7.13.4  Immersion, heat rejection and chip-level sub-segments 247
    • 7.13.5  Reconciliation with third-party liquid cooling estimates   247
    • 7.13.6  Cooling market by region       248

 

8  INTEGRATED ARCHITECTURES, SUSTAINABILITY, REGULATION AND SUPPLY CHAIN             251

  • 8.1  Co-design of Power, Cooling and Storage         251
    • 8.1.1  From components to the unit of compute    251
    • 8.1.2  How design decisions couple across domains         252
    • 8.1.3  Digital twins as a design and sales tool          253
    • 8.1.4  Power-and-cooling pods          253
  • 8.2  Prefabrication and Modularity   254
    • 8.2.1  Why prefabrication has become the default for AI campuses         254
    • 8.2.2  The economics of prefabrication        255
  • 8.3  Controls, DCIM, EPMS and AI-Driven Optimization    255
    • 8.3.1  The controls stack        255
    • 8.3.2  AI-driven optimization of cooling and power               256
    • 8.3.3  Managing AI load dynamics   256
  • 8.4  Sustainability Metrics and Targets          257
    • 8.4.1  The metrics that matter             257
    • 8.4.2  PUE trajectory and its limits   257
    • 8.4.3  Corporate targets          258
  • 8.5  Regulation              259
    • 8.5.1  The global picture          259
    • 8.5.2  European Union rating scheme            260
    • 8.5.3  Germany's Energy Efficiency Act and its 2026 amendment              260
    • 8.5.4  United States   261
    • 8.5.5  Diesel generators and air quality         261
    • 8.5.6  PFAS and fluorinated substances      262
  • 8.6  Embodied Carbon and Circularity          263
    • 8.6.1  Where embodied carbon sits in power and cooling equipment      263
    • 8.6.2  SF₆-free switchgear     264
    • 8.6.3  Refrigerants and the F-gas phase-down        264
  • 8.7  Supply Chain and Critical Materials      265
    • 8.7.1  Material exposure by equipment class           265
    • 8.7.2  Copper 266
    • 8.7.3  Electrical steel and transformer capacity     267
    • 8.7.4  Power semiconductors: SiC, GaN and the export-control overlay 268
    • 8.7.5  Rare earths and magnets         268
    • 8.7.6  Lithium-ion supply and trade measures        268
    • 8.7.7  Localization      268
  • 8.8  Labor and Construction Bottlenecks    269
  • 8.9  Risks          269

 

9  GLOBAL MARKET FORECASTS 2027–2037           271

  • 9.1  Total Market Size and Growth    271
  • 9.2  Market by Segment           272
  • 9.3  Power Forecast   274
  • 9.4  Energy storage Forecast                275
  • 9.5  Cooling Forecast                276
  • 9.6  Regional Forecasts           277
  • 9.7  Market by Data Center Type        280
  • 9.8  Physical-Unit Metrics      280
  • 9.9  Scenario Analysis             282
  • 9.10  Reconciliation with Companion Reports and Third-Party Estimates             284

 

10  COMPETITIVE LANDSCAPE AND VALUE CHAIN              286

  • 10.1  Value Chain Map             286
  • 10.2  Market Structure and Concentration by Segment     287
  • 10.3  Leading Diversified Players       289
    • 10.3.1  HVAC and thermal majors    290
    • 10.3.2  Onsite and backup power majors   291
  • 10.4  Specialists by Segment               291
    • 10.4.1  Liquid and immersion cooling            291
    • 10.4.2  Energy storage and power smoothing           292
    • 10.4.3  Solid-state transformers, 800 VDC and power semiconductors 293
  • 10.5  M&A and Investment, 2023–2026       293
    • 10.5.1  Deal activity   293
    • 10.5.2  Venture funding           295
  • 10.6  Hyperscaler Procurement Models and Supplier Qualification          296
    • 10.6.1  Procurement models               296
    • 10.6.2  Supplier qualification              297
  • 10.7  Chinese, Taiwanese and Korean Suppliers    297
  • 10.8  Pricing, Margins and Capacity Discipline        298
  • 10.9  Competitive Strategies                299
  • 10.10  Barriers to Entry            299
  • 10.11  Market Outlook: Winners and Losers to 2037        300

 

11  COMPANY PROFILES        302 (262 company profiles)

 

 

12  APPENDIX 829

  • 12.1  Research Scope and Methodology     829
    • 12.1.1  Report Scope and Objectives             829
    • 12.1.2  Market Definition and Segmentation             829
    • 12.1.3  Research Methodology           830
    • 12.1.4  Forecast Model            831
    • 12.1.5  Relationship to Companion Future Markets Reports          831
    • 12.1.6  Assumptions, Currency and Limitations     832
    • 12.1.7  Definitions and Abbreviations            832
  • 12.2  Glossary of Terms and Abbreviations 833

 

 

List of Tables

  • Table 1. Global data center power, cooling and energy storage market, 2025–2037 (US$ billion)         29
  • Table 2. Market by segment, 2027, 2030 and 2037 (US$ billion)  30
  • Table 3. Market by region, 2027–2037 (US$ billion)              31
  • Table 4. Market drivers             32
  • Table 5. Market restraints and challenges   32
  • Table 6. The five transitions reshaping data center infrastructure               33
  • Table 7. Leading suppliers by category          34
  • Table 8. Data center types and their power, cooling and storage profiles, 2026 37
  • Table 9. Global data center power, cooling and storage market by data center type, 2025–2037 (US$ billion) 37
  • Table 10. Leading data center markets by installed capacity, 2025           38
  • Table 11. Installed data center IT capacity by region, 2027–2037 (GW)  38
  • Table 12. Hyperscaler capital expenditure, 2024–2026, and latest guidance (US$ billion)         39
  • Table 13. Data center infrastructure capex by bloc, 2024–2030 (US$ billion)     40
  • Table 14. Global AI infrastructure investment by category, 2024–2030 (US$ billion)      40
  • Table 15. Selected AI-lab compute and capacity commitments, 2025–2026     40
  • Table 16. Flagship gigawatt-scale AI campuses: capacity, power solution and cooling               41
  • Table 17. AI accelerator package power by vendor and generation            43
  • Table 18. Rack-scale AI platforms and their infrastructure requirements              44
  • Table 19. Characteristics of synchronous AI load and infrastructure responses               46
  • Table 20. Indicative facility capex structure per MW of IT load, conventional versus AI-optimized, 2026 (US$ million per MW)               47
  • Table 21. Market revenue relative to net capacity additions, 2027–2037               48
  • Table 22. Rack-density thresholds and the technology transitions they trigger  48
  • Table 23. Data center physical metrics, base case, 2025–2037  49
  • Table 24. Derived capacity and electricity metrics, 2026–2037   50
  • Table 25. Data center electricity consumption by region, 2025–2037 (TWh)       52
  • Table 26. Data center electricity forecasts compared with the Future Markets base case         53
  • Table 27. Data centers' share of electricity consumption in selected markets   54
  • Table 28. Large-load interconnection queues and time to power by market, 2026         55
  • Table 29. Average US large-load interconnection wait times by request size, 2018–2025 (months)    56
  • Table 30. Lead times for critical grid and power equipment, 2023–2026               57
  • Table 31. Supplier backlog indicators for grid and power equipment, 2026         57
  • Table 32. PJM Base Residual Auction results, 2024/25–2028/29 58
  • Table 33. Selected US large-load rules and tariffs affecting data centers              59
  • Table 34. European and Asian data center grid and energy policies          60
  • Table 35. Data center energy procurement instruments compared          61
  • Table 36. Major hyperscaler nuclear and firm clean power agreements, 2024–2026    62
  • Table 37. Temporal flexibility of AI and data center workload classes      63
  • Table 38. Data center demand flexibility programs and agreements, 2024–2026            64
  • Table 39. Annualized value streams for a data center BESS asset (US$ per MWh installed per year)  64
  • Table 40. Selected onsite and dedicated generation deals for data centers, 2025–2026            65
  • Table 41. Grid and energy drivers mapped to master-model segments (US$ billion)     66
  • Table 42. Grid time-to-power and behind-the-meter response in key data center markets, 2026         68
  • Table 43. Bridge-to-grid and permanent island strategies compared       69
  • Table 44. Comparison of data center onsite power architectures               70
  • Table 45. Leading data center backup genset suppliers and platforms   71
  • Table 46. Emissions and run-hour regimes for data center generation    72
  • Table 47. Evolution of backup generation design rules for large data centers      73
  • Table 48. Gas turbine classes and representative models for data center power             73
  • Table 49. Gas turbine OEM order books and capacity responses, 2026 74
  • Table 50. Leading gas reciprocating engine platforms for data center prime and bridge power               75
  • Table 51. Dynamic performance of onsite generation options versus AI load requirements      76
  • Table 52. Fuel cell technologies for data center applications        77
  • Table 53. Major fuel cell agreements for data center power, 2024–2026 77
  • Table 54. Selected mobile, bridge and power-as-a-service providers for data centers  78
  • Table 55. Onsite power configurations at selected US AI campuses         78
  • Table 56. Routes by which nuclear power reaches data centers  79
  • Table 57. Nuclear restart, uprate and PPA agreements with data center buyers               80
  • Table 58. Status of US reactor restarts, October 2026       81
  • Table 59. Existing nuclear fleet owners and data center contracting        81
  • Table 60. Large-reactor new-build projects linked to data center demand           82
  • Table 61. SMR and microreactor agreements linked to data centers         82
  • Table 62. Light-water and large SMR vendors           83
  • Table 63. Gen IV SMR developers serving data center demand    84
  • Table 64. DOE Reactor Pilot Program and related test reactors, status at October 2026            84
  • Table 65. Microreactor and compact reactor developers targeting data centers               85
  • Table 66. Fusion developers with data center offtake or investment         86
  • Table 67. Nuclear fuel and supply chain constraints for data center-linked reactors     87
  • Table 68. Key regulatory milestones for nuclear supply to data centers, 2023–2027     87
  • Table 69. Register of hyperscaler and data center nuclear agreements, to October 2026          88
  • Table 70. Competitive positioning of nuclear players serving data centers           90
  • Table 71. Announced versus realistic delivery windows for nuclear supply to data centers      91
  • Table 72. Firm and near-firm clean options for data centers compared with onsite gas              92
  • Table 73. Geothermal technology pathways relevant to data center supply        93
  • Table 74. Geothermal developers serving data center demand (see Chapter 11)            94
  • Table 75. Geothermal supply agreements with data center operators, 2023–2026        94
  • Table 76. Indicative sizing of solar-plus-storage per MW of continuous data center load (high-irradiance site)      95
  • Table 77. Power-first developers and solar-storage players serving data centers (see Chapter 11)      96
  • Table 78. Hydrogen pathways for data center power            98
  • Table 79. Hydrogen fuel cell and hydrogen-fueled data center players (see Chapter 11)            98
  • Table 80. Hydrogen capability of onsite generation equipment used at data centers     99
  • Table 81. Firm clean and low-carbon supply agreements for data centers beyond nuclear      99
  • Table 82. Competitive positioning of geothermal, solar-storage and hydrogen players for data center supply 100
  • Table 83. Carbon capture economics for a nominal 1 GW gas plant serving a data center campus    101
  • Table 84. Point-source capture technologies for gas-fired data center power    102
  • Table 85. Flue gas characteristics and capture fit by onsite generation technology        103
  • Table 86. Announced gas generation projects for data centers with carbon capture planned or optioned                103
  • Table 87. Section 45Q parameters relevant to gas power with capture (post-OBBBA)  105
  • Table 88. Indicative capture cost and 45Q value per MWh delivered, NGCC with 90% capture              105
  • Table 89. CO2 storage, transport and hub players relevant to data center gas power    106
  • Table 90. Carbon capture technology suppliers for gas-fired data center power (see Chapter 11)       106
  • Table 91. Competitive positioning in gas-plus-capture for data centers 107
  • Table 92. Levelized cost, emissions, deployment time and firmness of onsite and dedicated power options              108
  • Table 93. Permitting and regulatory requirements for onsite generation by region           110
  • Table 94. Onsite and backup generation segments, master model, 2025–2037 (US$ billion)  110
  • Table 95. Onsite prime and bridge power by technology, 2025–2037 (US$ billion)          111
  • Table 96. Onsite prime and bridge generation added per year by technology, 2025–2037 (GW)             112
  • Table 97. Onsite prime and bridge power by region, 2027, 2030 and 2037 (US$ billion)              113
  • Table 98. Backup generation by fuel, 2025–2037 (US$ billion)      114
  • Table 99. SMR capacity serving data centers (adjacent market, cumulative operating GW)     114
  • Table 100. Key sensitivities for onsite and backup generation forecasts 115
  • Table 101. Stages of the conventional data center power chain, typical ratings and equipment            117
  • Table 102. Indicative stage efficiency, grid to 12 V, by distribution architecture (%)        118
  • Table 103. Representative AI rack power and busbar current at 54 VDC and 800 VDC 119
  • Table 104. Indicative MV/HV equipment for a 100 MW IT-load AI data center (grid-fed, AC architecture)                120
  • Table 105. Lead time and price indicators for grid-connection equipment, 2023–2026              120
  • Table 106. MV and HV switchgear insulation technologies for data centers         121
  • Table 107. Leading suppliers of data center grid-connection equipment              122
  • Table 108. LV distribution equipment in data centers and the impact of AI rack densities         123
  • Table 109. Capacity per rack feed by distribution voltage and circuit rating         123
  • Table 110. UPS topologies and operating modes used in data centers    124
  • Table 111. UPS product classes, ratings and market position       125
  • Table 112. Leading data center UPS suppliers and positioning    125
  • Table 113. Grid-interactive UPS and power-smoothing use cases              126
  • Table 114. Evolution of data center PSU ratings, efficiency and technology         127
  • Table 115. ORv3 and AI power shelf generations    127
  • Table 116. PSU efficiency standards relevant to data centers       128
  • Table 117. Growth of the NVIDIA 800 VDC ecosystem, 2025–2026           129
  • Table 118. NVIDIA 800 VDC ecosystem partners by layer 129
  • Table 119. NVIDIA's staged 800 VDC deployment roadmap           130
  • Table 120. High-voltage DC approaches for AI data centers, status at October 2026   130
  • Table 121. Hyperscaler and operator 800 VDC programmes, disclosed position at October 2026       131
  • Table 122. Chinese HVDC and 800 V data center power suppliers            131
  • Table 123. 800 VDC supplier landscape by content block               132
  • Table 124. Selected 800 VDC power racks and sidecars announced 2025–2026            133
  • Table 125. Electrical majors' 800 VDC positions, October 2026  134
  • Table 126. Power ODMs in 800 VDC, October 2026             135
  • Table 127. DC busway, busbar and connector suppliers for 800 VDC      136
  • Table 128. 800 VDC-specific content per MW of IT load by block, 2027 and 2037 (US$ thousand per MW)     138
  • Table 129. 800 VDC deployment, content and revenue, 2026–2037        138
  • Table 130. DC protection devices for 800 VDC data centers           139
  • Table 131. DC protection suppliers for 800 VDC data centers       140
  • Table 132. Codes, standards and specifications relevant to 800 VDC data centers       141
  • Table 133. Additional SST and MV-to-800 VDC entrants, 2025–2026       141
  • Table 134. 800 VDC portfolio coverage of leading suppliers, October 2026         142
  • Table 135. 800 VDC distribution revenue by supplier group, 2027–2037 (US$ billion)   143
  • Table 136. 800 VDC players to watch, 2027–2028 144
  • Table 137. Solid-state transformer developers targeting data centers     145
  • Table 138. 800 V-input and intermediate bus converter reference designs, 2026            146
  • Table 139. Accelerator power delivery architectures compared  146
  • Table 140. Board-level power delivery and PMIC suppliers for AI accelerators   147
  • Table 141. Power semiconductor technology by conversion stage, 2026 and 2032        147
  • Table 142. Data center power semiconductor supplier landscape by technology           148
  • Table 143. SiC device suppliers serving data center power             149
  • Table 144. SiC substrate suppliers and their data center relevance           150
  • Table 145. GaN suppliers serving data center power           151
  • Table 146. Power IC and VRM suppliers: data center revenue disclosures and 800 V activity  152
  • Table 147. Gate driver, isolation and sensing suppliers for data center power    153
  • Table 148. Selected power semiconductor capacity investments relevant to data center power          153
  • Table 149. Power semiconductor M&A and strategic partnerships relevant to data center power, 2023–2026    154
  • Table 150. Power semiconductor players to watch in data center power, 2027–2028  155
  • Table 151. Power quality parameters in data center electrical systems  156
  • Table 152. Representative EPMS, DCIM and power monitoring offerings               156
  • Table 153. Electrical distribution and power conversion market by segment, 2025–2037 (US$ billion)                157
  • Table 154. MV/HV grid connection market by sub-segment, 2025–2037 (US$ billion)  158
  • Table 155. LV distribution market by sub-segment, 2025–2037 (US$ billion)      158
  • Table 156. UPS power electronics market by product class, 2025–2037 (US$ billion)  158
  • Table 157. 800 VDC / ±400 VDC distribution market by content block, 2026–2037 (US$ billion)           159
  • Table 158. 800 VDC / ±400 VDC distribution revenue by region, 2037     159
  • Table 159. IT power conversion market by product, 2025–2037 (US$ billion)     160
  • Table 160. Functions of energy storage at data centers by duration, response time and technology   162
  • Table 161. Indicative storage content of a 100 MW IT AI campus, 2020-era design vs 2026–2027 design                163
  • Table 162. AI power-dynamics timescales and the storage layer that addresses each 164
  • Table 163. Grid and industry requirements driving data center storage, 2024–2026      165
  • Table 164. VRLA vs LFP UPS battery comparison and indicative 10-year cost of ownership     166
  • Table 165. Selected UPS and static battery suppliers to data centers      167
  • Table 166. Sodium-ion developers relevant to data center storage           168
  • Table 167. Principal safety codes and standards for data center energy storage              169
  • Table 168. Rack-level and row-level storage products and specifications, 2025–2026 169
  • Table 169. Indicative rack-level storage sizing by rack generation               170
  • Table 170. Supercapacitor and hybrid-capacitor suppliers targeting AI data centers    170
  • Table 171. Data center BESS business models: sizing, ownership and typical suppliers            172
  • Table 172. Reference data center BESS projects commissioned or contracted before 2024   173
  • Table 173. Data center BESS projects, deals and orders, 2024–2026      173
  • Table 174. Turnkey BESS prices by region, 2024–2025, with Future Markets outlook to 2030 (US$/kWh)                175
  • Table 175. Indicative annual value stack for a data center BESS (US$ per MWh installed per year)      175
  • Table 176. Data center BESS value chain: layers, leading players and data center role                176
  • Table 177. Global BESS supplier rankings, 2024–2025      177
  • Table 178. Battery cell suppliers to data center BESS         177
  • Table 179. BESS system integrators active in the data center market       178
  • Table 180. Indicative integrator shares of data center BESS equipment revenue, 2025–2026 combined (Future Markets estimate)     180
  • Table 181. UPS and power-chain incumbents' storage offers for data centers   181
  • Table 182. Data center-focused storage developers and flexibility players           182
  • Table 183. Software and analytics providers for data center BESS             183
  • Table 184. Competitive positioning of leading data center BESS suppliers          183
  • Table 185. Data center BESS players to watch, 2027–2030            184
  • Table 186. Why data centers buy long-duration and thermal storage, by driver 185
  • Table 187. Indicative performance, cost and maturity of long-duration and thermal storage for data centers               186
  • Table 188. Long-duration and thermal storage deals with hyperscalers and data center developers, 2025–2026      187
  • Table 189. Long-duration storage deal structures used by data center buyers   189
  • Table 190. Electrochemical long-duration storage players              189
  • Table 191. Thermo-mechanical long-duration storage players     190
  • Table 192. High-temperature thermal storage players and their data center positioning            191
  • Table 193. Thermal energy storage options for data centers           192
  • Table 194. Cooling-side thermal energy storage players   192
  • Table 195. Fit of long-duration and thermal technologies to data center roles (Future Markets assessment)  192
  • Table 196. Long-duration and thermal storage players to watch, 2027–2030     193
  • Table 197. Data center storage technology comparison   194
  • Table 198. US policy measures affecting data center storage, 2025–2026           195
  • Table 199. Selected US cell manufacturing capacity for stationary storage         195
  • Table 200. Critical-material exposure of data center storage technologies          196
  • Table 201. Data center energy storage market by segment, 2025–2037 (US$ billion)    197
  • Table 202. UPS and static battery revenue by chemistry, 2025–2037 (US$ billion)          198
  • Table 203. Rack BBUs, supercapacitors and power-smoothing storage by product group, 2025–2037 (US$ billion)    199
  • Table 204. Data center BESS deployed by region, 2025–2037 (GWh per year)    200
  • Table 205. Grid-interactive and behind-the-meter BESS revenue by application, 2025–2037 (US$ billion)                201
  • Table 206. Long-duration and thermal energy storage revenue by technology group, 2025–2037 (US$ billion) 201
  • Table 207. Data center energy storage market by region, 2025–2037 (US$ billion)          201
  • Table 208. Indicative TDP of leading data center processors by generation          203
  • Table 209. Cooling methods by practical rack density, component limit and maturity  205
  • Table 210. Liquid cooling share of new IT capacity and density trajectory (master model)        205
  • Table 211. Facility cooling architectures compared             206
  • Table 212. Energy and water benchmarks for data center cooling              207
  • Table 213. Air cooling equipment types and operating envelopes               208
  • Table 214. Air cooling suppliers and data center positioning         208
  • Table 215. Rear-door and hybrid air-liquid product types 209
  • Table 216. Single-phase cold plate technologies   210
  • Table 217. Coolants used in direct-to-chip systems            212
  • Table 218. Direct-to-chip failure modes and mitigations  212
  • Table 219. Direct-to-chip value chain by layer, 2027 and 2037 (US$ billion)        213
  • Table 220. Direct-to-chip supplier groups and competitive basis               214
  • Table 221. NVIDIA qualification and platform status of D2C suppliers, 2025–2026       215
  • Table 222. Server ODMs and OEMs in the D2C supply chain         216
  • Table 223. High-volume cold plate and module suppliers (Asia) 217
  • Table 224. Engineering-led and next-generation cold plate developers   217
  • Table 225. Two-phase direct-to-chip suppliers       218
  • Table 226. CDU suppliers for direct-to-chip programs, 2026        219
  • Table 227. Quick disconnect and manifold suppliers         220
  • Table 228. Coolant and fluid-services suppliers for D2C  221
  • Table 229. Liquid cooling revenue indicators for leading D2C suppliers 222
  • Table 230. Indicative share of direct-to-chip and liquid-to-air supplier revenue, 2026 (Future Markets estimates)        222
  • Table 231. Competitive positioning of leading D2C suppliers (Future Markets assessment)    223
  • Table 232. CDU form factors compared       225
  • Table 233. Leading CDU suppliers and capacity range, 2026        225
  • Table 234. Immersion cooling architectures compared    227
  • Table 235. Dielectric fluid suppliers for immersion cooling            228
  • Table 236. PFAS and refrigerant regulatory timeline relevant to data center cooling      229
  • Table 237. OEM, ODM and component support for immersion cooling  229
  • Table 238. Immersion cooling system suppliers     232
  • Table 239. Selected immersion cooling deployments and trials, 2025–2026     233
  • Table 240. Funding and M&A involving immersion cooling suppliers, 2022–2026           233
  • Table 241. Immersion cooling value by component, 2027–2037 (US$ billion, Future Markets estimates)                234
  • Table 242. Indicative share of immersion cooling segment value, 2026 (Future Markets estimates)   235
  • Table 243. Competitive positioning of immersion cooling suppliers (Future Markets assessment)     236
  • Table 244. Heat rejection equipment compared    237
  • Table 245. Chiller and heat-rejection suppliers, data center developments 2025–2026             237
  • Table 246. ASHRAE facility water classes and cooling implications          238
  • Table 247. Water-related regulation affecting data center cooling             238
  • Table 248. Heat-reuse policy in Europe        239
  • Table 249. Selected heat-reuse projects      240
  • Table 250. Thermal interface materials for data center processors           241
  • Table 251. Package-level thermal innovations, 2025–2026            241
  • Table 252. Emerging cooling technologies for data centers             242
  • Table 253. Data center cooling M&A, 2023–2026  243
  • Table 254. Venture and growth funding in data center cooling, 2025–2026         244
  • Table 255. Data center cooling competitive tiers   244
  • Table 256. Cooling market by segment, 2026–2037 (US$ billion) 245
  • Table 257. Liquid cooling adoption and revenue share, 2025–2037          246
  • Table 258. Direct-to-chip liquid cooling by sub-segment, 2026–2037 (US$ billion)        246
  • Table 259. Immersion, heat rejection and chip-level thermal by sub-segment, 2026–2037 (US$ billion)                247
  • Table 260. Reconciliation of master model with facility-equipment liquid cooling scope (US$ billion)                248
  • Table 261. Cooling market by region, 2025–2037 (US$ billion)     248
  • Table 262. Regional cooling technology characteristics    249
  • Table 263. AI factory reference designs and co-design programmes involving facility equipment vendors, 2025–2026 251
  • Table 264. Cross-domain effects of key AI facility design decisions          252
  • Table 265. Digital twin applications across the data center lifecycle        253
  • Table 266. Selected prefabricated and modular power and cooling offerings for data centers                254
  • Table 267. Indicative comparison of stick-built and prefabricated M&E delivery for a 100 MW AI campus                255
  • Table 268. Data center controls and software stack and representative suppliers          255
  • Table 269. AI load dynamics and the control responses being deployed                256
  • Table 270. Principal data center sustainability metrics      257
  • Table 271. How sustainability metrics shape equipment choices              258
  • Table 272. Selected hyperscaler sustainability targets relevant to power and cooling procurement   259
  • Table 273. Regional market size and principal regulatory drivers 259
  • Table 274. Major data center sustainability regulations by jurisdiction, status at November 2026       259
  • Table 275. Key parameters of the EU data center sustainability label      260
  • Table 276. Germany EnEfG data center provisions, original law versus June 2026 cabinet draft            261
  • Table 277. Selected US state actions affecting data center power and cooling equipment, 2025–2026                261
  • Table 278. Air-quality and fuel rules affecting data center backup and onsite generation          262
  • Table 279. PFAS and fluorinated-substance rules and their data center implications   262
  • Table 280. Relative embodied-carbon intensity of data center power and cooling equipment and circularity levers           263
  • Table 281. SF₆-free medium-voltage switchgear technologies      264
  • Table 282. Refrigerants used in data center cooling equipment   264
  • Table 283. Critical-material exposure of data center power, cooling and storage equipment   265
  • Table 284. Selected transformer, switchgear and generation equipment capacity expansions, 2024–2026    267
  • Table 285. Trade measures affecting data center power, cooling and storage equipment          268
  • Table 286. Labor and construction bottlenecks and mitigation strategies            269
  • Table 287. Cross-cutting risk register for data center power, cooling and storage equipment, 2027–2037                269
  • Table 288. Global data center power, cooling and energy storage market by category, 2025–2037 (US$ billion) 271
  • Table 289. Global market by segment, 2027–2037 (US$ billion)  273
  • Table 290. Power market by segment, 2027–2037 (US$ billion)   274
  • Table 291. Energy storage market by segment, 2027–2037 (US$ billion) 276
  • Table 292. Cooling market by segment, 2027–2037 (US$ billion) 276
  • Table 293. Global market by region, 2027–2037 (US$ billion)        277
  • Table 294. Power market by region, 2027–2037 (US$ billion)         278
  • Table 295. Energy storage market by region, 2027–2037 (US$ billion)     278
  • Table 296. Cooling market by region, 2027–2037 (US$ billion)     279
  • Table 297. Regional demand drivers and constraints         279
  • Table 298. Global market by data center type, 2027–2037 (US$ billion) 280
  • Table 299. Physical-unit metrics underlying the forecast, 2025–2037     280
  • Table 300. Spend intensity: equipment revenue per MW of gross capacity added, 2027–2037              282
  • Table 301. Scenario forecasts for the global market, 2027–2037 (US$ billion)   282
  • Table 302. Scenario assumptions   283
  • Table 303. Key forecast sensitivities (impact on 2037 total market)           283
  • Table 304. Reconciliation of this forecast with Future Markets companion reports        284
  • Table 305. Reconciliation with selected third-party estimates      284
  • Table 306. Data center power, cooling and storage value chain   286
  • Table 307. Indicative margin profile by value chain tier, 2026        287
  • Table 308. Segment size and indicative supplier concentration (top-five share estimates are Future Markets estimates)    287
  • Table 309. Leading diversified power and cooling groups, latest disclosed data               289
  • Table 310. HVAC and thermal groups serving data centers, latest disclosed data           290
  • Table 311. Onsite generation and backup power suppliers, latest disclosed data           291
  • Table 312. Liquid and immersion cooling specialists          291
  • Table 313. Energy storage specialists serving data centers             292
  • Table 314. SST, 800 VDC and power semiconductor specialists 293
  • Table 315. Selected M&A in data center power and electrical distribution, 2023–2026               293
  • Table 316. Selected M&A in data center cooling and thermal management, 2023–2026           294
  • Table 317. Selected venture and growth funding rounds in data center power, cooling and storage, 2025–2026      295
  • Table 318. Procurement models for data center power and cooling equipment               296
  • Table 319. Typical supplier qualification stages for a hyperscaler AI deployment            297
  • Table 320. Selected Asian suppliers in data center power, cooling and storage                297
  • Table 321. Indicators of pricing power and capacity discipline, 2025–2026        298
  • Table 322. Competitive strategies in data center power, cooling and storage     299
  • Table 323. Barriers to entry by segment       299
  • Table 324. Future Markets assessment of likely winners and losers to 2037       300
  • Table 325. Companies profiled by primary segment            302
  • Table 326. 3M — data center thermal portfolio       305
  • Table 327. Aalo Atomics — key milestones and funding   307
  • Table 328. AAON — key financial and data center indicators         309
  • Table 329. ABB — key products for data center power        311
  • Table 330. AcBel Polytech — key products for data center power               313
  • Table 331. Accelsius — key products for data centers        315
  • Table 332. Advanced Energy — key products for data centers       317
  • Table 333. Aggreko — data center offering 319
  • Table 334. Akash Systems — key products and applications         321
  • Table 335. Alfa Laval — product lines relevant to data center cooling     323
  • Table 336. Alpha and Omega Semiconductor — content in the AI server power chain 325
  • Table 337. Alsym Energy — key commercial agreements and milestones            327
  • Table 338. AmberSemi — funding history   329
  • Table 339. Ampace — key products for data centers           331
  • Table 340. Amperesand — funding history 333
  • Table 341. Amphenol — key products for data center power and connectivity   335
  • Table 342. Analog Devices — product families for data center power      337
  • Table 343. Antora Energy — funding history (publicly reported)    339
  • Table 344. Apheros — funding history           341
  • Table 345. APR Energy — key milestones    343
  • Table 346. Arieca — key products for data centers               345
  • Table 347. Asia Vital Components — key products for data centers          347
  • Table 348. Asperitas — key products for data centers        349
  • Table 349. Atom Power — product portfolio for data centers         351
  • Table 350. Auras Technology — key products for data centers      353
  • Table 351. Baker Hughes — data center turbine awards   355
  • Table 352. Ballard Power Systems — products relevant to data center power    357
  • Table 353. Baltimore Aircoil Company — key products for data centers 359
  • Table 354. Bender — key products relevant to data center power               361
  • Table 355. Bergen Engines — data center projects               363
  • Table 356. Bloom Energy — principal data center agreements     365
  • Table 357. Boston Materials — funding and partnership history  367
  • Table 358. Boyd Thermal — acquisition and financial milestones              369
  • Table 359. Brenmiller Energy (BrenX) — key products and projects relevant to data centers    371
  • Table 360. BWX Technologies — nuclear activities relevant to data center power           373
  • Table 361. BYD — key storage products relevant to data centers 375
  • Table 362. Caldera — funding and development milestones         377
  • Table 363. Calibrant Energy — key data center projects    379
  • Table 364. Cambridge GaN Devices — funding and partnerships               381
  • Table 365. Carbice — key products and partnerships         383
  • Table 366. Carrier Global — data center revenue trajectory           385
  • Table 367. Caterpillar — key products for data centers      387
  • Table 368. CATL — key storage products and technologies for data centers        389
  • Table 369. Ceres Power — licensing and partnership network for stationary power       391
  • Table 370. Chemours — data center cooling milestones 393
  • Table 371. Chilldyne — key products for data centers        395
  • Table 372. Coherent — SiC platform for data center power             397
  • Table 373. Commonwealth Fusion Systems — funding and offtake milestones               399
  • Table 374. Constellation Energy — key data center supply agreements 401
  • Table 375. Cooler Master — key products for data centers              403
  • Table 376. CoolIT Systems — ownership and growth milestones                405
  • Table 377. Corintis — funding history            407
  • Table 378. CPC — Everis liquid cooling couplings for data centers            409
  • Table 379. Crusoe — key projects and energy partnerships           411
  • Table 380. Cummins — key products for data centers        413
  • Table 381. Daikin Applied — data center acquisitions       415
  • Table 382. Danfoss — key products for data center cooling           417
  • Table 383. DCX Liquid Cooling Systems — key products for data centers             419
  • Table 384. Deep Fission — funding history 421
  • Table 385. Delta Electronics — key products for data center power          423
  • Table 386. Dexerials — thermal conductive sheets relevant to servers   425
  • Table 387. DG Matrix — product portfolio for data centers              427
  • Table 388. Doosan — key data center power milestones  429
  • Table 389. Dow — key products for data centers    431
  • Table 390. Eaton — data center acquisitions and platforms          433
  • Table 391. Ecolab — data center cooling acquisition and platform milestones 435
  • Table 392. Efficient Power Conversion — key products for AI data center power              437
  • Table 393. Element Six — key thermal products for data centers                439
  • Table 394. Empower Semiconductor — funding and acquisition history               441
  • Table 395. Enchanted Rock — data center offerings            443
  • Table 396. Energy Dome — key projects relevant to data center power   445
  • Table 397. Energy Vault — key projects and transactions (2025–2026)  447
  • Table 398. EnergyNest — selected projects and partnerships      449
  • Table 399. EnerSys — key products for data centers            451
  • Table 400. Engineered Fluids — key products for data centers     453
  • Table 401. Envicool — key products for data centers           455
  • Table 402. Eos Energy Enterprises — key data center agreements and capacity milestones   457
  • Table 403. ESS Tech — product portfolio for data centers                459
  • Table 404. EVAPCO — heat-rejection product categories for data centers            461
  • Table 405. EVE Energy — key products for data centers     463
  • Table 406. Exide Technologies — key products for data centers   465
  • Table 407. Exowatt — P3 system architecture          467
  • Table 408. Fabric8Labs — funding and corporate history 469
  • Table 409. Ferric — IVR products for AI processors              471
  • Table 410. Ferveret — funding history and milestones       473
  • Table 411. Fervo Energy — key projects and offtake             475
  • Table 412. FläktGroup — key milestones under Samsung ownership      477
  • Table 413. Flex — key products for data center power and cooling            479
  • Table 414. Fluence Energy — key data center and order developments  481
  • Table 415. Form Energy — funding history  483
  • Table 416. Fourth Power — funding history and technical milestones     485
  • Table 417. Frore Systems — funding history              487
  • Table 418. FuelCell Energy — data center agreements and pipeline         489
  • Table 419. Fuji Electric — key products for data center power      491
  • Table 420. Fujipoly — SARCON product families for data center hardware          493
  • Table 421. GE Vernova Hitachi — principal BWRX-300 projects   495
  • Table 422. GE Vernova — key products for data centers    497
  • Table 423. Generac — data center product portfolio           499
  • Table 424. Glaciem Cooling Technologies — product portfolio and data center applicability  501
  • Table 425. Gotion High-Tech — key products for data centers       503
  • Table 426. GRC — key products for data centers   505
  • Table 427. HD Hyundai Electric — financial and order snapshot 507
  • Table 428. Helion Energy — funding and commercial milestones              509
  • Table 429. Henkel — key thermal products for data centers           511
  • Table 430. Heron Power — funding history 513
  • Table 431. Highview Power — key projects 515
  • Table 432. HiNa Battery Technology — sodium-ion technology profile    517
  • Table 433. Hitachi Energy — platforms relevant to data center power     519
  • Table 434. Hithium — product portfolio relevant to data centers 521
  • Table 435. Holtec International — key nuclear projects     523
  • Table 436. Huawei Digital Power — key platforms 525
  • Table 437. Hubbell — segment performance and data center exposure 527
  • Table 438. Hydrostor — key projects              529
  • Table 439. Hyosung Heavy Industries — key US data center and grid projects   531
  • Table 440. Iceotope — funding and corporate milestones               533
  • Table 441. Ideal Power — financial snapshot           535
  • Table 442. Indium Corporation — key thermal products for data centers              537
  • Table 443. Infineon — key products for data center power              539
  • Table 444. INNIO — major data center orders          541
  • Table 445. Innoscience — key products for data center power     543
  • Table 446. Intelligent Energy — product portfolio  545
  • Table 447. Invinity Energy Systems — key projects and milestones           547
  • Table 448. Jentech — key products for AI data centers       549
  • Table 449. JetCool — key products for data centers             551
  • Table 450. Johnson Controls — key data center acquisitions and investments 553
  • Table 451. Kairos Power — key projects and data center links      555
  • Table 452. Kaneka — graphite thermal products and data center relevance        557
  • Table 453. Kawasaki Heavy Industries — data center power portfolio     559
  • Table 454. Kehua Data — product portfolio for data centers          561
  • Table 455. Kraftblock — selected projects, partners and investors           563
  • Table 456. Kstar — product portfolio for data centers         565
  • Table 457. Last Energy — key projects           567
  • Table 458. Legrand — data center power distribution portfolio    569
  • Table 459. Leoch International — reserve power and data center business indicators 571
  • Table 460. LG Electronics — data center cooling portfolio              573
  • Table 461. LG Energy Solution — key products for data centers   575
  • Table 462. LiCAP Technologies — products for data center power             577
  • Table 463. LiquidCool Solutions — key products for data centers              579
  • Table 464. LiquidStack — key products for data centers   581
  • Table 465. Lite-On Technology — key products for data centers  583
  • Table 466. Littelfuse — key products for data center power and protection         586
  • Table 467. LS Electric — key data center contracts (2025–2026) 588
  • Table 468. M&I Materials — key products relevant to data centers             590
  • Table 469. Mainspring Energy — linear generator characteristics for data center use   592
  • Table 470. Malta Inc. — partnerships and funding 594
  • Table 471. Everllence — engines for data center power     596
  • Table 472. Megmeet — key products for data centers         598
  • Table 473. Mersen — key products for data center power                600
  • Table 474. MGA Thermal — development milestones        602
  • Table 475. Microchip Technology — key products for data center power               604
  • Table 476. Midea and Clivet — key products for data centers        606
  • Table 477. Mikros Technologies — key milestones                608
  • Table 478. Mitsubishi Electric — key products for data center power       610
  • Table 479. Mitsubishi Heavy Industries — key products for data centers               612
  • Table 480. Modine — key steps in the data center portfolio            614
  • Table 481. Momentive — thermal products for data center hardware      616
  • Table 482. Monolithic Power Systems — revenue by end market (US$ million) 618
  • Table 483. Motivair — key products for data centers            620
  • Table 484. Munters — data center cooling portfolio             622
  • Table 485. Musashi Seimitsu — Hybrid SuperCapacitor business for data centers         624
  • Table 486. NANO Nuclear Energy — product portfolio       626
  • Table 487. Narada Power Source — key products for data centers             628
  • Table 488. Nautilus Data Technologies — EcoCore products for data centers   630
  • Table 489. Navitas Semiconductor — key products for 800 VDC data centers   632
  • Table 490. Nedstack — stationary products and references           634
  • Table 491. Newcleo — reactor and fuel program   636
  • Table 492. Nexalus — key partnerships        638
  • Table 493. NGK Insulators — NAS battery business timeline         640
  • Table 494. Nidec — liquid cooling products for data centers         642
  • Table 495. Noon Energy — key commercial milestones    644
  • Table 496. Nostromo Energy — key projects and milestones         646
  • Table 497. NovoLINC — funding history       648
  • Table 498. NuScale Power — standard plant configurations          650
  • Table 499. nVent Electric — acquisitions and disposals shaping the data center business      652
  • Table 500. Oklo — key data center agreements      654
  • Table 501. onsemi — key products for data center power                656
  • Table 502. Ormat Technologies — data center-related agreements          658
  • Table 503. Parker Hannifin — key products for data center cooling           660
  • Table 504. Peak Energy — funding history  662
  • Table 505. Phononic — funding history        664
  • Table 506. Piller Power Systems — product portfolio for data centers      666
  • Table 507. Plug Power — data center-relevant portfolio    668
  • Table 508. Power Integrations — PowiGaN voltage roadmap and data center roles        670
  • Table 509. PowerCell Group — data center milestones     672
  • Table 510. ProEnergy — key products and services for data centers         674
  • Table 511. Prometheus Hyperscale — key projects              676
  • Table 512. Prysmian — data center-related businesses and contracts   678
  • Table 513. Qnity Electronics — key thermal and packaging products for data centers 680
  • Table 514. Quaise Energy — funding and project milestones        682
  • Table 515. Radiant Industries — funding and commercialization milestones     684
  • Table 516. Redwood Materials — key energy storage projects      686
  • Table 517. Rehlko — key business units for data centers  688
  • Table 518. Renesas Electronics — key products for data center power   690
  • Table 519. Resonac — key packaging and thermal products for AI accelerators               692
  • Table 520. Riello UPS — key products for data centers      694
  • Table 521. Rittal — key products for data centers  696
  • Table 522. Rogers Corporation — key products for data center power electronics          698
  • Table 523. ROHM Semiconductor — key products for data center power              700
  • Table 524. Rolls-Royce Power Systems — key products for data centers               702
  • Table 525. Rolls-Royce SMR — deployment pipeline           704
  • Table 526. Rondo Energy — funding history               706
  • Table 527. Rongke Power — flagship projects and products           708
  • Table 528. Saft — key products for data centers     710
  • Table 529. Sage Geosystems — key projects and agreements      712
  • Table 530. Samsung SDI — key products for data centers               714
  • Table 531. Schneider Electric — key products for AI data centers               716
  • Table 532. Semikron Danfoss — key products for data centers    718
  • Table 533. Shell — immersion cooling milestones                720
  • Table 534. Shenling Environmental — key products for data centers        722
  • Table 535. Shin-Etsu Chemical — key thermal products for data centers              724
  • Table 536. SICC — corporate and technology milestones               726
  • Table 537. Siemens — key products for 800 VDC data centers     728
  • Table 538. Siemens Energy — key products for data centers          730
  • Table 539. Æsir Technologies — manufacturing and commercial milestones    732
  • Table 540. SK On — US energy storage contracts and capacity    734
  • Table 541. Skeleton Technologies — funding history           736
  • Table 542. Socomec — key products for data centers        738
  • Table 543. Soitec — substrate portfolio relevant to data centers 740
  • Table 544. Solaris Energy Infrastructure — key milestones             742
  • Table 545. Solstice Advanced Materials — key products for data centers             744
  • Table 546. SPX Technologies — key financial and data center indicators               746
  • Table 547. Standard Energy — data center partnerships and deployments         748
  • Table 548. Stäubli — key products for data centers              750
  • Table 549. STMicroelectronics — key products for data center power     752
  • Table 550. Stryten Energy — acquisitions and portfolio build-out              754
  • Table 551. STULZ — data center cooling portfolio 756
  • Table 552. Submer — business lines and products              758
  • Table 553. Sumitomo Electric — key VRFB projects             760
  • Table 554. Sungrow Power Supply — key products for data centers          762
  • Table 555. TAE Technologies — key milestones      764
  • Table 556. Talen Energy — key data center transactions  766
  • Table 557. TDK — key products for data center power        768
  • Table 558. TE Connectivity — key products for data center power              770
  • Table 559. TerraPower — key projects and agreements     772
  • Table 560. Terrestrial Energy — key projects and agreements       774
  • Table 561. Tesla Energy — key products for data centers  776
  • Table 562. Texas Instruments — key products for data center power        778
  • Table 563. The Nuclear Company — projects and partnerships  780
  • Table 564. TIAMAT Energy — funding and industrial milestones   782
  • Table 565. TMEIC — key products for data center power and storage      784
  • Table 566. Torus — product portfolio             786
  • Table 567. Toshiba — data center power businesses          788
  • Table 568. Trane Technologies — data center acquisitions and investments      790
  • Table 569. TWAICE — selected funding and partnership milestones        792
  • Table 570. Valar Atomics — funding and technical milestones    794
  • Table 571. Ventiva — key products  796
  • Table 572. Vertical Semiconductor — funding history        798
  • Table 573. Vertiv — key power and cooling products for AI data centers 800
  • Table 574. Vicor — key products for data center and 800 V power              802
  • Table 575. Vision Electric Superconductors — key projects           804
  • Table 576. Vistra — data center power agreements and related assets  806
  • Table 577. VoltaGrid — key data center agreements            808
  • Table 578. Wärtsilä — key data center orders           810
  • Table 579. WEG — capacity investments relevant to data centers             812
  • Table 580. Westinghouse — reactor portfolio for data center-relevant markets 814
  • Table 581. Wolfspeed — restructuring and financial snapshot    816
  • Table 582. X-energy — key projects 818
  • Table 583. XGS Energy — key projects and milestones      820
  • Table 584. XL Batteries — funding and key projects             822
  • Table 585. Zenobē — key grid-scale projects            824
  • Table 586. ZincFive — key products for data centers           826
  • Table 587. ZutaCore — key partnerships and deployments            828
  • Table 588. Market segmentation used in this report             829
  • Table 589. Regional and data center type segmentation   830
  • Table 590. Key forecast assumptions            831
  • Table 591. Companion Future Markets reports integrated in this study  831
  • Table 592. Key terms used in this report       832
  • Table 593. Glossary — power              833
  • Table 594. Glossary — energy storage           833
  • Table 595. Glossary — cooling           834

 

List of Figures

  • Figure 1. Global market by category, 2025–2037 (US$ billion)      27
  • Figure 2. Segment growth ranking, CAGR 2027–2037 (%) 27
  • Figure 3. Market by region, 2027 and 2037 (US$ billion)    27
  • Figure 4. Technology adoption in new capacity, 2025–2037 (%)  27
  • Figure 5. Hyperscaler 2026 capital expenditure guidance, midpoint (US$ billion)           27
  • Figure 6. Package power of leading AI accelerators (W)    27
  • Figure 7. AI rack power: average new build versus leading-edge flagship, 2025–2037 (kW per rack)    27
  • Figure 8. Installed data center IT capacity, 2025–2037 (GW)         27
  • Figure 9. Data center electricity consumption by workload, 2025–2037 (TWh) 27
  • Figure 10. Data center electricity consumption by region, 2025–2037 (TWh)     27
  • Figure 11. US data center electricity estimates for 2030 (TWh)    27
  • Figure 12. Data centers' share of electricity consumption, selected markets, current (approx. %)      27
  • Figure 13. PJM capacity auction clearing prices, 2024/25–2028/29 (US$/MW-day)        27
  • Figure 14. Onsite prime and bridge generation capacity added annually at data centers, 2025–2037 (GW)    27
  • Figure 15. Electrical output per unit of reactor designs targeting data center supply     27
  • Figure 16. Announced nuclear capacity by data center buyer, existing fleet versus new build and fusion (GW, headline ceilings)            27
  • Figure 17. Geothermal capacity contracted or agreed with data center buyers, by developer (MW, excluding options)      27
  • Figure 18. Fuel cost per MWh of electricity, hydrogen fuel cell versus natural gas engine           27
  • Figure 19. Where the megawatts go: gross-to-delivered output of a nominal 1 GW NGCC plant with and without 90% capture 27
  • Figure 20. Gas generation capacity of announced data center-linked projects, by capture commitment (MW)   27
  • Figure 21. Indicative levelized cost of onsite and dedicated power options for data centers, 2026–27 (midpoint)        27
  • Figure 22. Onsite prime and bridge power market by technology, 2025–2037   27
  • Figure 23. Onsite prime and bridge generation capacity added per year, 2025–2037    27
  • Figure 24. Backup generation market by fuel, 2025–2037 27
  • Figure 25. SMR capacity serving data centers, cumulative, 2027–2037 (adjacent market, base case)                27
  • Figure 26. Indicative grid-to-12 V efficiency by distribution architecture (%)       27
  • Figure 27. Maximum announced ratings of 800 VDC power racks, sidecars and row platforms, 2025–2026 (kW)        27
  • Figure 28. 800 VDC / ±400 VDC share of new AI data center capacity, 2025–2037 (%) 27
  • Figure 29. 800 VDC distribution revenue by supplier group, 2027–2037 (US$ billion)    27
  • Figure 30. SiC power device market share by supplier, 2022 (%) 27
  • Figure 31. N-type SiC substrate market share by supplier, 2024 (%)         27
  • Figure 32. Electrical distribution and power conversion market by segment, 2025–2037 (US$ billion)                27
  • Figure 33. 800 VDC / ±400 VDC distribution market by content block, 2027–2037 (US$ billion)            27
  • Figure 34. IT power conversion market by product, 2025–2037 (US$ billion)      27
  • Figure 35. Largest disclosed data center-linked BESS projects and orders by energy capacity (MWh)                27
  • Figure 36. Indicative integrator shares of data center BESS equipment revenue, 2025–2026 (%, midpoints of Future Markets estimates)      27
  • Figure 37. Indicative round-trip efficiency of data center storage technologies (%, midpoints)              27
  • Figure 38. Largest long-duration storage commitments linked to data centers (GWh)  27
  • Figure 39. Data center energy storage market by segment, 2025–2037 (US$ billion)     27
  • Figure 40. UPS and static battery revenue by chemistry, 2025–2037 (US$ billion)           28
  • Figure 41. Rack-level storage by product group, 2025–2037 (US$ billion)             28
  • Figure 42. Data center BESS deployed by region, 2025–2037 (GWh per year)     28
  • Figure 43. Data center energy storage market by region, 2027 vs 2037 (US$ billion)      28
  • Figure 44. Practical maximum rack density by cooling method (kW per rack, indicative)            28
  • Figure 45. Average new-build AI rack density, 2025–2037 (kW per rack) 28
  • Figure 46. Direct-to-chip value by layer, 2027 and 2037 (US$ billion)       28
  • Figure 47. Indicative share of direct-to-chip and liquid-to-air supplier revenue, 2026 (midpoint of Future Markets estimate, %)                28
  • Figure 48. Disclosed funding rounds of immersion and immersion-capable cooling suppliers, 2022–2026 (US$ million)      28
  • Figure 49. Immersion cooling by phase, 2026–2037 (US$ billion)               28
  • Figure 50. Cooling market by segment, 2025–2037 (US$ billion) 28
  • Figure 51. Direct-to-chip liquid cooling by sub-segment, 2025–2037 (US$ billion)         28
  • Figure 52. Cooling market by region, 2027 and 2037 (US$ billion)              28
  • Figure 53. Liquid cooling share of new IT capacity and 800 VDC share of new AI capacity, 2025–2037 (%)                28
  • Figure 54. Average PUE of new-build data centers, 2025–2037    28
  • Figure 55. Global warming potential of refrigerants used in data center cooling (100-year, AR4)           28
  • Figure 56. Indicative copper demand from net data center IT capacity additions at 30 t/MW, 2026–2037 (kt)        28
  • Figure 57. Global market by category, 2025–2037 (US$ billion)    28
  • Figure 58. Category share of the global market, 2027 vs 2037 (%)              28
  • Figure 59. Segment revenue in 2037 (US$ billion)  28
  • Figure 60. Segment growth ranking: CAGR 2027–2037 (%)             28
  • Figure 61. Power market by segment, 2025–2037 (US$ billion)    28
  • Figure 62. Energy storage market by segment, 2025–2037 (US$ billion) 28
  • Figure 63. Cooling market by segment, 2025–2037 (US$ billion) 28
  • Figure 64. Global market by region, 2027–2037 (US$ billion)         28
  • Figure 65. Regional share of the global market, 2027 vs 2037 (%)               28
  • Figure 66. Global market by data center type, 2027–2037 (US$ billion)  28
  • Figure 67. Installed data center IT capacity (GW) and electricity consumption (TWh/10), 2025–2037                28
  • Figure 68. Technology adoption in new AI capacity, 2025–2037 (%)          28
  • Figure 69. Scenario forecasts, 2025–2037 (US$ billion)    28
  • Figure 70. Estimated combined share of top five suppliers by segment, 2026 (%, Future Markets estimates)        28
  • Figure 71. Vertiv net sales, 2023–2026 (US$ billion; 2026 is guidance midpoint)              28
  • Figure 72. Largest disclosed data center power and cooling transactions, 2024–2026 (US$ billion)   28
  • Figure 73. Segment CAGR, 2027–2037 (%) 28

 

 

 

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