RBC Datacenter infrastructure equipment market (AI)
Building AI - Datacenter equipment growth drivers remain strong Scaling the opportunity + 800VDC deep-dive
EQUITY RESEARCH | MARCH 20, 2026
For Required Non-U.S. Analyst and Conflicts Disclosures, see page 65.
RBC Europe Limited Mark Fielding (Analyst) +44 20 7002 2128, [email protected] Sebastian Kuenne, CFA (Analyst) +44 20 7429 8932, [email protected] Nick Housden, CFA (Analyst) +44 20 7429 8831, [email protected] Colin Moody, CFA (Analyst) +44 20 7002 2317, [email protected]
RBC Capital Markets, LLC Deane Dray, CFA (Co- Head of Global Industrials Research) (212) 428-6465, [email protected] Jonathan Atkin (Analyst) (415) 633-8589, [email protected] Christopher Dendrinos, CFA (Analyst) (212) 428-6522, [email protected] Kenny Sim, CFA (AVP) (212) 301-1628, [email protected] Laura Deng (Senior Associate) (212) 618-7527, [email protected]
RBC Dominion Securities Inc. Sabahat Khan (Analyst) (416) 842-7880, [email protected] Arthur Nagorny, CFA (Analyst) (416) 842-9988, [email protected]
H C R A E S E R Y T I U Q E
March 20, 2026
RBC Imagine™: Building AI - Datacenter equipment growth drivers remain strong Scaling the opportunity + 800VDC deep-dive Our view: RBC's flagship report, RBC Imagine™: The Great Recalibration, highlighted datacenter build- out as a key thematic in multiple directions and our industrial equipment coverage is making that happen. Our base case is 15%+ per annum growth, but recent trends could suggest further upside. Updating our 2024 note (link), we analyse the market opportunity on a component-by-component approach with a new focus on the content risks and opportunities associated with 800VDC architectures. Overall, we see a phased adoption of 800VDC over 3-5+ years, giving time for companies to position, and it has the potential to be part of the incremental growth upside in our 15+% market expectation. Our top electricals picks driven by their datacenter exposures are Vertiv, Eaton, Schneider and nVent.
Positioned for continued 15%+ growth and could be "++": We continue to expect datacenters to grow at 15%+ pa over the mid-term (in line with corporate mid-term commentary generally ranging from 10-17%). However, Datacenter segment growth has averaged at more like ~50% in 2025 and ~35% in 2024 and Vertiv is guiding for close to 30% growth in 2026. As such, the "+" in "15%+" could be significant. Capex updates from the hyperscalers also continue to support a similar trend, with ~60% growth in capex spend expected in 2026E (after ~60% growth in 2025 and in 2024).
800VDC - Near-term impact limited, medium-term growth positive: 800VDC is in focus driven by potential space and power efficiency benefits. We deep-dive potential changes in datacenter architecture and how it impacts our coverage. We see the chief risk in the grey space, most around the UPS, though with some knock on potenti
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