6.1.5Segment

Data Center Power & Cooling

Providers of UPS systems, cooling infrastructure, power distribution, and sustainable energy solutions for data centers.

4
Verticals

Overview

Data Center Power & Cooling covers the critical power (UPS, switchgear, backup generation, power distribution) and cooling (CRAC/CRAH, chillers, and increasingly liquid cooling) systems that keep data centers running. It is a high-growth equipment-and-services niche led by power and thermal majors (Vertiv, Schneider Electric, Eaton, Johnson Controls), essential to every facility.

Demand is exploding with the AI-driven density surge, which is straining power infrastructure and forcing a shift from air to liquid cooling for high-density GPU racks. It is consolidating around scaled power-and-thermal providers and one of the most direct beneficiaries of the data-center boom; underlying equipment is profiled under HVAC and electrical-equipment manufacturing.

Market snapshot

FragmentationConsolidatingEstimate

Data-center power and cooling equipment spans HVAC/refrigeration (NAICS 333415) and electrical equipment (3353), profiled under their manufacturing sectors, and is not separately disclosed here, so the segment is not separately sized.

Business model & economics

Revenue model

Power/cooling equipment sales plus service and monitoring

Key economics

Recurring revenue
Moderate–High

recurring service and monitoring

EBITDA margin
Strong

mission-critical equipment and service

Capex intensity
Moderate

Characteristics

  • Critical power (UPS, switchgear) and cooling systems.
  • AI density surge forcing shift to liquid cooling.
  • Direct beneficiary of the data-center boom.

M&A deal context

Deal activityHigh

Who’s acquiring

  • Power & thermal majors (Vertiv, Schneider, Eaton)
  • PE-backed platforms
  • Cooling-technology acquirers

What’s driving deals

  • Liquid-cooling and high-density power demand.
  • AI-driven data-center build-out.
  • Mission-critical service and monitoring.

Verticals in this segment

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