The data center has become an energy facility. This report analyses the full physical stack between the electricity grid and the semiconductor die in one bottom-up model - spanning grid interconnection, onsite and backup generation, low-voltage and 800 VDC distribution, UPS and rack power conversion, energy storage, and thermal management - driven by the AI build-out and soaring rack densities.
It forecasts revenues for 17 equipment segments across six regions and four data center types from 2025 to 2037, under bear, base and bull scenarios, with analysis current to October 2026. The report covers power demand and grid constraints, onsite/behind-the-meter generation (including nuclear, gas, fuel cells and renewables), electrical distribution and power conversion, energy storage, cooling and thermal management, integrated architectures, sustainability, regulation and the supply chain, and profiles 262 companies.
It forecasts revenues for 17 equipment segments across six regions and four data center types from 2025 to 2037, under bear, base and bull scenarios, with analysis current to October 2026. The report covers power demand and grid constraints, onsite/behind-the-meter generation (including nuclear, gas, fuel cells and renewables), electrical distribution and power conversion, energy storage, cooling and thermal management, integrated architectures, sustainability, regulation and the supply chain, and profiles 262 companies.
Report contents include:
- Executive summary: the data center as an energy facility, market size and forecast, by segment and region, drivers and restraints, technology transitions, power/storage/cooling shifts, competitive landscape and predictions for 2027-2037.
- Data center market context: typology and infrastructure profiles, installed capacity and regional footprint, hyperscaler/AI-lab capex, gigawatt campuses, accelerator TDP and rack-density roadmap, synchronous AI load behaviour and capacity/electricity forecasts.
- Power demand, grid constraints and energy sourcing: electricity demand outlook, interconnection queues, transmission/transformer/switchgear bottlenecks, capacity markets and tariffs, procurement strategies, demand flexibility and power-first siting.
- Onsite, behind-the-meter and backup power generation: onsite architectures, diesel gensets, gas turbines, reciprocating engines, fuel cells, mobile/bridge power, nuclear (restarts, SMRs, microreactors, fusion), geothermal, solar-plus-storage, hydrogen and carbon capture, with levelized cost and forecasts.
- Electrical distribution and power conversion: the grid-to-GPU power chain, MV/HV connection, LV distribution, UPS, rack power conversion, 800 VDC and +/-400 VDC distribution, solid-state transformers, board-level power delivery, power semiconductors, EPMS and forecasts.
- Energy storage for data centers: UPS/static batteries, rack-level BBUs/supercapacitors/sidecars, grid-interactive and behind-the-meter BESS, long-duration and thermal storage, chemistry comparison, supply chain and 2027-2037 forecasts.
- Cooling and thermal management: heat-load trajectory, facility architectures, air cooling, rear-door heat exchangers, direct-to-chip liquid cooling, CDUs, immersion cooling, heat rejection and reuse, chip/package-level thermal, emerging technologies, vendor landscape and forecasts.
- Integrated architectures, sustainability, regulation and supply chain; global market forecasts 2027-2037 by segment, power/storage/cooling, region and data center type, with physical-unit metrics and scenario analysis; competitive landscape and value chain.
- 262 company profiles and appendix (research scope, methodology and glossary).
Table of Contents
1 EXECUTIVE SUMMARY
2 DATA CENTER MARKET CONTEXT: CAPACITY, AI BUILD-OUT AND RACK DENSITY
3 POWER DEMAND, GRID CONSTRAINTS AND ENERGY SOURCING
4 ONSITE, BEHIND-THE-METER AND BACKUP POWER GENERATION
5 ELECTRICAL DISTRIBUTION AND POWER CONVERSION
6 ENERGY STORAGE FOR DATA CENTERS
7 COOLING AND THERMAL MANAGEMENT
8 INTEGRATED ARCHITECTURES, SUSTAINABILITY, REGULATION AND SUPPLY CHAIN
9 GLOBAL MARKET FORECASTS 2027-2037
10 COMPETITIVE LANDSCAPE AND VALUE CHAIN
12 APPENDIX
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 3M
- Aalo Atomics
- AAON
- ABB
- AcBel Polytech
- Accelsius
- Advanced Energy
- Aggreko
- Akash Systems
- Alfa Laval
- Alpha and Omega Semiconductor
- Alsym Energy
- AmberSemi
- Ampace
- Amperesand
- Amphenol
- Analog Devices
- Antora Energy
- Apheros
- APR Energy
- Arieca
- Asia Vital Components
- 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
- Crusoe
- Cummins
- Daikin Applied
- Danfoss
- DCX Liquid Cooling Systems
- Deep Fission
- Delta Electronics
- Dexerials
- DG Matrix
- Doosan
- Dow
- Eaton
- Ecolab
- Efficient Power Conversion
- 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 Vernova Hitachi
- GE Vernova
- Generac
- Glaciem Cooling Technologies
- Gotion High-Tech
- GRC
- HD Hyundai Electric
- Helion Energy
- Henkel
- Heron Power
- Highview Power
- HiNa Battery Technology
- Hitachi Energy
- Hithium
- Holtec International
- Huawei Digital Power
- Hubbell
- Hydrostor
- Hyosung Heavy Industries
- Iceotope
- Ideal Power
- Indium Corporation
- Infineon
- INNIO
- Innoscience
- Intelligent Energy
- Invinity Energy Systems
- Jentech
- JetCool
- Johnson Controls
- Kairos Power
- Kaneka
- Kawasaki Heavy Industries
- Kehua Data
- Kraftblock
- Kstar
- Last Energy
- Legrand
- Leoch International
- LG Electronics
- LG Energy Solution
- LiCAP Technologies
- LiquidCool Solutions
- LiquidStack
- Lite-On Technology
- Littelfuse
- LS Electric
- M&I Materials
- Mainspring Energy
- Malta Inc.
- Everllence
- Megmeet
- Mersen
- MGA Thermal
- Microchip Technology
- Midea and Clivet
- Mikros Technologies
- Mitsubishi Electric
- Mitsubishi Heavy Industries
- Modine
- Momentive
- Monolithic Power Systems
- Motivair
- Munters
- Musashi Seimitsu
- NANO Nuclear Energy
- Narada Power Source
- Nautilus Data Technologies
- Navitas Semiconductor
- Nedstack
- Newcleo
- Nexalus
- NGK Insulators
- Nidec
- Noon Energy
- Nostromo Energy
- NovoLINC
- NuScale Power
- nVent Electric
- Oklo
- onsemi
- Ormat Technologies
- Parker Hannifin
- Peak Energy
- Phononic
- Piller Power Systems
- Plug Power
- Power Integrations
- PowerCell Group
- ProEnergy
- Prometheus Hyperscale
- Prysmian
- Qnity Electronics
- Quaise Energy
- Radiant Industries
- Redwood Materials
- Rehlko
- Renesas Electronics
- Resonac
- Riello UPS
- Rittal
- Rogers Corporation
- ROHM Semiconductor
- Rolls-Royce Power Systems
- Rolls-Royce SMR
- Rondo Energy
- Rongke Power
- Saft
- Sage Geosystems
- Samsung SDI
- Schneider Electric
- Semikron Danfoss
- Shell
- Shenling Environmental
- Shin-Etsu Chemical
- SICC
- Siemens
- Siemens Energy
- Æsir Technologies
- SK On
- Skeleton Technologies
- Socomec
- Soitec
- Solaris Energy Infrastructure
- Solstice Advanced Materials
- SPX Technologies
- Standard Energy
- Stäubli
- STMicroelectronics
- Stryten Energy
- STULZ
- Submer
- Sumitomo Electric
- Sungrow Power Supply
- TAE Technologies
- Talen Energy
- TDK
- TE Connectivity
- TerraPower
- Terrestrial Energy
- Tesla Energy
- Texas Instruments
- The Nuclear Company
- TIAMAT Energy
- TMEIC
- Torus
- Toshiba
- Trane Technologies
- TWAICE
- Valar Atomics
- Ventiva
- Vertical Semiconductor
- Vertiv
- Vicor
- Vision Electric Superconductors
- Vistra
- VoltaGrid
- Wärtsilä
- WEG
- Westinghouse
- Wolfspeed
- X-energy
- XGS Energy
- XL Batteries
- Zenobē
- ZincFive
- ZutaCore
